Smart agriculture market estimated to reach $29M by 2027

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The global smart agriculture market size was valued at $16,747.7 million in 2019 and is estimated to reach $29,234.6 million by 2027, with a CAGR of 9.7% from 2021 to 2027, according to Valuates Reports.

The market is expected to rise as a result of rising population, increasing strain on the food supply system, the growing use of new technology in agricultural products and farmers’ growing focus on tracking livestock.

According to the report, the global competition between players will be increased by new players joining the global smart agriculture market, which will in turn increase advancements in technology. Top companies in the smart agriculture market include Trimble, Deere & Co., Topcon Positioning Systems, DeLaval, AgEagle Aerial Systems, Afimilk, Raven Industries, Ag Junction, AGCO Corporation and GEA Group, the report said.

Current trends influencing smart agriculture market size include the growing adoption of automation and control systems, such as GPS/GNSS receivers, irrigation controllers, and guidance and steering systems, has created a new approach to farming practices. The report said it also expects growing investment, R&D spending on agricultural technology and increased popularity of land-based recirculating aquaculture systems to fuel market growth.

The report also touched on COVID-19’s impact on the smart agriculture market, noting the market is expected to see a marginal fall in 2020 as movement restrictions and lockdowns have led to supply chain disruptions.

Despite this, the precision farming segment held the largest market share in 2019 and is expected to retain its dominance during the forecast period, the report said. North America is expected to hold the largest smart agriculture market share during the forecast period, and Asia Pacific is expected to witness the highest growth during the forecast period.