Smart Agriculture Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Smart Agriculture Market is segmented By Product (Management Information System, Remote Sensing Systems/ Sensors, Geographic Information Systems- GIS, Spatial Decision Support Systems- SDSS, Yield Mapping), By Application (Precision Farming, Independent Restaurants, Livestock Monitoring, Yield & Soil Monitoring, Agricultural Drone, Farm Management, Smart Greenhouse & Irrigation, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Smart Agriculture Market Size

Global Smart Agriculture Market reached USD 22.6 billion in 2022 and is expected to reach USD 35.4 million by 2031 growing with a CAGR of 5.8% during the forecast period 2024-2031. The growing demand for food because of the increasing population worldwide is raising the global smart agriculture market growth.

The improvement in both software and hardware technology is providing new methods of agriculture. The introduction of smart sensors, robotic automation, and digital data paved the way for new techniques and applications in agriculture. The emerging technology revolution in the field of smart agriculture is driving the global smart agriculture market expansion. 

The increasing demand for food with the increased population will likely attract growers with smart agriculture. In addition, adopting the latest technologies like the Internet of Things, and artificial intelligence is driving the market’s growth. The increased demand for vertical farming can be a crucial growth factor for the smart farming market.

Smart Agriculture Market Summary

To Know More Insights  Download Sample

Smart Agriculture Market Dynamics 

New Technology Introductions are Driving the Growth of the Global Smart Agriculture Market.

The technology implementation in farm management improves production and reduces resource waste. Using sensors, geographic information systems, artificial intelligence, and IoT in crop monitoring and livestock monitoring helps data analytics fasten their work comfortably. All these technologies help improve land fertility and profitability, maximize productivity, reduce the cost of farming, and facilitate sustainable agriculture. Thus, increasing the profitability for farmers. 

Sensor technology and AI, facilitate remote monitoring of growth patterns, weather patterns, soil health & other aspects of agriculture. Thus, making it more straightforward & cost-effective to collect and analyze the data. Also, agricultural robots are being used for farm automation processes, such as soil maintenance, planting, fruit picking, harvesting, planting, and irrigation.

The Emerging Collaborations and Partnerships are Driving Market Growth.

Governments across the globe are collaborating with various agro-processing groups, food and beverage industries, and financial institutions to expand sustainable agricultural programs. These projects attempt to improve farmer efficiency and output while enhancing food security. Furthermore, a collaboration between public-private enterprises in developing countries such as China, India, and Brazil has increased revenue opportunities for farmers, driving revenue growth in the smart agriculture sector. 

Furthermore, numerous agriculture businesses are partnering with various European governments to apply advanced technologies such as IoT and machine learning to help farmers plan and execute various agricultural operations more efficientlyFor instance, in April 2021, AGCO Corporation, in a strategic partnership with EZ-Drops, an innovative agricultural equipment manufacturer, provided AGCO’s dealers in North America with access to a new nutrient supply system.

The Lack of Awareness and High Cost is Restraining the Smart Agriculture Market Growth.

Many farmers are not fully aware of the operational and technological benefits of the complete smart agriculture farming method. The need for more awareness is one of the market's major restraining factors. The high capital investment required for adopting smart agriculture solutions in smart agriculture is a severe challenge for farmers in developing nations such as India, which is expected to hamper the smart agriculture market growth.

The different applications need to be operated differently. They may have additional requirements that need to be taken care of. The incorrect implementation of smart agriculture technology in divided lands can result in high costs, wasted time, and money. The lack of awareness of technology usage and high-cost applications restrains market growth. 

Smart Agriculture Market Segment Analysis 

The global smart agriculture market is segmented based on product, application, and region.

In the Global Smart Agriculture Market, the Precision Agriculture Segment Holds the Largest Market Share. 

The global smart agriculture market has been segmented by application into precision farming, livestock monitoring, yield monitoring & soil monitoring, agricultural drone, farm management, smart greenhouse, smart irrigation, and others. In the smart agriculture market analysis report, the precision farming segment held the largest smart agriculture market share of 25.8% in 2022. 

Precision farming helps observe, measure, and respond to numerous inter and intra-field variable inputs. Precision agriculture uses advanced descriptive, predictive, and prescriptive analytics. These data analytics are used to evaluate data to make data-driven management decisions, thus helping to implement cost-effective, environmentally friendly, sustainable modern farming solutions. 

Global Smart Agriculture Market Geographical Share

The Asia-Pacific Held the Largest Share of the Smart Agriculture Market.

The global smart agriculture market is segmented into five parts based on geography: North America, South America, Europe, Asia-Pacific, the Middle East, and Africa. The Asia-Pacific smart agriculture market held the largest market share of 38.6% in 2022 in the smart agriculture market analysis. The growing population and increasing adoption of smart agricultural technologies drive the market’s expansion in this region. 

The growing government support and rising awareness among cultivators are expected to drive the regional market’s demand. For instance, the agriculture ministry in Japan has been providing funds for precision agriculture development. Each country's farmers’ associations and community-based organizations play a significant role in promoting sustainable agriculture.

Smart Agriculture Market Companies

The major global players in the market include AGCO, Ag Leader Technology, John Deere, Raven Industries, Precision Planting LLC, Trimble, DeLaval, AgJunction, Agribotix, and The Climate Corporation.

COVID-19 Impact on Smart Agriculture Market 

Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:

The unprecedented COVID-19 pandemic in 2020 profoundly affected the agriculture industry. Covid-19 has considerably impacted the global agriculture supply chain phases involving smart agriculture production, processing, distribution, and consumption due to lockdowns and restrictions imposed by various governments. 

Everything has changed due to the COVID-19 epidemic. It has influenced practically every industry, whether positively or negatively. The COVID-19 pandemic's effects on world economic conditions have had an influence. They could impact interest rates, foreign exchange rates, commodities and energy prices, and the efficient operation of financial and capital markets.

The COVID-19 pandemic issue has had an impact on the agriculture industries as well. The pandemic is upending life, and the agriculture sector is seeing increased trends like smart agriculture. The agriculture businesses are launching innovative programs, including smart agriculture. 

Key Developments

• In September 2022, Deere & Company, an American Corporation, recently added three self-propelled forage harvesters to its existing fleet. These machines are tailored specifically for milk and livestock producers, farmers, and harvesters; they may help contractors overcome problems like shorter harvest windows and a limited pool of experienced workers.
• In October 2021, Trimble Inc., an industrial technology company, launched two new displays, GFX-1060 & GFX-1260, for precision agriculture applications. These next-generation displays allow farmers to perform in-field tasks quickly and effectively. They can map and monitor the field data in real-time precisely.
• In April 2021, Topcon Positioning Systems, a leading designer, manufacturer and distributor of precision measurements, introduced its AGM, autosteering receivers, andeering receivers, and Topnet Live's cellular, satellite bridging services Realpoint Skybridge, and Starpoint. These receivers can be utilized for machine operations and all related tasks that need tracking data to optimize crop yields, such as soil preparation, harvesting, and seeding.

Why Purchase the Report?

• To visualize the global smart agriculture market segmentation based on product, application, and region and understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development. 
• Excel data sheet with numerous data points of smart agriculture market-level with all segments.
• The PDF report includes a comprehensive market analysis after exhaustive qualitative interviews and an in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.

The Global Smart Agriculture Market report would provide approximately 53 tables, 53 figures and 165 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies