Smart Agriculture Market Outlook 2031
The global smart agriculture market size was USD 20.30 Billion in 2022 and is anticipated to reach USD 62.95 Billion by 2031, expanding at a CAGR of 13.4% during the forecast period, 2023-2031. Smart agriculture is a farming model that specializes in providing the infrastructure for the agricultural business for better yield.
Additionally, several technologies such as extra wireless sensors, Wi-Fi, Zigbee, and low-power wide-area network technology are widely employed in the agricultural practices that enable farmers to produce crops successfully. These smart practices are extensively executed in various agriculture activities such as harvesting, purchasing, planting, and inventory control.
Moreover, the introduction of advanced technology has improved the productivity of organic farming, which includes greenhouse and vertical farming. Further, the smart farming in greenhouses remove the need for regular crop monitoring and offer farmers with optimum production solutions at the same time. The agriculture business is fragmented due to the presence of a large number of minor players.
Smart Agriculture Market Trends, Drivers, Restraints, and Opportunities
- Integration of advanced technologies such as Artificial Intelligence (AI) and wide access to Internet of Things (IoT) in digital agriculture help to assist in ease of agricultural field monitoring and irrigation automation. This is a key driver of the market.
- Increasing expansion of commercial greenhouses and wide use of automated solutions to achieve larger yields and maintain optimal growth conditions present another key factor driving the market growth.
- Rapid adoption of the Controlled Environment Agriculture (CEA) concept in the farming practice is expected to boost the market in the coming years.
- Owing to the lack of control of the market by centralized operator or a few large players, the implementation of a standardized machine-to-machine (M2M) solution is a major challenging factor. This is projected to hinder the market growth during the forecast period.
- Introduction of innovative smart agriculture devices that offer low-cost and efficient production of farming crops act as major growth opportunities of the market.
Scope of Smart Agriculture Market Report
The report on the global smart agriculture market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Smart Agriculture Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Agriculture Types (Precision Farming, Smart Greenhouse, Livestock Monitoring, and Others) Farm Sizes (Small, Medium, and Large) Applications (Irrigation Management, Yield Monitoring, Crop Scouting, Field Mapping, Weather Tracking & forecasting, Inventory management and Network Management)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Key Players Covered in the Report
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Ag Leader Technology; AGCO Corporation; AgJunction Inc.; Autonomous Solutions Inc.; Argus Control Systems Limited; BouMatic; CLAAS KGaA mbH; CropZilla Inc.; Deere & Company.; DICKEY-john; DroneDeploy; DeLaval; Farmers Edge Inc.; Grownetics, Inc.; and Granular, Inc.
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Smart Agriculture Market Segment Insights
Agriculture Types Segment Analysis
In the terms of agriculture types, the global smart agriculture market is segmented into precision farming, smart greenhouse, livestock monitoring, and others. The precision farming segment is expected to account for a major proportion of the market in the coming years. One of the major factors driving the growth of the precision farming segment is due to the rising need for food worldwide.
Moreover, the increased focus on enhancing profitability and productivity by applying innovative farming practices presents another key driver of the segment. Precision farming equipment have the potential to transform the agricultural industry, making the agricultural operations more efficient and reliable.
Farm Size Segment Analysis
Based on farm sizes, the market is divided into small, medium, and large. The medium-sized segment held substantial market share in 2020 and is projected to constitute a key market share during the forecast period due to the extensive use of technology in medium-sized farms and availability of several advanced smart farming equipment.
Higher return on investment (RoI), flexibility in the integration of software tools in hardware equipment, and a significant reduction in labor expenses with the use of automated tools are major aspects that push the segment expansion.
Applications Segment Analysis
Based on applications, the global smart agriculture market is fragmented into irrigation management, yield monitoring, crop scouting, field mapping, weather tracking & forecasting, inventory management, and network management. The network management segment is anticipated to hold significant market share in the coming years as it provides several efficient procedures relating to remote monitoring systems and aids in the analysis of data collected in the field.
Smart water management attempts to reduce human labor, reduce weather hazards, and improve off-season production by using smart water products and chemicals to save from the exhaustion of water and energy resources.
Regional Outlook
In terms of regions, the market is classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is projected to dominate the market during the targeted period due to wide agricultural practice existing in major economies such as India, China, and other countries of Southeast Asia.
Moreover, the rising adoption rate of smart agriculture technology in the region due to the presence of a large number of the population and growing needs of foods present another key factors of the regional market growth. The growing need for livestock and aquaculture farm automation in the region is anticipated to fuel the expansion of the Asia Pacific market.
Segments
Agriculture Types
- Precision Farming
- Smart Greenhouse
- Livestock Monitoring
- Others
Farm Sizes
Applications
- Irrigation Management
- Yield Monitoring
- Crop Scouting
- Field Mapping
- Weather Tracking & Forecasting
- Inventory Management
- Network Management
Regions
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East & Africa
Key Players
- Ag Leader Technology
- AGCO Corporation
- AgJunction Inc
- Autonomous Solutions Inc
- Argus Control Systems Limited
- BouMatic
- CLAAS KGaA mbH
- CropZilla Inc
- Deere & Company
- DICKEY-john
- DroneDeploy
- DeLaval
- Farmers Edge Inc
- Grownetics, Inc
- Granular, Inc
Competitive Landscape
Key players competing in the global smart agriculture market are Ag Leader Technology; AGCO Corporation; AgJunction Inc.; Autonomous Solutions Inc.; Argus Control Systems Limited; BouMatic; CLAAS KGaA mbH; CropZilla Inc.; Deere & Company.; DICKEY-john; DroneDeploy; DeLaval; Farmers Edge Inc.; Grownetics, Inc.; and Granular, Inc.
These players constantly engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.
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