The global smart agriculture market is experiencing significant growth due to the increasing adoption of new-age technologies such as Internet of Things (IoT) and artificial intelligence (AI) in the agriculture industry. Farmers are leveraging these technologies to enhance farming efficiency, focusing on livestock monitoring and disease detection. Additionally, macroeconomic factors such as shrinking arable land, rising greenhouse emissions, a growing global population, and the need to address starvation issues are fueling the demand for smart agriculture practices..
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According to a report by the United Nations Food and Agriculture Organization (FAO) in 2020, if current agricultural production trends continue, the number of hungry individuals will exceed 840 million by 2030, putting immense pressure on the agriculture industry. This presents a significant opportunity for technology providers to scale their IT services in the agriculture domain, offering support for emerging technologies such as robotics, cloud-based solutions, AI sensors, and IoT-enabled RFID tags.
Governments are also encouraging the adoption of technology in agriculture through various initiatives. For example, the Indian government has partnered with Microsoft to empower small-scale farmers in optimizing crop yield through AI sensors. Microsoft, along with state governments and relevant ministries, is developing an AI ecosystem in farming. The rising penetration of technology, supported by government initiatives, is expected to drive the demand for smart agriculture practices and contribute to the growth of the smart agriculture market.
5G to Create an Impactful Opportunistic Scenario in the Smart Agriculture Market
The deployment of 5G technology worldwide is anticipated to have a significant impact on the smart agriculture market. With its high bandwidth and low latency, 5G enables agri-businesses to collect and analyze data remotely, facilitating effective equipment management. This trend opens up new opportunities for applications such as data aggregation, predictive analytics, animal monitoring and tracking, video-equipped drone operations, and autonomous vehicle monitoring in agriculture practices.
Precision Farming to Contribute Significantly to the Global Smart Agriculture Market
The adoption of precision farming practices is expected to contribute significantly to the growth of the smart agriculture market. Precision farming focuses on improving the accuracy of agricultural practices and inputs by considering agro-climatic conditions and crop characteristics. The perceived benefits of precision farming, including enhanced agricultural productivity, prevention of soil degradation, efficient water resource utilization, and reduced production costs, have driven its adoption worldwide, thereby complementing the growth of the smart agriculture market.
North America Maintains Dominance, APAC Emerges as a Lucrative Market for Smart Agriculture
Developed economies in North America are expected to maintain their dominance in the smart agriculture market, thanks to favorable technology-related and macroeconomic factors. Increasing GDP per capita and a thriving start-up ecosystem in the region have paved the way for smart agriculture advancements. Agricultural organizations have also collaborated to establish the North America Climate Smart Agriculture Alliance (NACSAA), focused on educating cultivators to enhance agricultural productivity, further bolstering the growth of the smart agriculture market in the region.
On the other hand, the Asia Pacific region shows great potential for the adoption of smart agriculture practices. Although still in the nascent stage, smart agriculture has gained significant traction in APAC, supported by favorable government initiatives. For instance, the Ministry of Agriculture in Japan provides funds for precision farming, and the Indian government has undertaken various initiatives to support smart agriculture. Some of these initiatives include the digitalization of Primary Agricultural Credit Societies (PACS), the Pradhan Mantri Krishi Sinchayee Yojana (PMSKY), the Management of Agricultural Extension in Hyderabad (MANAGE), the One Nation One Market program, and the mentoring of agri-tech start-ups.
Global Smart Agriculture Market: Competitive Landscape
Key players in the smart agriculture market include AGCO Corporation, CropMetrics, DeLaval, Ag Leader Technology, Granular Inc., and The Climate Corporation. These companies are at the forefront of providing innovative solutions and services to drive the adoption of smart agriculture practices worldwide.
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