The smart agriculture market is expected to grow from USD 12.9 billion in 2021 to USD 20.8 billion by 2026; it is expected to grow at a CAGR of 10.1% during the forecast period. The smart agriculture market has been witnessing significant growth over the past years, mainly owing to the advancement in technologies implementation like artificial intelligence and the internet of things in smart agriculture products and hence the market is expected to grow in the coming years.
The market for automation and control systems is projected to grow at a higher CAGR during the forecast period. Automation and control systems are the core components of precision farming equipment. Increasing adoption of automation and control systems, such as GPS/GNSS receivers, irrigation controllers, and guidance and steering systems, has created a new approach to farming practices, which is boosting the market growth.
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In terms of agriculture type, precision aquaculture to grow with significantly high CAGR in the forecast period. Major factors driving the growth of precision aquaculture include surging adoption of advanced technologies such as IoT, ROVs, and AI in aquaculture farms; growing investments in R&D projects to develop innovative aquaculture equipment and fish farming products; rising income levels and demand for protein-rich aqua food; and increasing support of worldwide governments by providing aquaculture infrastructure development funds.
In terms of farm size the market for small farms is expected to grow at the highest CAGR during the forecast period. The adoption of livestock monitoring solutions is low in these farms as small farms hold small herd size, which is monitored and managed by farm owners themselves. However, the increasing awareness and government initiatives related to the well-being of farm animals are expected to increase the implementation of monitoring solutions for livestock management in small farms.
The smart agriculture market in Argentina is expected to grow at the highest CAGR in the forecast period due to the increasing financial support provided by the government of Argentina to adopt cutting-edge farming technologies and innovative farming tools. The increasing adoption of advanced farming technologies for numerous applications, namely precision farming, livestock monitoring, fish farm monitoring, and smart greenhouses, is driving the market in the country.
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Key players in the smart agriculture market are grabbing opportunities by indulging in agreements and partnerships. Product development and expansions were a few of the other strategies adopted by companies in this market to strengthen their market position.