According to a research study by MarketsandMarkets, the market for smart agriculture is expected to reach USD 22.0 billion by 2025 at a CAGR of 9.8% between 2020 and 2025.
In the research report by MarketsandMarkets, the term ‘Smart agriculture’ refers to the use of sensors, cameras, and other devices to turn every element and action involved in farming into data while optimising the requirement of labour and other resources.
Weather, moisture, plant health, mineral status, chemical applications, pest presence, and much more can all be turned into large data sets that allow big data engineers to draw out insights about the farm at varying levels of granularity via software algorithms.
The aim of most smart agriculture products is to enable farmers to use these insights to make operational decisions around planting, irrigating, harvesting, dairy, and more. According to the latest research study by MarketsandMarkets, the market for smart agriculture is expected to reach USD 22.0 billion by 2025 at a CAGR of 9.8% between 2020 and 2025.
The report identifies different types of farming that fall under smart agriculture. Precision faming, including guidance technology, remote sensing, smart sensors, drones, and variable rate technology (VRT) is one of them. According to MarketsandMarkets currently, the precision farming market is growing growth phase and is expected to grow further due to the increasing adoption of technologies such as global positioning system (GPS), guidance technology, and remote sensing technology by farmers and growers.
The most significant factor driving the growth of the precision farming market is the high focus of farmers on improving farm efficiency and increasing crop productivity due to the growing global population.
According to MarketsandMarkets, precision farming will account for the largest share of the smart agriculture market. The precision farming market is expected to reach USD 11.0 billion by 2025 at a CAGR of 11.6% between 2020 and 2025. This market growth can be attributed to the increasing focus on farm efficiency and productivity.