Global Smart Agriculture Market Size, Share, Growth Analysis, By Agriculture Type, By Software, By Hardware, By Offering, By Farm Size - Industry Forecast 2024-2031

Global Smart Agriculture Market size was valued at USD 13.10 million in 2022 and is poised to grow from USD 14.34 million in 2023 to USD 29.65 million by 2031, growing at a CAGR of 9.5% during the forecast period (2024-2031).

The combination of Internet of Things (IoT) technology with robotics, drones, remote sensors, and computer imaging has the potential to completely transform agriculture by providing farmers with extensive data to optimize their farming methods in accordance with environmental requirements. With this connectivity, farmers will be able to obtain vital information for making decisions, which is expected to accelerate market expansion exponentially. The utilization of GPS and GIS to precisely monitor particular field sites, evaluate soil quality, and visualize field data on maps, in conjunction with powerful big data analytics, has the potential to completely transform land productivity. The market is growing at a favorable rate due in large part to the quick adoption of precision farming techniques, which are designed to provide accurate inputs for optimizing land production, and the introduction of smart greenhouse technology.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Smart Agriculture Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the Market size includes the following details: The key players in the Market were identified through secondary research, and their Market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top Market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Smart Agriculture Market Segmental Analysis

Global Smart Agriculture Market is segmented on the basis of agriculture type, offering, software, hardware, farm size, and region. Based on Agriculture Type, the global market is segmented into Precision farming, Livestock monitoring, Smart greenhouse, Others. Based on offering, the global market is segmented into Hardware and Software. Based on software, the global market is segmented into Remote monitoring, data analytics, Supply Chain Management, Quality Assurance, Data Management and others. Based on Hardware, the global market is segmented into Soil Sensors, Nutrient Sensors, Moisture Sensors, Light Sensors, HVAC, Displays, Antennas, Receivers, LED lights, Valves and Pumps and others. Based on farm size, the global market is segmented into Small, Medium, and Large. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Smart Agriculture Market

A notable increase in agricultural productivity has been caused by the quick adoption of sophisticated technologies including GPS systems, mapping software, variable rate technology (VRT), and sophisticated data management tools. Among these, the incorporation of mapping software is a game-changer in terms of how the agricultural landscape is shaped, particularly in terms of improving capacities for crop production prediction and crop health monitoring.

Restraints in the Global Smart Agriculture Market

Installing Smart Agriculture systems comes with a hefty initial cost, which is a major obstacle to the industry's growth trajectory. Widespread adoption is hindered by the cost fluctuation that is dependent on certain system specifications, especially for lower-income families living in rural areas and other communities. This budgetary limitation is exacerbated by the lack of established procedures for handling large amounts of gathered data from dispersed land lots, which leads to ineffective resource distribution.

Market Trends of the Global Smart Agriculture Market

A vast amount of farm data is produced every day, but without careful analysis, its actual worth is seldom realized. Big data and analytics are vital instruments that convert this unprocessed data into meaningful insights. The basis for organizing the upcoming agricultural seasons is a vast array of data, such as crop disease statistics, weather forecasts, market prices, irrigation patterns, land use, crop areas, productivity metrics, and future estimates. This abundance of data is gathered from multiple sources using analytical techniques; it includes meteorological occurrences, machinery performance, water cycles, and comprehensive information on crop quality and quantity.