The global smart agriculture/farming market is anticipated to reach USD 18.21 billion by 2025, according to a new report. Factors such as consistent growth in population, low availability of cultivable land, government incentives, and demand for fresh and high-quality food are expected to drive the smart greenhouse market. According to World Health Organization (WHO) and Population Council, 80% of the global population resides in urban cities. The prevailing scarcity of land in urban cities has urged growers to adopt new solutions for developing fresh produces. For instance, the vertical farming technique enables consumers to grow crops indoor in layers, in a multi-story building, stacked on racks, or in a warehouse.
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The growing population is expected to result in an increased food demand by 2050. Farmers are likely to witness immense pressure in increasing crop production either by making more land available to grow crops or adopting newer techniques, such as smart agriculture and vertical farming. Traditional farming techniques witness several barriers such as climate change, high labor cost. These disadvantages can be overcome with the use of technologies such as LED indoor farming, which creates a nature-like condition to help farmers meet the swelling food demand. Additionally, the changing preference of consumers toward healthier and fresh foods is expected to drive market growth over the forecast period.
Agri M2M offers significant opportunities to mobile operators owing to its potential to generate additional revenue through value-added services. For instance, bundling M2M services with a voice or data offering for rural enterprise customers is likely to enhance the application of M2M.
Further Key Findings From the Report Suggest:
- The growing trend of producing bio-pharmaceutical products under a controlled environment is expected to drive the smart greenhouse market demand over the projected period.
- The software segment is expected to portray the highest growth rate, registering a CAGR of 16.7% over the forecast period.
- The LED grow light segment is anticipated to witness a considerable growth rate over the forecast period.
- The indoor farming technique makes use of LED to create natural surroundings for growing vegetables and herbs.
- The advent of modern agriculture technology along with the flexible pricing of connected devices is likely to influence the South American regional market demand.
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