What's Happening?
The global smart farming market is projected to grow from USD 11.12 billion in 2022 to USD 22.45 billion by 2031, driven by the adoption of precision agriculture technologies. Key developments include Deere & Company's launch of an AI-driven precision planting system and Trimble Inc.'s new drone-based crop health monitoring platform. The market expansion is fueled by the integration of IoT, AI, and data analytics in farming operations, addressing labor shortages and increasing crop yields. North America leads the market with a significant share, supported by strong government initiatives and advanced agritech infrastructure.
Why It's Important?
The growth of the smart farming market is crucial for addressing global food demand, which is expected to rise due to population
growth. Precision agriculture technologies optimize resource use, enhance crop yields, and improve sustainability, making them essential for modern farming. The market's expansion supports economic growth in the agritech sector and offers solutions to labor shortages in agriculture. By improving supply chain transparency and farm productivity, smart farming technologies contribute to environmental sustainability and food security.
