CANNABIS TECHNOLOGY MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Key Takeaways from Analyst

Global cannabis technology industry can witness growth over the next decade as more countries legalize medical and recreational marijuana use. North America currently dominates the market due to broad legalization in Canada and certain parts of the U.S. However, Europe and Latin America are expected to offer major growth opportunities as regulations liberalize in countries like Germany, Italy, Mexico and Colombia. Development of technologies that enhance cultivation techniques, help test potency and purity of products, and ensure compliance with regulations can drive the market growth. These range from automated hydroponic and aeroponic cultivation systems to seed-to-sale inventory tracking platforms. With tight profit margins, cannabis companies are turning to technologies that streamline production and cut costs. Although market growth is fueled by increasing legalization, the absence of consistent federal regulations in key markets like the U.S. and ambiguous tax policies remain significant challenges. However, this risk is mitigated by growing social acceptance and greater focus on the medical benefits of cannabis. Technology adoption may also be hampered by the reluctance of some legacy cannabis firms to embrace new ways of working.