Dublin, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The "Global Smart Agriculture Market by Offering (Hardware, Software, Services), Agriculture Type, Farm Size (Large, Medium, Small), Application (Precision Farming, Livestock Monitoring) and Region (America, Europe, Asia-Pacific, RoW) - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The market is projected to surge from an estimated USD 16.2 billion in 2023 to a robust USD 25.4 billion by 2028, boasting a Compound Annual Growth Rate (CAGR) of 9.4% during this period.
Innovative farming techniques powered by Internet of Things (IoT) are reshaping the agricultural landscape, driving the global smart agriculture market to new heights.
Smart agriculture encompasses a range of IoT-based farming products that empower farmers to optimize crop yields and enhance livestock health through remote monitoring and data-driven decision-making. Advanced technologies including artificial intelligence, cloud-based machine learning, satellite imagery, GPS devices, and sophisticated analytics are providing small farm owners the means to bolster profitability by achieving higher crop yields and better price control.
The increasing global population's demand for food coupled with a shortage of skilled labor in the agriculture sector are prime drivers behind the expansion of the smart agriculture market. As the world grapples with a growing need for sustenance, the market is poised to revolutionize traditional farming practices, heralding a more efficient and productive era for agriculture.
In 2022, the Americas emerged as a stronghold for the smart agriculture market, securing the largest market share. It was followed by Europe, Asia-Pacific, and the rest of the world. The prevalence of key industry players offering smart agriculture solutions, escalating water scarcity concerns, rising food demand, and the prevalence of medium and large farms are the pivotal growth catalysts for the Americas.
The North American region, in particular, stands as a trailblazer in the smart agriculture domain. Governments here are propelling the sector's growth by incentivizing farm owners to adopt smart irrigation tools through rebates and subsidies.
Leading the charge in the smart agriculture arena are industry giants such as Deere & Company (US), Trimble Inc. (US), AGCO Corporation (US), Topcon Positioning Systems (US), and DeLaval (Sweden), among others. With technology at the forefront, the smart agriculture market is ushering in an era of data-driven agricultural revolution, reshaping how farming is conducted on a global scale.
Precision farming segment to lead smart agriculture market from 2023 to 2028
The rapid adoption of state-of-the-art technologies and innovative devices to cultivate high-yield crops is expected to drive the growth of the precision farming market during the forecast period.
Other factors that are facilitating the adoption of precision farming tools include accessibility of better education and training modules to farmers, data sharing facilities, easy availability of financial resources, as well as increasing consumer demand for organic food.
Services segment is expected to grow at the highest CAGR during forecast period
The services segment is expected to grow at the highest CAGR during the forecast period. The growing deployment and installation of precision feeding systems, field and livestock monitoring systems, and robotic systems in farms have led to a surge in demand for specialized services for smart agriculture.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 363 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $16.2 Billion |
| Forecasted Market Value (USD) by 2028 | $25.4 Billion |
| Compound Annual Growth Rate | 9.4% |
| Regions Covered | Global |
Premium Insights
- Rising Global Population and Emergence of Agriculture 4.0 to Fuel Market Growth
- Hardware Segment to Dominate Market During Forecast Period
- Precision Farming Projected to Lead Smart Agriculture Market from 2023 to 2028
- Medium-Sized Farms to Dominate Smart Agriculture Market During Forecast Period
- Americas to Capture Largest Market Share from 2023 to 2028
- China to Register Fastest Growth During Forecast Period
Market Dynamics
Drivers
- Increasing Global Population Creating Pressure on Food Supply System
- Shortage of Skilled Labor in Agriculture Sector
- Surging Use of Modern Technologies in Agriculture
- Benefits Offered by Livestock Monitoring Solutions
- Rising Adoption of IoT, ROVs, and AI in Aquaculture Farming
Restraints
- High Cost of Smart Agriculture Solutions
- Fragmented Agriculture Sector
Opportunities
- Growing Vegetarian and Vegan Population
- Rising Adoption of Livestock Monitoring Solutions in Emerging Countries
- Growing Use of UAVs or Drones in Agricultural Activities
- Increasing Popularity of Land-based Recirculating Aquaculture Systems
Challenges
- Reduced Profitability due to Rising Cost of Cattle Feed
- Adverse Impact of Livestock Farming on Environment
Technological Trends
- Internet of Things (IoT)
- M2M Solutions
- Robotics
- AI and Blockchain in Livestock Farming
- Adoption of Robotic Cages and Underwater Drones in Aquaculture Farms
- Integration of Telematics with Forest Mechanization in Precision Forestry
- Advent of LiDAR-Fitted UAVs in Precision Forestry
Case Study Analysis
- Open Blue: Innovasea System Inc. Helps Open Blue Become Largest Open-Ocean Fish Farm in World
- Earth Ocean Farms: Innovasea System Inc. Enables Earth Ocean Farms to Expand Production with Rugged Evolution Pens
- GIFAS: Philips Led Solutions Offer New Possibilities for Salmon Industry
- Erko Seafood AS: AKVA Group Helps Erko Seafood as with Precision Aquaculture Products
Tariff and Regulatory Landscape in Smart Agriculture
- US: Agricultural Data Act 2018
- National Mission for Sustainable Agriculture (NMSA)
- Environmental Impact Assessment (EIA)
- Nature Conservation - European Union (EU)
- Tariff and Regulations Related to Precision Farming and Smart Greenhouses
- Tariff and Regulations Related to Precision Aquaculture
Government Policies and Subsidies
China
- National Plan for Agricultural and Rural Informatization: China 14Th Five-Year Plan (2021-2026)
- New Guidelines for Modernization of Agriculture Sector in China
- Current State of Development of Smart Agriculture Machinery in China
- Pollution and Climate Smart Agriculture in China (PACSAC)
- World Bank Initiatives Toward Promoting Green Agriculture and Rural Development in China
India
- Greenhouse Farming Subsidy in India
- Government Initiatives for Promoting Organic Farming in India
- Government Partnerships for Smart Agriculture
Netherlands
- Climate Smart Agriculture Initiatives in Netherlands
- Major Government Initiatives and Subsidy Programs in Netherlands
- Support for Organic Farmers
- Greenhouse as Source of Energy
- Subsidy Scheme for Agricultural Innovation North Brabant, 2020-2023
Azerbaijan
- Government Investments and Support for Agriculture Sector in Azerbaijan
- Recent Government Reforms and Policies in Agriculture Sector
- Digital Agriculture Transformation in Azerbaijan Through Setting Up Agroparks
Spain
- Recent Government Policies in Agriculture
- Spanish Government Approved Strategic Plan for Economic Recovery and Transformation (PERTE) of Agri-Food Sector in Early 2022
- Ministry of Agriculture, Fisheries and Food and National Innovation Company (ENISA) in Spain Allocated Euro 13 Million to Technology-based Agriculture Business Projects
- Subsidy Schemes for Irrigation Projects in Spain
Turkey
- Current Landscape of Smart Agriculture Technology in Turkey
- Policies and Implementation of Smart Agriculture Technologies in Turkey
- Eleventh Development Plan Was Created in July 2019
Company Profiles
Key Players
- Deere & Company
- Trimble Inc.
- Agco Corporation (Precision Planting, LLC)
- Topcon Positioning Systems
- Delaval
- AKVA Group
- Allflex Livestock Intelligence (MSD Animal Health)
- Innovasea Systems Inc.
- Afimilk Ltd.
- Heliospectra AB
Other Players
- Ponsse OYJ
- Raven Industries, Inc. (CNH Industrial N.V.)
- Komatsu Forest
- ScaleAQ
- Tigercat International Inc.
- AG Leader Technology
- Certhon
- Nedap N.V.
- Agjunction LLC
- Argus Control Systems Limited
- Dairymaster
- Dickey-John
- Abaco Group
- Teejet Technologies
- Fancom BV (Subsidiary of CTB, Inc.)
- Lumigrow, Inc.
- Ceres Imaging, Inc.
- Sensaphone
- Boumatic
- CPI Equipment Inc.
For more information about this report visit https://www.researchandmarkets.com/r/i3xwt2
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