By: Trends Editorial Team
This text provides general information. Trends assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
$ 34,100,000,000 Expected market value of smart agriculture worldwide by 2026
The market value of smart agriculture worldwide is forecast to reach around 34 billion U.S. dollars by 2026. Smart agriculture is used to enhance agricultural productivity, address agricultural based issues, such as food demand, and make farms more connected and intelligent.
90% Expected growth of the global industrial IoT market by 2025
The global industrial IoT market is forecast to grow over 90 percent by 2025, reaching a value of just under seven billion U.S. dollars. Internet of Things (IoT) holds the largest share of agricultural technology as of 2022. Smart agriculture incorporates IoT technology and solutions in order to attain improved operational efficiency, maximized yield, and minimized wastage using real-time field data collection, data analysis, and the deployment of control mechanisms. Europe and North America have the largest industrial IoT markets worldwide.
35% The percentage of energy costs reduction with the use of new IoT technologies
With the use of new IoT technologies, results are as follows: 35% reduction of energy costs, an 8% reduction in irrigation water use and 1.7% yield increase.
$ 14,400,000,000 Expected market value of precision farming by 2027
Precision farming is set to become the most influential agricultural trend in developed countries. The market value of precision farming is also expected to grow from 6.73 billion U.S. dollars in 2021 to 14.44 billion U.S. dollars by 2027. The majority of artificial intelligence in agriculture is used in field farming, followed by livestock farming.
$ 11,600,000,0000 Expected global market value of autonomous tractors by 2030
Agricultural robots are being developed for a wide variety of tasks, such as assisting with physical labor and harvesting crops. By 2030 it is forecast that there will be almost six times more agricultural robots worldwide as there were in 2020. During the same time period, the global market value of autonomous tractors is expected to see a similar rate of growth, reaching a value of approximately 11.6 billion U.S. dollars by 2030.