Smart Agriculture Market Size Worth $29.18 Billion By 2028 | Grand View Research, Inc.


 

The global smart agriculture market size is anticipated to reach USD 29.18 Billion by 2028, expanding at a CAGR of 10.6%, according to a new report by Grand View Research, Inc. Factors such as consistent growth in population, low availability of cultivable land, government incentives, and demand for fresh and high-quality food are expected to drive the smart greenhouse market. According to World Health Organization (WHO) and Population Council, 80% of the global population resides in urban cities. The prevailing scarcity of land in urban cities has urged growers to adopt new solutions for developing fresh produces. For instance, the vertical farming technique enables consumers to grow crops indoor in layers, in a multi-story building, stacked on racks, or in a warehouse.

The growing population is expected to result in an increased food demand by 2050. Farmers are likely to witness immense pressure in increasing crop production either by making more land available to grow crops or adopting newer techniques, such as smart agriculture and vertical farming. Traditional farming techniques witness several barriers such as climate change, high labor cost. These disadvantages can be overcome with the use of technologies such as LED indoor farming, which creates a nature-like condition to help farmers meet the swelling food demand. Additionally, the changing preference of consumers toward healthier and fresh foods is expected to drive market growth over the forecast period.

Agri M2M offers significant opportunities to mobile operators owing to its potential to generate additional revenue through value-added services. For instance, bundling M2M services with a voice or data offering for rural enterprise customers is likely to enhance the application of M2M.

Agri VAS has been developed to overcome the information gap faced by farmers in emerging markets such as China and India. Additionally, it also helps in connecting the cultivators with other key players in the agriculture supply chain. Agriculture Value Added Services (VAS) have increased over the past few years owing to their rising awareness among VAS providers, mobile operators, and farmers. A few types of M2M connectivity include cellular M2M, satellite & fixed network, power line, and short range connections such as Wi-Fi, Ethernet, and ZigBee.

In terms of revenue, North America dominated the global market with a revenue share of 45.61% in 2020. It is expected to register a CAGR of 9.3% from 2021 to 2028. Growing government initiatives and regulations to enhance the agriculture industry in the region are expected to drive the regional demand over the forecast period. Various agricultural organizations have come together to form the North America Climate Smart Agriculture Alliance (NACSAA), a platform for educating and equipping the cultivators to sustainably increase agricultural productivity. With the rising concern for water conservation, governments in North America are actively providing subsidy to enhance the applications of smart irrigation. For instance, the government of California has provided a rebate on smart controllers.

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