Smart Agriculture Solution Market Key Players, End User, Demand | 2031

According to the report by Future Market Insights (FMI), the global smart agriculture solution market will register growth at 10.3% CAGR during the forecast period. Sales of smart agriculture solutions across the globe are estimated to surpass US$ 13.2 Bn by the end of 2031.

Increasing adoption of advanced technologies such as artificial intelligence in drones to improve crop production will drive market growth.

Expansion of the agriculture sector across India, Australia, and China is the major factor fueling the demand for modern technologies such as sensor-based variable rate technology in the agriculture sector.

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Historically, the global smart agriculture solution market grew at 5.7% CAGR between 2016 and 2020. With advent of precision farming and adoption of agriculture 5.0 technologies, sales of smart agriculture solution registered an inclination of 4.6% in 2021.

With increasing adoption of precision farming and smart greenhouses application, demand for sensor based and map based technologies will drive the sales. As per FMI, the global smart agriculture solution registered year-on-year growth of 6.8% in 2021.

Key Takeaways from FMI’s Smart Agriculture Solution Market Study

• In terms of application, variable rate technology segment is anticipated to record highest CAGR through 2021 & beyond
• Based on component, hardware segment is expected to witness fastest growth, accounting for nearly half of the market share
• Drones segment will account for substantial global market share through 2031
• Sensor monitoring system segment is expected to witness significant growth during the forecast period
• India is expected to emerge as one of the most lucrative smart agriculture solution market through 2031
• With Brazil leading the growth of Latin America smart agriculture solution market, Latin America is expected to record a CAGR of 12.3% during the forecast period

Competitive Landscape

As per the study, key players operating in the smart agriculture solution market are investing in developing modern and smart agriculture products such as smart aerial drones to gain competitive edge.

Some of the players are focusing on introducing new products and forming strategic partnerships with local agricultural product providers to expand their consumer base. For Ex:

• Dirt Road Data Inc.
• Iteris Inc.
• CropMetrics LLC
• Agribotix LLC
• AgriSight Inc.
• SemiosBio Technologies Inc.
• Granular Inc.
• Trimble Navigation Ltd.
• Site-Specific Technology Development Group Inc.

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Smart Agriculture Solution Market by Category Component Type:

• Hardware
• Software
• Services

Application:

• Automated Machinery Guidance Control
• Tractor Collision and Obstacle Detection
• Machinery Safety and Parameter Monitoring
• Variable Rate Technology
• Building and Premises Surveillance

Region

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific excluding Japan (APEJ)
• Middle East & Africa
• Japan

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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