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What Will Be the Growth Trajectory of the Smart Agriculture Market from 2024 to 2033?

The market for smart agriculture has experienced a rapid expansion in the recent past. The market value is projected to escalate from $14.53 billion in 2023, reaching $16.38 billion in 2024, indicating a compound annual growth rate (CAGR) of 12.8%. Factors contributing to this growth during the historic period can be traced back to a burgeoning global population, climate change worries, government policies and backing, a dearth of farm labor, and rising concern over water scarcity.

In the coming years, the smart agriculture market is predicted to experience a rapid expansion. By 2028, it’s anticipated to reach $25.38 billion with a compound annual growth rate (CAGR) of 11.6%. This growth during the forecast period can be credited to the emphasis on sustainable farming, a demand surge for organic yields, the implementation of smart agricultural practices, and the introduction of intelligent irrigation systems. The forecast period is also likely to witness trends such as precision farming and precision agriculture, the use of IoT sensors, farm management software and tools, the adoption of robotics and automation in farming, the application of blockchain for a transparent supply chain, climate-smart agriculture, as well as collaborations and partnerships in the agtech ecosystem.

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What Are the Primary Growth Drivers for the smart agriculture Market?

The demand for the smart agriculture market is expected to surge due to increased stress on food supply chains, a result of the burgeoning global population. The food supply chain is composed of all individuals engaged in and the interaction that occurs in stages from resource provision to crop, livestock, fish, and other agricultural output production, processing, wholesaling, retailing, and preparation for consumption and disposal of food. An important connection between all stakeholders in the food supply chain is facilitated through smart farming, enabling improved decision-making by promoting efficient information sharing. As an example, the Food and Agriculture Organization, a United Nations affiliate based in Italy that promotes sustainable agriculture, published a report in April 2022. According to the report, approximately 193 million people from 53 countries or regions (IPC/CH Phases 3-5) grappled with severe food insecurity in 2021, an upward trend of over 40 million people in crisis situations. Of this figure, over half a million people in Ethiopia, southern Madagascar, South Sudan, and Yemen were undergoing highly critical stages of acute food insecurity. Therefore, the pronounced strain on the food supply chain due to the increasing population growth is a significant catalyst driving the expansion of the smart agriculture market.

What Segments Are Central to the Smart Agriculture Market?

The smart agriculture market covered in this report is segmented –

1) By Offering: Hardware, Software, Services

2) By Farm Size: Small, Medium, Large

3) By Application: Precision Farming, Livestock Monitoring, Precision Aquaculture, Precision Forestry, Smart Greenhouse, Other Applications

What Trends Are Revolutionizing Standards in the Smart Agriculture Market?

One significant trend emerging in the smart agriculture field is technological progression. Leading firms in the sector are introducing groundbreaking technologies such as agricultural robots, RFID, livestock biometrics, infrastructure health sensors, GPS, and biometrics. These technologies assist farmers in securing real-time livestock information, thereby strengthening their market presence. A case in point is DeLaval, a Swedish organization that specializes in milking equipment and solutions who, in March 2021, introduced a new series of robotic collectors consisting of the DeLaval RC550 and RC700. These creations aim to enhance the well-being of cows and hoof health in particular. The robotic collector is designed to handle diverse types of manure without the need for water due to its unique rotating manure intake system. It’s compatible with most bedding materials such as chopped straw and sawdust, thereby reducing costs as the robots can adapt to the barn’s existing structure, eliminating the need for adaptation to the manure system. Further advantages include cleaner udders, stalls, hooves, and quicker teat cleaning by the VMS milking robot, which improves the health of the herd and the quality of their milk.

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What Regions Are Propelling Growth in the Smart Agriculture Industry?

North America was the largest region in the smart agriculture market in 2023. Asia-Pacific is expected to be the fastest-growing region in the smart agriculture market report during the forecast period. The regions covered in the smart agriculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Smart Agriculture Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the smart agriculture market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Smart Agriculture Market Include

1. Smart Agriculture Market Executive Summary

2. Smart Agriculture Market Segments

3. Smart Agriculture Market Size And Template Market Growth Rate

4. Key Smart Agriculture Market Trends

5. Major Smart Agriculture Market Drivers

……

25. Key Mergers And Acquisitions In The Smart Agriculture Market

26. Top Smart Agriculture Companies

27. Smart Agriculture Market Opportunities And Strategies

28. Smart Agriculture Market, Conclusions And Recommendations

29. Appendix

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