2024 Smart Agriculture Market Report : Market Size, Growth Drivers, And Key Trends | Hikvision Digital Technology Co. Ltd., Dahua Technology Co. Ltd., Axis Communications AB, Bosch Security Systems Inc.

"The smart agriculture market size has grown rapidly in recent years. It will grow from $14.53 billion in 2023 to $16.38 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The growth in the historic period can be attributed to rising global population, climate change concern, government initiatives and support, farm labor shortages, water scarcity concerns.

The smart agriculture market size is expected to see rapid growth in the next few years. It will grow to $25.38 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to emphasis on sustainable agriculture, market demand for organic produce, focus on sustainable agriculture practices, adoption of smart irrigation systems. Major trends in the forecast period include precision farming and precision agriculture, adoption of internet of things (iot) sensors, farm management software and platforms, robotics and automation in farming, blockchain for supply chain transparency, climate-smart agriculture, collaborations and partnerships in the agtech ecosystem.

Market Overview -
Smart agriculture is a modern method of doing agricultural activities that uses the Internet of Things (IoT), robots, artificial intelligence, sensors, and other cutting-edge technologies to boost farm output. It is a creative strategy for minimizing human work and maximizing the utilization of resources.

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Population Growth Pressures Drive Smart Agriculture Market Growth
Rising pressure on the food supply system due to the rapidly growing population is expected to propel the smart agriculture market going forward. Food supply systems are made up of all the individuals and interactions that take place along the food value chain, from the input supply to the production of crops, livestock, fish, and other agricultural products to the production, processing, wholesale, retail, and food preparation for consumption and disposal. By enabling an effective and equitable flow of information and thereby promoting better decision-making, smart farming provides a crucial link between all participants in the food supply chain. For instance, in April 2022, according to a report published by the Food and Agriculture Organization, an Italy-based United Nations agency that provides information and support for sustainable agriculture, in 2021, acute food insecurity at crisis or worse levels was faced by almost 193 million people in 53 countries or territories (IPC/CH Phases 3-5), an increase of over 40 million people. Of these, more than half a million people were identified as being in the most severe stage of acute food insecurity in Ethiopia, southern Madagascar, South Sudan, and Yemen. Therefore, rising pressure on the food supply system owing to the rapidly growing population is driving the growth of the smart agriculture market.

Competitive Landscape -
Major companies operating in the smart agriculture market report are Hikvision Digital Technology Co. Ltd., Dahua Technology Co. Ltd., Axis Communications AB, Bosch Security Systems Inc., Hanwha Techwin Co. Ltd., Avigilon Corporation, Teledyne FLIR LLC, Huawei Technologies Co. Ltd., Seon Design Inc., Pro-Vigil Inc., Strongwatch Corporation, Rosco Inc., BriefCam Ltd., Uniview Technologies Co. Ltd., Agent Video Intelligence Ltd., Aditya Infotech Ltd, Genetec Inc., Safety Vision LLC, Maryland Security Professionals, Apollo Video Technology, Floatograph Technologies LLC, Maxxess Systems Inc., Evolv Technologies, DynaColor, Webgate, Motorola Solutions, Tiandy Technologies, Allegion, Dnake, Jovision, Xiamen Leading Optics Co. Ltd., Ava Group, RFHIC Corporation, Anaren Inc., Tokyo Denki Kagaku Kogyo Kabushiki Kaisha, KYOCERA AVX Corporation, Johanson Technology Inc.

Technological Advancements Reshaping The Smart Agriculture Market
Technological advancement is a key trend in the smart agriculture market. Major companies operating in the market are developing innovative technologies, including livestock biometrics, infrastructure health sensors, agricultural robots, RFID, biometrics, and GPS, to assist farmers in automatically obtaining information on livestock in real-time to sustain their position in the market. For instance, in March 2021, DeLaval, a Sweden-based provider of milking equipment and solutions, launched a new line of robotic collectors, including the DeLaval RC550 and RC700, to enhance cow welfare and, in particular, hoof health. The robot collector can handle most forms of manure and doesn't need to add water because of its unique rotational manure intake mechanism. It works with the majority of bedding materials, including sawdust and chopped straw. It is less expensive since the robots adjust to the barn rather than the barn having to adapt to the manure system. In addition to improving the health of the herds and the quality of their milk, cleaner udders, cubicles, and hooves also enable the VMS milking robot to clean its teats more quickly.

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Key Segments -
The smart agriculture market covered in this report is segmented -
1) By Offering: Hardware, Software, Services
2) By Farm Size: Small, Medium, Large
3) By Application: Precision Farming, Livestock Monitoring, Precision Aquaculture, Precision Forestry, Smart Greenhouse, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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