Smart Agriculture Market Size is projected to reach USD 36.24 Billion by 2030, growing at a CAGR of 10.80%: Straits Research

The global smart agriculture market size is expected to reach a valuation of USD 36,241 million by 2030, growing at a CAGR of 10.80% during the forecast period (2022–2030). Europe is expected to be the second-largest smart agriculture market, with an expected market value of USD 9,701 million by 2030.

New York, United States, July 11, 2022 (GLOBE NEWSWIRE) -- Smart agriculture is a farming method that uses information technology to manage, analyze, and identify variability on a farm to increase crop production while reducing human effort. Smart agriculture allows farmers to determine the exact quantity of nourishment crops require to improve production by accessing real-time data about weather, yields, and soil quality.

With smart agriculture systems, farmers may use advanced automation techniques to cut labor and materials costs. Smart farming approaches use sensors and monitoring equipment to help farmers make better decisions regarding water management, soil management, inventory control, and harvesting schedules.

Irrigation control, management of water resources, crop planting, and production monitoring are all examples of smart agriculture applications. The use of smart agriculture in yield monitoring will allow users to map and record agricultural output and humidity information in real-time, allowing them to assess how often the crop fared quickly.

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Surging Adoption of Advanced Technologies and Internet of Things (IoT) in Agricultural Products to Drive the Smart Agriculture Market
Modern agricultural technologies, including data management software, GPS, yield mapping software (YMS), variable rate technology (VRT), and mapping software, help enhance profit growth and soil fertility while lowering farming costs and promoting sustainable agriculture. Growing business productivity through automated procedures and more great yield with lower farming costs are two important characteristics of smart agricultural technologies.

Smart agriculture techniques are intended to make agribusiness more profitable than ever before. As a result, business-minded farmers have begun to employ a variety of smart agricultural instruments to boost crop yields and profits. Thus, over the projected period, the global smart agriculture market will most likely be driven by business-oriented farmers' increasing adoption of new technology in farm products.

Farmers benefit from the expanding usage of IoT technology in agriculture by receiving real-time help through IoT applications. Traditional agriculture practices with IoT applications save time and money by reducing the time and money spent on farming resources such as land, energy, and water, allowing farmers to focus on providing high-quality food to their customers.

Farmers can respond to substantial changes in air efficiency, humidity, and weather thanks to the agricultural sector's extensive use of IoT technology. It uses various management tools and technologies, visualization, and data analytics to automate traditional farming procedures. By preserving energy and water resources through sophisticated, sustainable solutions, IoT technology in agriculture boosts farm output while cutting carbon emissions.

As a result, increased adoption of the Internet of Things (IoT) in the agriculture sector is expected to fuel global market growth throughout the forecast period.

Report MetricDetails
  Market SizeUSD 36.24 Billion by 2030
  CAGR10.80% (2022-2030)
  Historical Data2019-2020
  Base Year2021
  Forecast Period2022-2030
  Forecast UnitsValue (USD Billion)
  Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments CoveredBy Agriculture Type, By Offering, By Regions
  Geographies CoveredNorth America, Europe, Asia-Pacific, LAME and Rest of the World
  Key Companies Profiled/VendorsAg Leader Technology, AGCO Corporation, AgJunction, Inc., AgEagle Aerial Systems Inc., Autonomous Solutions, Argus Control Systems Ltd, BouMatic Robotic B.V., CropMetrics, CLAAS KGaA, CropZilla, John Deere, etc.
  Key Market OpportunitiesAgritech Startups Increased the Adoption of Smart Agricultural Practices
  Key Market DriversSurging Adoption of Advanced Technologies in Agricultural Products
Surging Adoption of Internet of Things (IoT) in Agriculture

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Agritech Startups to Create Growth Opportunities
Artificial intelligence (AI) and the Internet of Things (IoT) in agriculture have increased significantly with the global pandemic. Agritech startups are bringing fresh perspectives to the table. They're using a combination of remote sensing, data analytics, IoT, and AI to provide farmers with quick solutions to their problems. These inventions aided in the establishment of technologies that allow growers to choose their marketplace and sell their commodities at higher rates within the COVID-19 limitations.

As per the Federation of Indian Chambers of Commerce and Industry (FICCI), India has around 450 Agritech companies, and the sector is growing at a rate of 25% per year. Farmers, particularly in countries like India, are held to high standards. Agricultural startups have created precision-based seeding systems. AI-based tools can help forecast weather trends and determine the optimal moment to plant the seed for more impressive results and less waste. The outbreak has provided a new chance for Agritech firms to grow and aid farmers with their problems.

Impact of COVID-19:
The smart agricultural market was predicted to decline in 2020 due to the spread of COVID-19. The outbreak had a negative impact on the supply chain because some of the prominent participants in the smart agricultural business are located in the United States and China, and the outbreak the hardest hit these countries in the first half of 2020.

Major smart agricultural enterprises such as AKVA Group, The Climate Corporation, DeLaval, Ponsse, and John Deere discontinued their regular commercial activity in the first half of 2020. At the end of the second quarter of 2020 (June), companies were hit the worst when broad portions of North America and Europe were entirely shut down.

In the second half of 2020, the smart agricultural industry began to acquire traction due to new orders and contracts. The market was expected to recover in 2021 due to rising demand for equipment and automation products in various applications such as horticulture, smart greenhouses, precision forestry, precision livestock, and precision farming. As a result, demand for automation and the adoption of new technology in agriculture is expected to propel the smart agriculture market ahead.

For the global smart agriculture market, the post-pandemic period will be critical. Due to a shortage of trained farmers willing to apply sophisticated technology and the high initial cost of adoption, the market's growth is anticipated to be impeded. Factors such as the increased usage of new technologies such as AI and IoT, on the other hand, will likely continue to drive market expansion over the projection period.

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Regional Insights
North America, Europe, Asia-Pacific, South America, the Middle East, and Africa make up the market's five regions. North America and Europe are the two most important markets for smart agriculture. The most prominent smart agriculture market is expected to be North America. Over the projected period, increased government operations and regulations to boost the region's agriculture business will stimulate regional demand in North America.

Europe is expected to be the second-largest smart agriculture market, with an expected market value of USD 9,701 million by 2030. Regional demand is likely to be driven by expanding support from regional authorities in Germany, France, Italy, and the United Kingdom and increased awareness among business-oriented farmers during the projection period.

The Asia-Pacific region is likely to occur as one of the fastest-growing regional markets. The growing need for aquaculture and livestock farm automation in this area is expected to fuel the expansion of the Asia-Pacific smart agriculture market. The South American market is likely to be driven by the rising investments and government support to adopt smart agriculture practices during the forecast period.

Key Highlights

  • The global smart agriculture market was valued at USD 14,400 million in 2021 and is anticipated to register a CAGR of 10.80% by 2030.
  • By agriculture type, the precision farming agriculture type segment is expected to reach USD 15,661 million by 2030.
  • By offering, the hardware offering segment is expected to reach USD 22,211 million by 2030.
  • The global smart agriculture market is geographically divided into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. North America and Europe were the two significant regional markets in 2021.

Competitive Players in the Global Smart Agriculture Market

  • Ag Leader Technology
  • AGCO Corporation
  • AgJunction Inc.
  • AgEagle Aerial Systems Inc.
  • Autonomous Solutions
  • Argus Control Systems Ltd
  • BouMatic Robotic B.V.
  • CropMetrics
  • CropZilla
  • John Deere
  • DroneDeploy
  • DeLaval Inc.
  • Farmers Edge Inc.
  • Grownetics, Inc.
  • Granular, Inc.
  • Gamaya
  • GEA Group Aktiengesellschaft
  • Raven Industries
  • SST Development Group Inc.
  • Trimble Inc.
  • The Climate Corporation
  • Topcon

Global Smart Agriculture Market: Segmentation 
By Agriculture Type

  • Precision farming
  • Livestock monitoring
  • Smart greenhouse
  • Others

By Offering

  • Hardware
    • Automation and Control System
      • Drones
      • Application Control Devices
      • Guidance System
      • Remote Sensing
      • Driverless Tractors
      • Mobile Devices
      • VRT
      • Wireless Modules
    • Sensing Devices
      • Soil Sensor
      • Water Sensor
      • Climate Sensor
      • Others
    • Milking Robots
    • HVAC Systems
    • Grow Light
    • RFID Tags and Readers
    • Wireless Modules
  • Software
    • Web-Based
    • Cloud-Based
  • Services
    • System Integration and Consulting
    • Maintenance and Support
    • Managed Services
  • Assisted Professional Service 

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • The Middle East and Africa 

1          Introduction
1.1      Market Definition
1.2      Market Scope
2          Research Methodology
2.1      Primary Research
2.2      Research Methodology
2.3      Assumptions & Exclusions
2.4      Secondary Data Sources
3          Executive Summary
4          Market Overview
4.1      Report Segmentation & Scope
4.2      Value Chain Analysis: Smart Agriculture Market
4.2.1  Vendor Matrix
4.3      Key Market Trends
4.3.1  Drivers
4.3.2  Restraints
4.3.3  Opportunities
4.4      Porter’s Five Forces Analysis
4.4.1  Bargaining Power of Suppliers
4.4.2  Bargaining Power of Buyers
4.4.3  Threat of Substitution
4.4.4  Threat of New Entrants
4.4.5  Competitive Rivalry
4.5      Environment & Regulatory Landscape
4.6      Forecast Factors & Relevance of Impact
4.7      Macro-Economic & Geopolitical Scenario
4.8      Parent Market Overview
4.9      Technology Landscape
4.10   Market Share Analysis
4.11   Potential Venture Analysis
4.12   Regional Price Trends
4.13   Raw Material Trends
4.14   Cost Structure Analysis
4.14.1 Labor Cost
4.14.2 Consumables
4.14.3 Maintenance Cost
4.15   Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021        North America        Europe        Asia-Pacific        Central and South America and the Caribbean        The Middle East and Africa
5           Agriculture Type Overview
5.1      Introduction
5.1.1  Market Size & Forecast (Value & Volume)
5.2  Precision farming
5.2.1  Market Size & Forecast (Value & Volume)
5.3  Livestock monitoring
5.3.1  Market Size & Forecast (Value & Volume)
5.4  Smart greenhouse
5.4.1  Market Size & Forecast (Value & Volume)
5.5  Others
5.5.1  Market Size & Forecast (Value & Volume)
6          Offering Overview
6.1      Introduction
6.1.1  Market Size & Forecast (Value & Volume)
6.2  Hardware
6.2.1  Market Size & Forecast (Value & Volume)
6.3  Software
6.3.1  Market Size & Forecast (Value & Volume)
6.4  Services
6.4.1  Market Size & Forecast (Value & Volume)
7           Regional Overview
7.1      Introduction
7.1.1  Market Size & Forecast (Value & Volume)
7.2      North America
7.2.1  Economic Overview
7.2.2  Market Scenario
7.2.3  U.S.
7.2.4  Canada
7.2.5  Mexico
7.3      Central and South America and the Caribbean
7.3.1  Economic Overview
7.3.2  Market Scenario
7.3.3  Brazil
7.3.4  Argentina
7.3.5  Colombia
7.3.6  Rest of Central and South America and the Caribbean
7.4      Europe
7.4.1  Economic Overview
7.4.2  Market Scenario
7.4.3  Germany
7.4.4  France
7.4.5  The U.K.
7.4.6  Italy
7.4.7  The Rest Of Europe
7.5      Asia-Pacific (APAC)
7.5.1  Economic Overview
7.5.2  Market Scenario
7.5.3  China
7.5.4  Japan
7.5.5  India
7.5.6  Australia
7.5.7  South Korea
7.5.8  Rest Of APAC
7.6      Middle East
7.6.1  Economic Overview
7.6.2  Market Scenario
7.6.3  South Arabia
7.6.4  The UAE
7.6.5  Qatar
7.6.6  Oman
7.6.7  Turkey
7.6.8  The Rest Of Middle East
7.7      Africa
7.7.1  Economic Overview
7.7.2  Market Scenario
7.7.3  Nigeria
7.7.4  South Africa
7.7.5  The Rest Of Africa
8          Competitive Landscape — Manufacturers & Suppliers
8.1      Competition Dashboard
8.2      Industry Structure
8.3      Ag Leader Technology
8.3.1  Business Overview
8.3.2  Financial Performance
8.3.3  Recent Developments
8.3.4  Portfolio
8.4      AGCO Corporation
8.5      AgJunction, Inc.
8.6      AgEagle Aerial Systems Inc.
8.7      Autonomous Solutions
8.8      Argus Control Systems Ltd
8.9      BouMatic Robotic B.V.
8.10   CropMetrics
8.11   CLAAS KGaA
8.12   CropZilla
8.13   John Deere
8.14   DroneDeploy
8.15   DeLaval Inc
8.16   Farmers Edge Inc
8.17   Grownetics, Inc.
8.18   Granular, Inc.
8.19   Gamaya
8.20   GEA Group
8.21   Aktiengesellschaft
8.22   Raven Industries
8.23   SST Development Group, Inc,
8.24   Trimble Inc.
8.25   The Climate Corporation
8.26   Topcon
9          Conclusion & Recommendation
10       Acronyms & Abbreviations

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Market News

  • In March 2021, DeLaval launched the RC550 and RC700 robot collectors, designed to improve cow comfort and, in particular, hoof condition without using water, helping to conserve water.
  • In December 2020, Nokia and the Vodafone India Foundation announced new smart agriculture as a service solution that uses multiple sensors to help Indian farmers increase their production.
  • In November 2020, John Deere, a major player in the smart agriculture market, launched AutoPath, a new precision agricultural application that assists capture precise data irrespective of machine type or width.
  • In December 2019, CropMetrics, a leader in precision irrigation analytics and software, partnered with The Climate Corporation to improve farm water management data communication.
  • In November 2019, Trimble Inc., a primary contestant in the smart agricultural sector, introduced the GFX-350. This Android-based display can be used to operate and supervise farm auto-steering applications and provide correct results.

News Media
Smart Agriculture Market to Expand at a Remarkable Impressive CAGR during Forecast Period
The Ability to Provide Better Production Yield to Boost the Global Agriculture Drones Market
Rising Popularity of Precision Farming to Drive Growth of Farm Management Software Market
Agriculture waste is anticipated to be the wide used feedstock in biomethane market

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