Global Smart Agriculture Market - 2023-2030

Market Overview

Global Smart Agriculture Market reached US$ 22.6 billion in 2022 and is expected to reach US$ 35.4 million by 2030 growing with a CAGR of 5.8% during the forecast period 2023-2030. The increasing adoption of sustainable agriculture techniques and emerging smart agriculture implementations is raising growth in the global smart agriculture market.

The different technologies in smart agriculture help farmers systematically implement several agriculture operations such as harvesting, planting, inventory control, and other procedures. increase in the adoption of IoT and artificial intelligence by farmers to help monitor the crop field and automate the irrigation process.

The use of IoT and AI in the greenhouse reduces the need for constant monitoring of the crops. It provides cost-effective and optimal solutions for farmers with minimal manual intervention. Smart agriculture provides several benefits, like reduced water consumption, high crop yields, and minor use of pesticides and herbicides fueling the market expansion.

Market Dynamics

The Growing Adoption of New Technologies is Estimated to Drive the Smart Agriculture Market Growth.

Most farmers are adopting smarter and more efficient agriculture technologies to deliver high-quality products in sufficient quantities to the smart agriculture market. Remote monitoring offers innovative services and applications useful in the agricultural value chain. Agriculture drones are used for crop monitoring, agriculture photography, site-specific development, livestock monitoring, and farm management.

Farm automation and management offers reliable financial data and production, data management and improvement in risk mitigation, and capabilities regarding weather and unforeseen events. Using sensors, AI, GIS, yield mapping, and many others are helpful in improving farmer efficiency and output while enhancing food security.

The Benefits of Smart Agriculture is Driving the Market Growth.

The smart agriculture gadgets can potentially increase yields and productivity while decreasing crop failures. These intelligent gadgets accomplish the target through tracking, analyzing, and forecasting data. Smart agriculture monitors plant growth and health by going around the field, collecting data, and transferring it to a central location. It contributes to farm security by using motion sensors and cameras. It also aids in applying insecticides, herbicides, and fungicides to farm crops and premises.

Smart technology is also helpful for animal health and growth monitoring. It ensures their needs are satisfied and recognizes sick animals and field variables such as humidity and temperature to ensure proper crop and animal growth. Furthermore, smart agriculture can do remote farm diagnostics, such as when a farmer is gone and the farm needs immediate attention, and control threats such as fire by installing alarms and anti-fire devices. All these factors help in promoting smart agriculture.

Lack of Awareness and High-Cost Investments Restrains the Smart Agriculture Market Growth.

Each farm's unique needs and requirements can be challenging to implement an industry-standard machine-to-machine solution. The implementation of these technologies needs high-cost investments. Incorrect allocations of smart agriculture technology resources in divided lands can result in financial losses. This can be challenging for small-scale farmers to achieve income from these techniques.

The new technologies, software and hardware understanding can be a more significant problem for the farmers. Understanding the technological aspects and operations of smart agriculture needs in-depth knowledge regarding the techniques, which is lacking in most small-scale farmers in developing countries such as India. This lack of awareness is hindering the market's growth.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global smart agriculture market is segmented based on product, application, and region.

In the Global Smart Agriculture Market, the Precision Agriculture Segment Holds the Largest Market Share.

The global smart agriculture market has been segmented by application into precision farming, livestock monitoring, yield monitoring & soil monitoring, agricultural drone, farm management, smart greenhouse, smart irrigation, and others. In the smart agriculture market analysis report, the precision farming segment held the largest smart agriculture market share of 25.8% in 2022.

Smart tractors, UAVs, ground leveling services, satellite imaging, pesticide application, irrigation services, and handheld decision diagnostics and decision support are becoming more accessible for smallholder farmers in the region without investment in expensive infrastructure. In some countries like Japan, 67 is the average farmer's age. With labor shortages, precision farming is significant for food production and security.

Geographical Analysis

The Asia-Pacific Region Held the Largest Share of the Smart Agriculture Market.

The global smart agriculture market is segmented into five parts based on geography: North America, South America, Europe, Asia-Pacific, the Middle East, and Africa. The Asia-Pacific smart agriculture market held the largest market share of 38.6% in 2022 in the smart agriculture market analysis. The growing adoption of variable rate technology, smart irrigation controllers, and AI-based farm analytics services is driving the market in this region.

The increasing demand for automation of livestock farms and aquaculture farms, the increasing livestock population, and the growing demand for meat products in Asian countries, including China, Australia, India, and Japan, contribute to regional market growth. For instance, the cattle population in China and India increased by 3% and 0.4%, respectively, to reach 98 and 307 million heads in 2022, compared to 95 and 306 million heads in 2021.

Competitive Landscape

The major global players in the market include AGCO, Ag Leader Technology, John Deere, Raven Industries, Precision Planting LLC, Trimble, DeLaval, AgJunction, Agribotix, and The Climate Corporation.

Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:

COVID-19 Impact:

The unprecedented COVID-19 pandemic in 2020 profoundly affected the agriculture industry. COVID-19 has considerably impacted the global agriculture supply chain phases involving smart agriculture production, processing, distribution, and consumption due to lockdowns and restrictions imposed by various governments.

Everything has changed due to the COVID-19 epidemic. It has influenced practically every industry, whether positively or negatively. The COVID-19 pandemic's effects on world economic conditions have had an influence. They could impact interest rates, foreign exchange rates, commodities and energy prices, and the efficient operation of financial and capital markets.

The COVID-19 pandemic issue has had an impact on the agriculture industries as well. The COVID-19 pandemic is upending life, and the agriculture sector is seeing an increase in trends like smart agriculture. The agriculture businesses are launching innovative programs, including smart agriculture.

Why Purchase the Report?

• To visualize the global smart agriculture market segmentation based on product, application, and region and understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development.
• Excel data sheet with numerous data points of smart agriculture market-level with all segments.
• The PDF report includes a comprehensive market analysis after exhaustive qualitative interviews and an in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.

The Global Smart Agriculture Market report would provide approximately 53 tables, 53 figures and 165 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies