Smart Agriculture Market size to grow by USD 8.91 billion from 2022 to 2027

The smart agriculture market size is to grow by USD 8,917.85 million from 2022 to 2027. Also, the growth momentum will progress at a CAGR of 9.23% during the forecast period, according to Technavio. The widespread availability of affordable cloud services is catalyzing the widespread adoption of smart farming practices on a global scale.

Presently, agricultural operations are migrating towards cloud-based platforms, driven by the prospect of enhanced data accessibility, streamlined information dissemination, improved coordination across farming activities, and secure storage of critical data. Historically, the cost of cloud solutions has posed a significant challenge for farmers. Yet, proactive initiatives by cloud service providers to boost agricultural productivity, coupled with escalating competition within the industry, have resulted in a notable reduction in cloud service expenses. This trend underscores a pivotal shift towards cost-effective yet cutting-edge technological solutions tailored to the needs of modern agricultural enterprises.

The smart agriculture market is fragmented, and the degree of fragmentation will accelerate. The availability of low-cost cloud services encouraging the adoption of smart farming will offer immense growth opportunities. However, the High initial investment in smart farming technology will hamper the market growth.et.

Higher production levels can be achieved by improving wireless communication in the agricultural sector. Thus, this will lead to Equipment repair and maintenance. Furthermore, improved operational reliability in the field can also lead to higher crop production levels. Data collection and storage have become easier with the help of big data analytics. It also facilitates decision-making and other farmer practices. Therefore, increasing adoption of big data is expected to drive market growth during the forecast period.