Smart Agriculture Market: Key Insights 2028

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Smart Agriculture Market Key Insights 2028 The
agriculture industry is constantly losing its
workforce due to the rise in urbanization,
increased migration of local laborers, and lower
farm revenue. These factors have led farmers to
look for new solutions. Smart farming has gained
momentum with automation in activities using
technologies such as the IoT, big data
analytics, artificial intelligence and machine
learning. The global smart agriculture market is
anticipated to surge at a CAGR of 10.35 over the
forecast period 2022-2028. With a boom in
population, food demand is anticipated to rise
incrementally by 2050. There will be immense
pressure on farmers to increase crop production
and yield. This can only be achieved by
increasing the land to grow crops or opting for
new techniques, such as precision and vertical
farming. The use of technologies, such as LED
indoor farming, to create nature-like conditions
will help farmers to match the expected demand
for food supply in the future.
Digitalization Key Driver According to our
reports, based on the type segment, precision
farming currently holds the largest share of over
42.04 and is anticipated to maintain its
stronghold throughout the forecast period.
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• Precision farming is experiencing a rapid
  transformation from a service and product
  perspective. The emergence of smart sensors,
  robotic automation, sophisticated biologicals,
  digital data, and many big incumbents are a few
  technological advancements that are ushering a
  new era in agriculture. The integration of
  technology in precision farming equipment is
  anticipated to drive the studied markets
  growth.
• Irrigation products have been a major contributor
  to the precision farming market. With the growing
  need for appropriate agricultural equipment,
  variable rate application (VRA) products are
  expected to propagate the studied market in the
  next five years.
• Globally, the Asia-Pacific smart agriculture
  market is projected to be the fastest-growing
  region during the forecast period 2022-2028. The
  region presents immense scope for development,
  owing to the increasing urban population size,
  growing penetration of the internet in farm
  management, and favorable government investments.
  Moreover, the presence of economically advancing
  countries such as India and China is expected to
  create avenues for precision agriculture in the
  region.
• Automation Trends
• A shift in the global aging demographic has
  prompted the adoption of automation in farming
  practices.
• Automation and control system manufacturers have
  seen a significant increase in sales due to this
  profound change in the farming industry.
• Over the last 5 years, agricultural robots have
  been deployed for the purpose of crop management.
  These robots selectively treat soil and crops
  based on their needs, thereby reducing manual
  labor. Out of all the robots used in smart
  farming, UAVs/drones generated the most revenue.
• Companies to Watch in the Market
• In recent years, partnership and collaboration
  have been key strategies for expansion in the
  smart agriculture farming market. With the
  increasing growth in the global market, companies
  in this industry have incorporated collaborative
  strategies with other agricultural OEMs to remain
  competitive.
• Some of them are as follows
• In May 2022, AGCO Corp acquired JCA Industries
  Inc (a leading autonomous software provider of
  agricultural-related products) to enhance the
  companys automation system portfolio.

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• In June 2021, AgJunction Inc collaborated with
  Robert Bosch LLC to join the NEVONEX partner
  network. The partnership integrated NEVONEX into
  AgJunctions hardware modules. The collaboration
  also enabled AgJunction Inc to provide its
  customers with a wider range of automated
  processes.
• In February 2021, DroneDeploy collaborated with
  Corteva Agriscience, a leading manufacturer and
  supplier of agricultural seeds and chemicals, to
  design, develop, and provide advanced artificial
  intelligence and machine learning platforms to
  farmers to improve productivity.
• In January 2021, Farmers Edge Inc collaborated
  with Google Cloud to promote the
• companys services and boost its programs
  implementation of artificial intelligence,
  machine learning, and predictive analysis.
• Conclusion
• Technological advancements and their
  incorporation into farming activities have
  benefited the agricultural sector. Out of all
  the equipment, such as sensors and robots, drones
  are anticipated to revolutionize the sector, as
  companies and farmers are eager to incorporate
  them into their business models. According to the
  Association for Unmanned Vehicles Systems
  International (AUVSI), around 80 of commercial
  drones will eventually be used for agriculture.
  The data collected from drones help farmers to
  improve the yield and provide water, fertilizer,
  and chemical pesticides to the crops when needed.
  It also helps to monitor crop health while
  checking for signs of diseases. Thus, the
  increasing benefits of automation and the use of
  drones in agriculture are anticipated to create
  new avenues for the smart agriculture market.

FAQ Q 1) What are the revenue estimations for
the global smart agriculture market? The global
smart agriculture market was valued at 12.52
billion in 2021 and is expected to reach 24.88
billion by 2028. Q2) Which segments are covered
under the smart agriculture market? Type and
component are the segments covered in the smart
agriculture market.