Authored By: Sarah
20 Nov 2023

Smart Agriculture Market to witness humongous growth of  USD 8.91 Bn through 2023-2027  

According to smart agriculture market analysis and projections, the smart agriculture market would grow at a compound annual growth rate (CAGR) of 9.23%, or USD 8.91 billion, between 2022 and 2027.Technavio has been monitoring the growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. 

Technavio's Analyst Quoted that ~ " accessibility of affordable cloud services is the primary factor propelling the worldwide smart agriculture market followed by  the use of smart farming."

Navigating further through the growth drivers of the market it has been observed that Farmers are currently looking to the cloud system for farming applications, hoping to get advantages such as improved data access, information availability, synchronisation across various farming tasks, and storage of important data

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Sneak Peak of Smart Agriculture Market Analysis

The main advantages of using cloud computing in agriculture include creating an information data bank with data on soil, weather, crops, farmer data, and expert consultations; additionally, by raising crop yields overall, it encourages the distribution of agricultural goods and services across a larger market. 

Companies that are coming up with wide array of offerings in this domain include names like Ag Leader Technology, AGCO Corp., AquaSpy Inc., Bayer AG, Berkshire Hathaway Inc., CNH Industrial NV, Deere and Co., Heliospectra AB, Iteris Inc., Kubota Corp., SemiosBio Technologies Inc., Tetra Laval SA, etc.

In-depth research of the market's revenue projections, along with a look at the major players, market drivers, and development prospects, are all included in Technavio's latest report. Learn more about the market dynamics and the aspects that our report's in-depth analysis predicts will have the biggest impact on the market under review.

The report provides insights into the following FAQs:

  1. What is the market CAGR?
    The market is accelerate at a CAGR of 9.23%.

  2. What is the incremental growth of the market?
    The market is expected to grow by USD 8.91 bn through 2023-2027.

  3. What is a key factor driving this market?
    Availability of low-cost cloud services encouraging adoption of smart farming will drive market growth over the forecast period.

  4. What are the key regions covered in this market research report?
    North America, Europe, APAC, South America, and Middle East and Africa are the key regions featured in this research report.

  5. Which is the leading geographic region for this market:
    42% growth will originate from North America

  6. What are the market segments covered in this report?
    The market is segmented by Type (Precision farming, Smart greenhouse, Livestock monitoring, and Others), Product (Hardware, Software, and Services), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)
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