Smart Agriculture Industry

With 9.4% CAGR, Smart Agriculture Market Growth to Surpass USD 25.4 billion

The smart agriculture market is projected to reach USD 25.4 billion by 2028 from an estimated USD 16.2 billion in 2023, at a CAGR of 9.4% from 2023 to 2028. Increasing government initiatives for the increasing adoption of advanced technologies such as IoT and AI in aquaculture farms are to improve farm yield and awareness among the farmers regarding the benefits of smart agriculture techniques are among the key factors driving the market growth.

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Services enables farmers to gain insights related to the desired application and its outcome. It also helps to maintain the hardware's durability for a long time. In addition, the rising global installation of smart agriculture hardware solutions increases the demand for connectivity services, managed services, and system integration and consulting services. Owing to this, the services segment of the smart agriculture market is projected to grow at the highest CAGR during the forecast period.

The smart agriculture market for small farms is projected to grow at a CAGR from 2023 to 2028. Farmers in small farms are rapidly adopting smart agriculture solutions and other advanced agricultural techniques for livestock monitoring, precision aquaculture, and smart greenhouse applications, as the cost of such advanced technologies has reduced significantly in recent years.

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Asia Pacific has numerous large and medium-sized farmlands and is witnessing a rapid increase in the human population. Farmers have huge demands to fulfill, especially in countries such as India. Agri startups have come up with precision-based sowing techniques in the region. There are AI-based applications that help predict weather conditions and determine the right time to sow seed with precision to get better results and less wastage. Thus, the Asia Pacific is expected to grow at the highest CAGR during the forecast period.

News also Covered: https://www.prnewswire.com/news-releases/smart-agriculture-market-worth-25-4-billion-by-2028---exclusive-report-by-marketsandmarkets-301763131.html