The value of the global smart agriculture market stood at US$ 10.02 Bn in 2020. The global market is estimated to rise at a CAGR of 13.30%during the forecast period, from 2021 to 2031.The global smart agriculture market is likely to surpass valuation of US$ 39.02 Bn by 2031. Farmers' abilities to respond to substantial changes in humidity, weather, and air quality are improving, as IoT technology becomes more widely adopted in the agriculture industry.
Companies in the smart agriculture market are developing next-generation manure cleaning systems that use robotic technology to increase comfort of cows. These smart devices also assist in improving their hoof health without the need of water. Smartphone firms are collaborating to develop a new smart agriculture as a service solution that will use sensor technologies to boost the output of Indian farmers.
New precision agriculture applications are being released by key participants in the global smart agriculture market to assist in collecting precise data irrespective of the machine type or breadth of the equipment.
During the projected timeframe, North America is estimated to hold major share of the global smart agriculture market, owing to increase in the number of agricultural start-ups in Canada and the U.S., which help to offer better services to customers. The existence of notable smart agriculture companies in North America is another element likely to add to the regional supremacy. As a result, North America is projected to drive the global smart agriculture market in the years to come.