Austin, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Recent Developments In Smart Agriculture Market
- Trimble Inc. is set to launch two precision agriculture screens, the GFX-1060 and GFX-1260, in October 2022.
- Patriot introduced innovative spray technology in Australia in February 2022.
- In September 2022, Hexagon technology enabled precise excavator planting while John Deere introduced three new self-propelled forage harvesters.
- During April of the year 2021. Topcon Agriculture introduced new receivers and correction services for manual guidance and auto steering.
The Smart Agriculture Market Share was valued at USD 16.1 Billion in 2023 and is expected to grow to USD 36.73 Billion by 2032 and grow at a CAGR of 9.6 % over the forecast period of 2024-2032.
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Key Players:
The Smart Agriculture Market major players are Argus Control Systems Ltd, Grownetics, Inc., Deere & Company, CropMetrics LLC, DICKEY-john, AGCO Corporation, Ag Leader Technology, AgJunction, Inc., BouMatic Robotic B.V., CropZilla, Inc., AgEagle Aerial Systems Inc., Autonomous Solutions, Inc., CLAAS KGaA mbH, DroneDeploy, Farmers Edge, Inc., DeLaval Inc, Granular, Inc., Trimble Inc., Gamaya, GEA Group Aktiengesellschaft, Raven Industries, Inc., and others.
Agriculture is confronted with a formidable task: providing food for an estimated 9.1 billion individuals by 2050 amidst a climate emergency that interrupts distribution networks. Advanced farming techniques, driven by innovations such as artificial intelligence, present a promising direction. AI is assisting farmers in adjusting to a changing climate by enhancing productivity, forecasting weather patterns, and protecting soil health. The move towards sustainable farming is not only focused on providing food globally, but also presents a chance for economic growth. Collaborations between the public and private sectors have the potential to access a climate adaptation market worth USD 1 trillion, with companies able to improve their sustainability reputation and supply chain resilience through the use of AI technologies.
Smart Agriculture Market Report Scope & Overview:
| Report Attributes | Details |
| Market Size in 2023 | USD 16.1 Billion |
| Market Size in 2032 | USD 36.73 Billion |
| CAGR (2024-2032) | 9.6% |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Market Driver |
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Africa can lead to increased food security and sustainability in the continent.
Africa, possessing 36% of cultivatable land and playing a crucial role in worldwide emissions, requires immediate intervention. Climate-Smart Agriculture (CSA) provides a remedy, aiming to increase productivity, enhance climate resilience, and lessen emissions. It is estimated that the smart agriculture industry will grow to USD 25.4 billion by 2028, fueled by technologies that align with CSA's objectives.
North America dominates the smart agriculture market with a 36% share in 2023. The region's strong agricultural sector, coupled with technological innovation and government support, drives market growth. Companies like John Deere and Trimble lead the way with advanced solutions. The focus on sustainability further propels the adoption of smart farming practices.
In 2023, Asia Pacific holds a 26% market share in the thriving smart agriculture industry. Technological advancements, along with expanding livestock and aquaculture industries, fuel market expansion. The growing meat consumption in nations such as China and India drives the need for advanced farming technologies. The area effectively combines feeding its inhabitants with eco-friendly methods, establishing itself as a crucial figure in the worldwide intelligent farming scene.
“Software is leading the way in the smart agriculture Market.”
In 2023, software holds the majority of the smart agriculture market at 56%. It utilizes information gathered by sensors and drones to assist farmers in making educated choices. IoT devices and sensors produce extensive data that is converted by software into useful insights. This method based on data changes how farming is done, with software being the foundation of smart agriculture.
“Smart agriculture applications are driven by precision farming.”
In 2023, precision farming dominates the smart agriculture market with a 42% share. It improves resource utilization by customizing techniques for different field locations, leading to savings, increased yields, and lessened environmental harm. This data-centered method is essential for solving worldwide food security issues.
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“Key Takeaways for Smart Agriculture Market”
- Create successful product/service plans.
- Improve pricing and distribution strategies.
- Recognize possible partnerships and collaborations
- Utilize data to inform your decisions.
- Recognize potential for new market growth opportunities.
- Create ground-breaking products and services.
- Enhance efficiency in operations and allocation of resources.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Smart Agriculture Market Segmentation, By Offering
- Hardware
- Automation & control
- Guidance & steering systems
- GPS/GNSS devices
- Displays
- Drones
- Irrigation controllers
- Flow & application control devices
- Variable rate controllers
- Others
- Sensing & monitoring
- Yield monitors
- Soil sensors
- Temperature sensors
- Nutrient sensors
- Moisture sensors
- Water sensors
- Climate sensors
- HVAC system
- RFID tags & readers
- LED grow lights
- Automation & control
- Software
- On-premises
- Cloud-based
- Software-as-a Service (SaaS)
- Platform-as-a-Service (PaaS)
- AI and data analytics
- Farm management software
- Service
8. Smart Agriculture Market Segmentation, By Farm Size
- Small Farms
- Medium Farms
- Large Farms
9. Smart Agriculture Market Segmentation, By Agriculture Type
- Precision Farming
- Livestock Monitoring
- Precision Aquaculture
- Smart feeding systems
- Monitoring and control systems
- Underwater remotely-operated vehicles
- Precision Forestry
- Smart Greenhouse
- Others
10. Smart Agriculure Market Segmentation, By Application
- Precision farming
- Yield monitoring
- Field mapping
- Crop scouting
- Precision Forestry
- Livestock monitoring
- Smart greenhouse
- Others
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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