The global Smart Agriculture Market is projected to reach USD 35.2 billion by 2031, at a CAGR of 9.8%, from USD 15.1 billion in 2022. The smart agriculture market is expected to continue to grow in the coming years due to the increasing global population and growing concerns about environmental conservation and sustainable farming.

As precision agriculture or smart agriculture, these terms refer to a revolutionary way of farming that uses data-driven solutions and technology to improve the productivity, sustainability, and efficiency of farming operations. Using a variety of cutting-edge technology, including drones, artificial intelligence, Internet of Things (IoT) sensors, and data analytics, this cutting-edge field monitors and controls many parts of the agricultural ecosystem. In order to maximize resource efficiency and minimize waste, smart agriculture allows farmers to make well-informed decisions in real time based on continuous data collection and analysis on variables such as livestock welfare, weather patterns, crop health, and soil quality.

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In August 2023, the acquisition of the ARAG Group and its subsidiaries by Nordson Corporation was completed. ARAG develops, produces, and distributes smart fluid components for agricultural spraying as well as precise control systems. The precision agriculture end market will benefit from Nordson’s core dispensing capabilities being expanded by this acquisition.

Segment Analysis and Market Dynamics

The global smart agriculture market is segmented into three categories based on component types these are, connectivity technology, solution, and service. With the largest revenue share, the service category leads the market.  Services play a pivotal role in the smart agriculture market, providing support, consulting, and maintenance to farmers and organizations implementing smart farming practices. These services include consulting on technology adoption, training, and ongoing technical support. Service providers ensure that farmers effectively utilize the technology and solutions in place, helping them maximize their benefits and navigate the evolving landscape of smart agriculture. The global smart agriculture market is segmented into four categories based on agriculture type these are, precision farming, livestock monitoring, fish farming, and smart greenhouse.

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Further key findings from the report suggest:

• The global smart agriculture market is predicted to register a compound annual growth rate (CAGR) of 9.8% over the projected period of 2023-2031.
• Asia Pacific will be the leading region of the global smart agriculture market during the forecast period of 2023-2031.
• The major key players in the global smart agriculture market are: Ag Leader Technology, AGCO Corporation, AgJunction, Inc., AgEagle Aerial Systems Inc., Autonomous Solutions, Inc., Argus Control Systems Ltd, BouMatic Robotic B.V., CropMetrics, CLAAS KGaA mbH, CropZilla, Deere & Company, DICKEY-john, DroneDeploy, DeLaval Inc, Farmers Edge Inc, Grownetics, Inc., Granular, Inc., Gamaya, GEA Group Aktiengesellschaft, Raven Industries, Trimble Inc., and Topcon Positioning System.

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Econ Market Research has segmented the global smart agriculture market based on component, agriculture type, application, and region:

Smart Agriculture Market by Component (Revenue, USD Billion, 2023-2031)

• Solution
• Service
• Connectivity Technology

Smart Agriculture Market by Agriculture Type (Revenue, USD Billion, 2023-2031)

• Precision Farming
• Livestock Monitoring
• Fish Farming
• Smart Greenhouse
• Others

 Smart Agriculture Market by Application (Revenue, USD Billion, 2023-2031)

• Yield Monitoring
• Field Mapping
• Crop Scouting
• Weather Tracking and Forecasting
• Irrigation Management
• Farm Labor Management
• Financial Management
• Feeding Management
• Milk Harvesting
• Breeding Management

Smart Agriculture Market Regional Analysis (Revenue, USD Billion, 2023-2031)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America 

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