Smart Agriculture Market
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Smart Agriculture Market Size, Share & Analysis By Offering (Hardware, Software, Services), By Farm Size (Small, Medium, Large), By Application (Precision Farming, Livestock Monitoring, Smart Greenhouses, Others), By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa), and Growth Forecast To 2032
Report ID: RV43653 | Published: Feb 2024 | Historical Period: 2018-2022 | Pages: 186 | Price: $3260| Industry: Agriculture
Smart Agriculture Market Overview 2024:
The global smart agriculture market size was USD 22 billion in 2023 and is anticipated to register a rapid CAGR of 13% between 2024 and 2032. Key factors such as increasing global population, growing demand for sustainable agriculture, and rising climate change challenges are expected to drive global market growth during the forecast period.
Smart agriculture, also known as precision agriculture or smart farming is a rapidly boosting farming technology that uses various types of advanced technologies such as IoT, big data, AI, sensors, and others to improve the quality and quantity of agricultural production.
Rising demand for high-quality food across the globe, changing climatic conditions, and limited availability of arable land have led to the growing adoption of various smart agriculture techniques such as smart irrigation, precision farming, agricultural robots, smart greenhouses, and remote sensing.
The primary goal of smart agriculture is to enhance efficiency, sustainability, and productivity in farming practices. It integrates a range of technologies to collect, analyze, and act upon real-time data, thereby enabling farmers to make informed decisions and improve overall farm management. Some of the other techniques used in smart agriculture include automation, robotics, embedded support systems, and wireless sensor networks.
However, the initial investment associated with smart agriculture technologies such as drones, sensors, and precision equipment is high and can be a barrier for small farms and resource-limited farm owners. Moreover, certain technologies like satellite imagery and UAVs can misfunction in extreme weather conditions.
Graphical Overview:
Key Takeaways:
Growing Awareness of the Benefits of Smart Agriculture and the Need for Precision Farming:
The limited availability of arable land in many parts of the globe has resulted in growing need for smart agriculture processes and tools such as precision farming. Farmers too are steadily realizing the importance of smart agriculture and are focusing on implementing these technologies.
Limited Connectivity in Many Rural Areas and Resistance to Adopt New Technology:
Many parts of the globe still lack adequate network infrastructure. This can limit the adoption of IoT-based farm solutions to a greater extent. Moreover, there is a lack of understanding of the importance of smart agriculture tools and techniques and many farmers are hesitant to adopt newer technologies. These factors can hamper the overall market growth during the forecast period.
Market Opportunities:
The smart agriculture market is a rapidly evolving sector that leverages technology to enhance several aspects of farming and agriculture. It opens several opportunities for key players and new entrants in the market to develop better, cost-friendly farming equipment and technology, collaborate with startups to implement innovative solutions and sustainable agriculture practices.
Farm Size Outlook:
The global market is segmented into small, medium, and large based on farm size. The medium farms segment is expected to account for a significantly larger revenue share between 2024 and 2032. This growth can be driven by factors such as limited arable land, rising demand for high-quality food, rising spending capacity of medium-scale farm owners on advanced agriculture techniques, and increasing adoption of smart agriculture technologies such as precision farming equipment, drone technology for crop management and other technologies for overall farm management.
Application Outlook:
Based on application, the global market is segmented into precision farming, livestock monitoring, smart greenhouses, and others. The livestock monitoring segment is expected to register rapid revenue CAGR over the forecast period owing to rising livestock farming to cater to growing demand for meat, high usage IoT devices, sensors, and other technologies for livestock monitoring, and growing adoption of smart livestock monitoring technologies to enhance livestock efficiency, reduce losses and enhance their well-being.
Regional Outlook:
Asia Pacific market is expected to register robust revenue CAGR over the forecast period owing to limited arable land, continuous demand for food to cater to growing population in the region, and growing awareness about the benefits of smart agriculture tools and technologies. In addition, rapid adoption of advanced IoT and sensor technologies, government initiatives and subsidies to support modern farming technologies, and rising demand for sustainable farming are other factors expected to drive market revenue growth in Asia Pacific.
Report Coverage:
| Report Details | Outcome |
| Base Year for Estimation | 2023 |
| Historical Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Segments Covered: | Offering, Farm Size, Application, and Region |
| By Offering | Hardware, Software, Services |
| By Farm Size | Small, Medium, Large |
| By Application | Precision Farming, Livestock Monitoring, Smart Greenhouses, Others |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Country Scope | United States, Canada, Germany, France, UK, Italy, Russia, China, Japan, South Korea, Southeast Asia, India, Mexico, Brazil, Saudi Arabia, UAE, Turkey |
| Qualitative Info | •Value Chain Analysis •Pricing Analysis •Regional Outlook •Market Trends •Market Share Analysis •Competition Analysis •Technological Advancements |
| Key Players | Ag Leader Technology, AGCO Corporation, AgJunction, Inc., AgEagle Aerial Systems Inc., Autonomous Solutions, Inc., Argus Control Systems Ltd, BouMatic Robotic B.V., CropMetrics LLC, CLAAS KGaA GmbH, CropZilla, Deere & Company, DICKEY-john, DroneDeploy, DeLaval Inc., Farmers Edge Inc., Grownetics, Inc., Granular, Inc., Gamaya, GEA Group Aktiengesellschaft, Raven Industries, Trimble Inc., and Topcon Positioning Systems. |
| Customization Scope | 10 Hours of Free Customization and Expert Consultation |
Competitive Landscape:
The global smart agriculture market is extremely competitive, comprising several regional and global level key players. Leading key players are focused on adopting various strategic alliances like mergers and acquisitions, partnerships, joint ventures, collaborations, and product launches to maintain their global position and enhance their product offerings. They are also focused on innovation, and scalability, adapting to evolving technology trends and consumer needs.
Some Leading Market Companies Listed in the Report:
- Ag Leader Technology
- AGCO Corporation
- AgJunction, Inc.
- AgEagle Aerial Systems Inc.
- Autonomous Solutions, Inc.
- Argus Control Systems Ltd
- BouMatic Robotic B.V.
- CropMetrics LLC
- CLAAS KGaA GmbH
- CropZilla
- Deere & Company
- DICKEY-john
- DroneDeploy
- DeLaval Inc.
- Farmers Edge Inc.
- Grownetics, Inc.
- Granular, Inc.
- Gamaya
- GEA Group Aktiengesellschaft
- Raven Industries
- Trimble Inc.
- Topcon Positioning Systems.
Smart Agriculture Industry Recent Developments:
- In August 2022, Pinoduoduo, Inc., launched a vertical farming challenge for its 3rd Smart Agriculture Competition.
- In March 2022, Ambee announced the launch of Smart Farming Data intending to increase overall agriculture productivity using environmental data and assist in the implementation of sustainable practices.
The global smart agricultural market has been segmented based on offerings, farm size, application, and region:
By Offerings:
- Hardware
- Software
- Services
By Farm Size:
- Small
- Medium
- Large
By Application:
- Precision Farming
- Livestock Monitoring
- Smart Greenhouse
- Others
By Region:
- North America
- United States
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Nordic Countries
- Asia Pacific
- China
- Japan
- South Korea
- Southeast Asia
- India
- Australia
- Rest of Asia
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
- Rest of MEA
Frequently Asked Questions!
- Ag Leader Technology
- AGCO Corporation
- AgJunction, Inc.
- AgEagle Aerial Systems Inc.
- Autonomous Solutions, Inc.
- Argus Control Systems Ltd
- BouMatic Robotic B.V.
- CropMetrics LLC
- CLAAS KGaA GmbH
- CropZilla
- Deere & Company
- DICKEY-john
- DroneDeploy
- DeLaval Inc.
- Farmers Edge Inc.
- Grownetics, Inc.
- Granular, Inc.
- Gamaya
- GEA Group Aktiengesellschaft
- Raven Industries
- Trimble Inc.
- Topcon Positioning Systems
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