Smart Agriculture Solution Market: Driving Forces Behind its Meteoric Rise

The global smart agriculture solution market was expected to reach US$ 13.75 billion in 2022 and is projected to grow to US$ 14.48 billion in 2023. This growth is driven by the increasing demand for smart agriculture solutions, especially in the context of cultivating crops within controlled environments like greenhouses.

In essence, the demand for smart agriculture solutions is on the rise, particularly due to the advantages offered by controlled environments like greenhouses. This market is poised for substantial growth in the coming years, making it an attractive sector for investment and innovation.

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As per FMI, the global market registered a year-on-year growth of 6.8% between 2020 and 2021. Medium-sized specific agriculture solution suppliers are creating and presenting answers for precision farming with the help of imaging drones and technologies. Higher integration of smart technology in agriculture will create a conducive environment for the growth of the market.

The smart agriculture solution market is poised for remarkable growth, reaching new heights in the coming years. Starting at a value of approximately US$ 3.2 billion in 2023, the market is brimming with potential for expansion. Forecasts from FMI suggest that by 2033, the market revenue could soar past US$ 5.3 billion, demonstrating an impressive growth trajectory with a Compound Annual Growth Rate (CAGR) of 5.2%.

North America is considered to be one of the most lucrative markets for smart agriculture solutions with a market share of 27.7% whereas the United States is estimated to account for 16.9% of the market share.

Some of the important developments of the key players in the market are:

In February 2023, LumiGrow has announced the worldwide release of the Pro Series E, a horticultural lighting product line that combines optimized spectrum LED technology with cloud-based wireless control. Each Pro Series E fixture comes with a wireless control module included, so you can get up and running with the most modern lighting controls quickly and easily. You can manage your lights from any phone, tablet, or computer via the SmartPAR Wireless Control System.

In March 2023, HERE Technologies, the world’s leading location data and technology platform, and Iteris, Inc. (NASDAQ: ITI), the world’s trusted technology ecosystem for smart mobility infrastructure management, today announced a multi-year agreement to integrate a broader suite of location-based services and user capabilities from HERE Technologies into Iteris’ ClearMobility® Platform, including HERE Traffic Products, HERE Maps and HERE platform services.

Leading Key Players:

The smart agriculture solution market boasts a dynamic landscape with a myriad of key players driving innovation and progress. Among these pioneers are Dirt Road Data Inc., Iteris Inc., CropMetrics LLC, Agribotix LLC, AgriSight Inc., SemiosBio Technologies Inc., Granular Inc., Trimble Navigation Ltd., Site-Specific Technology Development Group Inc., AgJunction LLC, John Deere, TopCon Positioning Systems, DeLaval, AKVA, Antelliq, Afimilk, InnovaSea Systems, Heliospectra, and LumiGrow. Each company brings its unique expertise and technology to the forefront, shaping the future of agriculture with intelligence and efficiency.