The global Smart Agriculture Solution Market is estimated to be valued at US$ 29014.62 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Porter’s Analysis:

• Threat of new entrants: Low barriers to entry in the smart agriculture solution market, startups can develop new technologies and solutions easily.
• Bargaining power of buyers: Large players have strong bargaining power in the market due to high demand for smart agriculture solutions.
• Bargaining power of suppliers: Few technology companies dominating the market, so suppliers have moderate bargaining power.
• Threat of new substitutes: Alternative tools and techniques for smart farming have potential to disrupt the market.
• Competitive rivalry: Intense competition between existing big players to gain higher market share.

Key Takeaways:

The Global Smart Agriculture Solution Market Demand is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing population and rising food demand. The market size for 2023 is estimated to be US$ 29014.62 Mn.

North America dominates the market currently due to rapid technology adoption. Asia Pacific is expected to grow at the fastest rate during the forecast period owing to government initiatives to promote smart farming practices.

Key players: Key players operating in the Smart Agriculture Solution market are Dirt Road Data, Inc., AgJunction LLC, Iteris, Inc., Site-Specific Technology Development Group, Inc., CropMetrics LLC, Trimble Navigation Ltd., Agribotix LLC, AgEagle Aerial Systems Inc., Granular, Inc., AgriSight, Inc., and SemiosBio Technologies Inc. These players are focusing on new product launches and partnerships to gain higher market share.

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