As per Inkwood Research, the Global Smart Agriculture Market is predicted to record a CAGR of 9.98% during the forecast period of 2022-2030.
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Smart agriculture is an advanced agricultural method using technologies like artificial intelligence, robots, sensors, and the Internet of Things (IoT). It strives to minimize human efforts and make optimal use of available resources innovatively. The high-tech machinery used in smart agriculture includes a wide range of applications like yield monitoring, field mapping, irrigation management, climate monitoring, etc.
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Advancements in Agricultural Technology offer Growth Opportunities
Farmers are increasingly dependent on technology for everyday operations. Zigbee, low power wide area network technology, additional wireless sensor, and WiFi are among the different technologies that aid farmers in executing agriculture operations efficiently. These include planting, purchasing, inventory control, and harvesting. In addition, the increasing adoption of artificial intelligence (AI) and the Internet of Things (IoT) helps automate the irrigation process and monitor the crop field.
Moreover, adopting advanced technologies has enhanced organic farming, including vertical farming and greenhouse, and improved productivity. Besides, the use of AI and IoT eliminates the need for constant monitoring of crops and offers cost-effective and optimal solutions with minimal manual intervention. As a result, the innovations and advancements in agriculture technology offer growth opportunities for the global smart agriculture market.
Smart Greenhouse is the Fastest-Growing Type
A smart greenhouse is a farming technique that enables the monitoring and controlling of plants’ growth conditions and optimizing their growth process. Also, application systems like sensors, machine learning tools, remote management, analytics learning, etc., are used to analyze, collect, and store data for appropriate decision-making. The sensors used are leaf wetness sensors, volumetric water content sensors, humidity sensors, temperature sensors, etc., for monitoring the parameters of the greenhouse important for plant growth.
Furthermore, the benefits of smart greenhouses include an optimized yielding process, minimized manual intervention, and maintenance of a micro-climate environment for the crops. Besides, it offers data on the external environment and type of soil, which decreases the risks of pests and prevents disease outbreaks. Moreover, the growing popularity of rooftop farming and technological developments are projected to increase the segment’s growth.
North America is the Largest Revenue-Generating Region
Technological advancements and the utilization of digital technologies are among the major growth drivers of the North America smart agriculture market. In addition, the presence of leading producers of agricultural equipment contributes to the increasing growth opportunities. Besides, government initiatives aimed at improving agriculture further boost the market growth.
The moderate competitive rivalry is accredited to market players that address similar but differentiated products like connectivity platforms, displays, sensors, farm management software, etc. Some of the top firms operating in the market include AKVA, DeLaval, Trimble Inc, The Climate Corporation, Deere & Company, etc.
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