Global Smart Agriculture Market is estimated to reach $20 billion by Global Smart Agriculture Market is estimated to re

Global Smart Agriculture Market is estimated to reach
$20 billion by 2024
Global Smart Agriculture Market is estimated to reach $20 billion by 2024; growing at a CAGR of 14.1%
from 2016 to 2024. The agriculture industry will become more important than ever before in the new few
decades. According to the United Nations Food and Agriculture Organization, about 795 million people
out of 7.3 billion people in the world were suffering from chronic undernourishment in 2014 - 2016.
Almost all the hungry people, about 780 million people live in developing countries and 11 million people
undernourished in developed countries. Smart agriculture helps to guide actions needed to transform
agriculture systems to efficiently support the development and ensure food security. Smart farming has
good potential to deliver more productive and sustainable agricultural products with resource efficient
approach. Moreover, introduction of IoT applications have increased the quality, quantity, sustainability
and cost effectiveness of agricultural products. Robotics, artificial intelligence and automatic control at all
the levels of agriculture have boosted the production in a great way.
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Increasing population coupled with rising global demand for food and technological advancements are
supporting the growth of the global smart agriculture market. Increasing need for automated farming
techniques and greenhouse agriculture also fuels the growth of the market. Rising awareness among
farmers in emerging economies and entry for new players would provide growth opportunities during the