Global smart agriculture market projected to reach $25.4 billion by 2028 with 9.4% CAGR.

From GlobeNewswire: 2024-05-13 08:00:00

The global smart agriculture market size is projected to reach USD 25.4 billion by 2028, with a 9.4% CAGR from 2023 to 2028. Increased population pressure on the food supply system and the use of modern technologies are driving market growth. Major companies in smart agriculture include Deere & Company, Trimble Inc., and AGCO Corporation.

Advancements in aquaculture tools and technologies have led to the adoption of IoT, ROVs, and AI in the aquaculture industry. These technologies help increase production efficiency, minimize resource wastage, and improve farming operations accuracy while providing high profitability to farm owners.

The agriculture industry’s fragmentation poses challenges in implementing smart agricultural technologies due to varying farm requirements and operations. Managing, supervising, and collecting data from scattered lands is difficult, leading to improper resource allocation and high costs.

The rising adoption of livestock monitoring solutions in emerging countries like Brazil and Mexico is expected to increase due to growing demand for milk and dairy products. Technologies like milking robots and feeding robots will see increased demand as herd sizes and livestock farming expand in these regions.



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