According to Exactitude Consultancy Market Research, the market for smart agriculture is expected to grow at a CAGR of 10% from 2023 to 2029, from an estimated value of USD 19.31 billion in 2022 to USD 21.12 billion in 2029.
The idea of “smart agriculture” focuses on creating the framework necessary for the agricultural sector to utilize cutting-edge technologies. Additionally, farmers can employ connected technologies like WiFi, Zigbee, low-power wide-area networks, wireless sensors, and others to efficiently complete operations related to agriculture like harvesting, purchasing, planting, and inventory control.
IoT Application Adoption in Agriculture Is Growing, Fueling the Market for Smart Agriculture
- Growing adoption of Internet of Things (IoT) technology in the agricultural sector enables farmers to track the progress of their products by offering real-time support through IoT applications.
- By utilizing IoT applications in traditional farming practices, farmers can focus on providing customers with high-quality food while saving time and money on resources like water, electricity, and land.
- Using precision farming methods in conjunction with IoT-based device implementation, the agricultural sector also eliminates the usage of pesticides and fertilizers, further enhancing the health of crops or soil and enabling the delivery of organic food to a range of end users.
- The agricultural industry has adopted IoT technology widely, which enhances farmers’ capacity to adapt to any significant change in the weather, humidity, and air quality. It also encourages the automation of traditional farming processes using a variety of data analytics, visualization, and management systems & solutions.
Business Dynamics
Drivers of the Global Smart Farming Market
Growing Market Dependence on Modern Technology
Precision agriculture, commonly referred to as “smart agriculture,” has the potential to produce significant financial gains for the agricultural sector. This kind of farming can assist farmers in fending off the damaging impacts of nature on crops by gathering geospatial data on the soil, livestock, and plants as well as other inter- and intra-field information.
Precision farming helps to cut down on resource waste by providing information about the necessary amounts of irrigation water, liquid fertilizer, nutrients, herbicides, and pesticides. Modern technology is incorporated into farming to increase productivity and reduce costs.
Internet of Things (IoT)-Enabled Increased Access to Organic Foods to Support Growth
Farmers may more effectively monitor the development of their products thanks to the fast growing deployment of Internet of Things (IoT) technology in agriculture. By incorporating Internet of Things apps into traditional agricultural techniques, farmers can concentrate on producing high-quality food for consumers while using less time and resources, such as land, water, and energy. Due to the absence of pesticides and fertilizers in precision farming methods, a variety of end customers can now obtain organic food.