by Smart agriculture solutions are revolutionizing modern agricultural practices by employing smart devices, precision farming techniques, sensors, drones, wireless connectivity, IoT, cloud computing and artificial intelligence. Adoption of artificial intelligence in agriculture is helping farmers to monitor crops and soil conditions, optimize irrigation and manage resources efficiently. AI algorithms are being used for predictive analysis of crop yields, detect diseases at an early stage, monitor livestock health and optimize production practices. This is boosting crop yields and reduce wastage.
The global Smart Agriculture Solution Market is estimated to be valued at US$ 29014.62 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Adoption of artificial intelligence in agriculture is a major trend boosting the growth of smart agriculture solution market. AI helps in automating complex agriculture tasks such as soil and crop monitoring, optimizing water and fertilizer usage, yield forecasting and livestock monitoring. AI algorithms use massive farm data to identify patterns and provide insights and recommendations to farmers for improving productivity. For instance, AI and computer vision is being used for detection of diseases in plants at an early stage by analyzing high resolution images of plant leaves. This helps farmers to take preventive measures and avoid significant crop losses. Furthermore, integration of AI with IoT, sensors, drones and genomic tools is expected to create more opportunities for precision agriculture and drive higher adoption of smart agriculture solutions during the forecast period.
SWOT Analysis
Strength: Smart agriculture solutions help farmers maximize yield and optimize resource usage through IoT sensors, remote monitoring, and data analytics. This leads to higher profits.
Weakness: High initial investment required for technology adoption. Lack of infrastructure and technical skills in rural areas pose challenges.
Opportunity: Growing global population is increasing demand for food. Smart technologies can help boost productivity to meet this demand. Governments support for precision farming raises scope.
Threats: Data privacy and security concerns if sensitive farm information is compromised. Potential job losses if automation disrupts traditional farming practices.
Key Takeaways
The Global Smart Agriculture Solution Market Size is expected to witness high growth. The global Smart Agriculture Solution Market is estimated to be valued at US$ 29014.62 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030.
The Asia Pacific region is expected to dominate the market and witness the fastest growth during the forecast period. Countries like China, India are heavily investing in digital agriculture technologies to maximise farm output. Infrastructural development and government initiatives in these nations promote smart farming adoption.
Key players related content comprises
Key players operating in the Smart Agriculture Solution market are Halliburton, Ashland Global Specialty Chemicals Inc., Ecolab Inc., Baker Hughes Inc., Innospec Inc., JSC Gazprom Neftekhim Salavat, BASF SE, Evonik Industries AG, Clariant AG, GasHydrate LLC, and Schlumberger Limited. These companies are focusing on developing advanced smart farming solutions including IoT sensors, cloud/AI technologies and data analytics to help farmers optimize resources. Collaboration with local partners aids expansion in global markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
