Smart Agriculture Market to Surpass USD 33.6 Billion by 2031 Driven by Growing Demand for Precision Farming Techniques


The Smart Agriculture Market reaching an estimated USD 33.6 Billion by 2031, with a CAGR of 9.6% and Value Of market in 2023 was 16.1 billion, according to a recent report by SNS Insider. This surge is Driven by the increasing demand for precision farming techniques that address challenges Such as a growing population and limited arable land. Smart agriculture empowers farmers with real-time data on crop conditions, weather, and soil health, enabling data-driven decisions, optimized resource allocation, and minimized waste.

Growing Demand Creates Opportunities

The report highlights the growing of the Smart Agriculture Market, encompassing both services and products. Business model transformations, technological advancements, and organizational changes are creating exciting opportunities. The Advancements in software and hardware technologies are paving the way for innovative approaches to agriculture. Smart sensors, robotic automation, modern biologicals, and digital data analysis are transforming the industry. Major players are recognizing the potential of smart agriculture and are actively adopting these technologies.

The Increasing automation of commercial greenhouses and the growing adoption of Controlled Environment Agriculture (CEA) are key factors driving demand. Cultivators are witnessing the benefits of indoor farming facilitated by greenhouses and are shifting towards LED grow lights for their energy efficiency and long-term benefits. Smart agriculture companies are focusing on developing equipment integrated with advanced sensors and cameras. Technologies Such as livestock biometrics, infrastructural health sensors, and agricultural robots are transforming farming processes, leading to significant efficiency gains. Mobile technology plays a Important role in offering innovative applications across the agricultural value chain. Machine-to-Machine (M2M) communication allows farmers to monitor equipment, assess environmental impact, manage crops and livestock precisely, and track agricultural machinery. M2M forms an integral part of the Internet of Things (IoT), enabling seamless communication between devices connected to the internet.

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Top Companies Featured in Smart Agriculture Market Report:

  • Grownetics Inc.
  • Deere & Company
  • CropMetrics LLC
  • Argus Control Systems Ltd
  • AGCO Corporation
  • Ag Leader Technology
  • AgJunction Inc.
  • CropZilla Inc.
  • DICKEY-john
  • AgEagle Aerial Systems Inc.
  • Autonomous Solutions Inc.
  • BouMatic Robotic B.V.
  • CLAAS KGaA mbH
  • DroneDeploy
  • Farmers Edge Inc.
  • DeLaval Inc
  • Granular Inc.
  • Trimble Inc.

Impact of Global Events

The Russia-Ukraine war has disrupted global supply chains, impacting the availability and cost of critical resources such as fertilizers and agricultural equipment. This can potentially hinder the adoption of smart agriculture technologies in some regions. the long-term outlook remains positive, as the need for increased food production amidst these disruptions can incentivize the adoption of efficient smart farming practices.

An economic slowdown can lead to reduced investments in new technologies Such as smart agriculture. Farmers might be hesitant to adopt these solutions due to budget constraints. The government support through subsidies and incentives can mitigate this impact and encourage continued investment in smart agriculture. For example, the Indian government’s “Digital Agriculture Mission” aims to empower farmers with digital tools and technologies, potentially propelling smart agriculture adoption despite economic fluctuations.

Smart Agriculture Industry Segmentation as Follows:

By offering

  • Hardware
  • software

By Agriculture Type

  • Precision farming
  • Livestock monitoring
  • Smart greenhouse
  • Others

by Agriculture Type, the livestock monitoring segment dominated the market in 2023, accounting for more than 24% of the global share. This segment facilitates real-time monitoring of livestock health, production, and welfare, ensuring optimal yields. Factors Such as the growing size of dairy farms and advancements in precision livestock monitoring are driving growth in this segment. The smart greenhouses segment is growing with Significant Rate which includes vertical farming, enables farmers to cultivate crops with minimal human intervention. By continuously monitoring climatic conditions Such as soil moisture, temperature, and humidity, automated actions can be triggered to maintain optimal growth environments.

By Farm Size

  • Small Farms
  • Medium Farms
  • Large Farms

By Application

  • Precision farming application
  • Livestock monitoring application
  • Smart greenhouse application
  • Others

by Application, The Livestock monitoring remains the dominant application within the Smart Agriculture Market. This application encompasses milk harvesting, breeding management, feeding management, animal comfort management, and more. Technological advancements in livestock and agricultural production systems are crucial for addressing food shortages, as highlighted by the Food and Agriculture Organization (FAO). Animal comfort management allows farmers to track and manage an animal’s well-being, promoting species-appropriate behaviour through automated solutions.

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Recent Developments

  • In 2023, Topcon Agriculture launched Transplanting Control, a solution specifically designed for specialty farmers growing perennial trees, vegetables, and fruits. This turnkey system uses GNSS-driven guidance, autosteering, and control to boost efficiency, reduce labor costs, and increase production.
  • In 2023, ASI Logistics, in collaboration with SICK, Inc., successfully implemented autonomous yard truck operations. This achievement utilized ASI’s innovative Vehicle Automation Kit (VAK) paired with SICK’s industry-leading LiDAR systems, demonstrating the potential for automation in agricultural logistics.
  • In 2023, Raven announced its expansion into South Dakota and Arizona, strategically chosen locations with access to nearby test farms. This expansion aims to accelerate the development of AI-driven technologies for creating cutting-edge smart agriculture solutions.
Smart Agriculture Market
Smart Agriculture Market Size and Growth Report

Regional Developments

North America Region Dominates the Market With holding the dominant position in the Smart Agriculture Market, accounting For Revenue share of more than 40% in 2023. This dominance is attributed to growing government initiatives and regulations focused on enhancing the agriculture industry. The formation of the North America Climate Smart Agriculture Alliance (NACSAA) exemplifies this commitment to sustainable agricultural productivity.

The Asia Pacific region is anticipated to witness the fastest growth rate during the forecast period. While smart farming is still in the adoption stage here, growing government support and Increasing awareness among farmers are expected to accelerate regional growth. Initiatives Such as the Japanese Ministry of Agriculture’s funding for precision agriculture development are paving the way for wider adoption. Additionally, farmer associations and community-based organizations play a crucial role in promoting sustainable agriculture practices across the region.

Key Takeaways

  • The report sheds light on the latest technological advancements revolutionizing smart agriculture. It provides a clear picture of the market size, encompassing various segments like precision farming, smart greenhouses, and livestock monitoring.
  • The report identifies potential opportunities within the smart agriculture market, such as the growing adoption of mobile technology and the Internet of Things (IoT) in agriculture.
  • The report provides valuable insights into regional trends, highlighting the dominance of North America and the anticipated high growth rate in the Asia Pacific region.
  • The report incorporates recent industry developments, showcasing examples like strategic collaborations and product launches.

Major Key Points from Table of Content

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Smart Agriculture Market Segmentation, By Agriculture Type
9. Smart Agriculture Market Segmentation, By Offering
10. Smart Agriculture Market Segmentation, By Farm Size
11. Smart Agriculture Market Segmentation, By Application
12. Regional Analysis
13. Company Profile
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion

Continued….

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