This adds up to significant growth over the current estimated market of $12.1 billion.
The report, available for purchase, attributes the growth to artificial intelligence (AI), the internet of things (IoT), and increasing pressure on the food supply. Smart agriculture is a concept that aims to make it easier for farmers to use modern technologies.
“Connected technologies such as Wi-Fi, Zigbee, additional wireless sensors, and low-power wide area network technology are some of the various technologies that assist farmers in efficiently carrying out various agricultural operations such as harvesting, purchasing, planting, and inventory control. Farmers are increasingly using IoT and artificial intelligence to monitor agricultural fields and automate irrigation processes. Furthermore, modern technology has increased the productivity of organic farming, including greenhouse and vertical farming.
Drivers include precision farming/smart agriculture to help farmers resist the negative effects of nature on crops by capturing geospatial data on soil, animals, and plants, as well as other inter- and intra-field information.
This approach “saves resources by using the right amount of irrigation water, liquid fertilizers, nutrients, herbicides, and pesticides. Farm automation, animal farming technology, yield mapping systems, precision agriculture, blockchain, artificial intelligence, and data management solutions are examples of modern technological solutions implemented in agriculture. This aids in increasing land fertility and profitability and facilitating sustainable agriculture, increasing productivity, and lowering farming costs.”
The report concludes: “Precision agricultural technology is expected to make agribusiness more profitable than ever before. As a result, business-minded farmers have begun to employ a variety of precision farming/smart agriculture tools to increase crop yields and profit margins.”
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