February 26, 2024
Smart Agriculture Solution Market

The Rise Of Digital Agriculture: How Smart Solutions Are Driving The Smart Agriculture Market

Smart agriculture utilises modern digital technologies to increase crop yields and farmer profits. Technologies such as IoT sensors, automation, robotics and predictive analytics help farmers accurately monitor soil and environmental conditions to optimise water, fertiliser and pesticide usage. Data scientists use machine learning algorithms on sensor data to help predict crop yields, diagnose diseases and monitor livestock health. These smart solutions help reduce production costs, minimise crop losses from adverse weather and pests, and improve sustainability.

The global smart agriculture market is estimated to be valued at US$ 29014.62 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

The increasing global population and decreasing arable land necessitate optimum utilisation of agricultural resources to meet rising food demand. Smart solutions enable precision farming through real-time monitoring and control of variables such as soil moisture, temperature, light and humidity. They help apply inputs only as needed site-specifically with GPS guidance, minimising wastage and avoiding over/under-fertilisation. Drones, robots and driverless tractors further boost efficiencies by automating difficult, dangerous tasks like aerial imaging, weed control and harvesting. The data gathered is analysed using AI and machine learning to support decision making, predict crop health issues early and optimise entire farm operations.

Market key trends:

The smart agriculture market is driven by the growing adoption of IoT and connectivity technologies in the agriculture sector. Modern farms are increasingly deploying wireless sensor networks, Bluetooth-enabled instruments and cloud/mobile platforms to monitor soil, livestock and equipment remotely. This generates huge volumes of cultivable data that can be analysed using AI and predictive algorithms. Advanced predictive maintenance helps prevent agricultural asset downtime and reduce repair costs through remote equipment condition monitoring. Big data also enables precision livestock farming for optimised breeding, feeding and herd health management. The integration of cutting-edge solutions like computer vision, robotics and blockchain is further enhancing the traceability, sustainability and profitability of smart farming systems.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the smart agriculture solution market is moderate due to the presence of established players and requirement of high initial investments.

Bargaining power of buyers: The bargaining power of buyers in the smart agriculture solution market is high due to the presence of various options available.

Bargaining power of suppliers: The bargaining power of suppliers in the smart agriculture solution market is low due to the presence of many suppliers.

Threat of new substitutes: The threat of substitutes in the smart agriculture solution market is low as there are limited substitute products available for smart agriculture solutions.

Competitive rivalry: The competitive rivalry in the smart agriculture solution market is high owing to the presence of large number of established players.

Key Takeaways

The Global Smart Agriculture Solution Market Demand is expected to witness high growth over the forecast period. The global smart agriculture market is estimated to be valued at US$ 29014.62 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030.

Regional analysis

North America is expected to hold a significant share in the global smart agriculture solution market over the forecast period. This is attributed to growth in population and advancements in farming techniques in the region. The Asia Pacific region is anticipated to exhibit fastest growth due to government initiatives to support adoption of smart agriculture practices in countries such as India and China.

Key players

Key players operating in the smart agriculture solution market are Halliburton, Ashland Global Specialty Chemicals Inc., Ecolab Inc., Baker Hughes Inc., Innospec Inc., JSC Gazprom Neftekhim Salavat, BASF SE, Evonik Industries AG, Clariant AG, GasHydrate LLC, and Schlumberger Limited. These players are focusing on new product launches and mergers & acquisitions to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it