The demand within the global Smart Agriculture Market has been rising at a stellar rate, majorly due to the major role played by the agricultural sector in the overall growth of an economy. Smart agriculture refers to the use of nascent technologies such as Internet of Things (IoT), smart devices, Artificial Intelligence (AI), and GPS to monitor, review, recalibrate, and gauge the productivity of crops. The modern modes of farming indispensably deploy smart technologies to enhance the productivity of crops, reduce the negative impact of adverse weather, and stay wary of the stocks, demand, and supply dynamics. Hence, it is safe to prognosticate that the global market for smart agriculture would witness the inflow of massive revenues in the years to come.
Transparency Market Research finds (TMR) that the global market for smart agriculture would fetch revenues worth US$23.44 bn by 2025-end, rising up from a value of US$6.55 bn in 2016.
The population across the world has been rising at a skyrocketing which has in turn increased the demand for food crops across the world. However, growing industrialization has resulted in lesser availability of cultivable land, resulting in reduced supplies of food crops. Hence there is a pressing need to deploy smart agriculture technologies in order to enhance productivity and meet the demand.
Smart Agriculture Projects
The Food and Agriculture Organisation (FAO) of UN, in conjunction with Telefonica, has launched a pilot smart agriculture project across EI Salvador. Such projects are playing a key role in enhancing the growth prospect of the global market for smart agriculture in recent times.