Smart Agriculture Market: Key Trends, Insights 2022-2028

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Smart Agriculture Market Key Trends, Insights
2022-2028
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.
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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. 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.

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• 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.
• 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.