Smart Agriculture Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMAG574 | Last Updated On: Jun 23 2022 | Available Formats

Global Smart Agriculture Market Expected to reach a high CAGR By 2029: DataM Intelligence

Global Smart Agriculture Market is segmented by Agriculture Type (Precision Farming, Livestock Monitoring, Fish Farming, Smart Greenhouse), By Hardware (GPS, Drones, Sensors, RFID, LED Grow Lights), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global Smart Agriculture Market is expected to grow with a high CAGR during the forecast period from 2022 to 2029.

  • Smart Agriculture represents the application of new Information and Communication Technologies (ICT) into farming, leading to what can be called a Third Green Revolution.

  • Smart Farming has a real potential to deliver a more productive and sustainable agricultural production, based on a more precise and resource-efficient approach.

Growth Drivers

  • The increasing population in the world is generating opportunities for smart agriculture to increase the yield. By 2050, almost 10 billion is the projected world’s population further-ing agricultural demand as part of the economic growth. The use of smart technologies is crucial to meet the agricultural needs of the future.

  • Agriculture is also a significant part of the climate problem. It currently generates up to 29% of total GHG emissions. Smart Agriculture is necessary to achieve not only lower emissions but also increased productivity, enhanced resilience. Therefore, the quest for higher yield is leading farmers to use various technologies.

  • New technologies like Artificial Intelligence, Farm and Data Analytics, Aerial image-based analytics are being introduced by Agri-tech start-ups to make farming processes more efficient.

  • Several open-source smart farming IoT platforms offer solutions like Sensor-based field and resource mapping, Remote equipment monitoring, Predictive analytics for crops and livestock, Remote crop monitoring, Livestock tracking, and Geo-fencing, Climate monitoring, and forecasting among others.

  • These factors will drive the smart agriculture market.

  • Increasing Smartphone and Internet Penetration in rural areas will expand the scope of the market. Governments all over the world are promoting the adoption of advanced technologies in agriculture.

Market Restraints

  • Farmers must lend significant initial investment to establish and revolutionize the existing field infrastructure set-up to deploy capable and Sustainable Technologies.

  • The high cost of adopting such smart solutions is a significant challenge for farmers in developing countries such as China, Brazil, and India.

Smart Agriculture Market Segmentation Analysis

  • Smart Agriculture Market is divided into Management Information System, Remote Sensing Systems/ Sensors, Geographic Information Systems- GIS, Spatial Decision Support Systems- SDSS, and Yield Mapping.

  • Management Information System (FMIS) is a system developed for collecting, processing, storing, and disseminating data that benefit and control the functions of the farm.

  • Sensors are the most crucial part of smart agriculture. Sensors measure factors such as the temperature and humidity of the soil and that of the surrounding air & provide the data to other systems that help make better farming decisions.

  • Geographic Information Systems-GIS are computer-based tools that use the information that is collected from GPS satellites. Spatial decision systems are instrumental in making decisions regarding irrigation scheduling, fertilization, use of crop growth, and regulators for other chemicals.

  • By application, Smart Agriculture Market is segmented into Precision Farming, Livestock Monitoring, Yield Monitoring, Soil Monitoring, Agricultural Drone, Farm Management, Smart Greenhouse, Smart Irrigation, and Others. Precision farming involves IoT and information and communication (ICT) technologies to optimize returns and ensure the preservation of resources.

  • Precision livestock farming consists of real-time monitoring of production, health, and welfare of livestock to ensure optimal yield. Precision farming & Live-stock monitoring are the most significant segments of the market as they accounted for a significant share of the market.

  • Yield monitoring offers real-time information to farmers to facilitate decision making & helps reduce operational costs and enhance productivity.

  • Soil monitoring can help minimize erosion, densification, salinization, acidification, and pollution by toxic elements that can degrade soil quality.

  • Agriculture Drones can be used in multiple agricultural applications such as monitoring of crop health, agriculture photography, site-specific development, variable rate applications, and livestock management.

  • Farm Management offers reliable financial data and production, data management and improvement in risk mitigation, capabilities regarding weather and unforeseen events.

  • The smart green-house allows farmers to cultivate crops with minimal human intervention. Smart Irrigation enhances the efficiency of irrigation processes and minimizes water losses.

Regional Share

  • By region, Smart Agriculture Market is segmented into Asia Pacific, Europe, North America, South America, and the Rest of the World. Asia-pacific accounted for the most significant share of the market due to the massive agricultural sector.

  • Despite having colossal agriculture, rural farmers in Asia are often uneducated about the use of technology in agriculture. That remains a challenge for many start-ups focused on rural areas.

  • North America & Europe has a large number of start-ups that are developing cutting-edge technologies.

  • Smart Agriculture Market consists of different technology providers working together. The market consists of Global players as well as a large number of domestic start-ups.

Key Companies

  • Some of the crucial players in the Smart Agriculture Market are AGCO, Ag Leader Technology, John Deere, Raven Industries, Precision Planting LLC, Trimble, DeLaval, AgJunction, Agribotix, and The Climate Corporation. In September 2018, AgDNA and CNH Industrial announced a new partnership to deliver ClearVU, a next-generation Farm Management Software.

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