Smart Agriculture Market Outlook
According to the report by Expert Market Research (EMR), the global smart agriculture market size reached approximately USD 19.50 billion in 2023. Aided by the rapidly growing global population and the impact of adverse climate conditions, the market is projected to grow at a CAGR of 9.2% between 2024 and 2032, reaching a value of nearly USD 44.18 billion by 2032.
Smart agriculture refers to the utilisation of technology, including location systems, the Internet of Things, artificial intelligence, robots, and sensors for enhancing the quality and quantity of the crop yield. Adoption of smart farming enhances overall plant productivity, optimises water, electricity, and fuel usage, and reduces waste.
By adopting smart agriculture practices, farmers can achieve higher crop yields, reduce the use of water, fertilisers, and pesticides, minimise the impact on the natural ecosystem, improve the quality of produce, and increase profitability.
One of the most pressing challenges facing the world today is the need to feed a rapidly growing global population. This demographic expansion escalates the demand for food, necessitating substantial increases in agricultural productivity. Smart agriculture technologies offer a viable solution by enabling more precise and efficient farming practices, significantly enhancing crop yields and optimising resource use.
The smart agriculture market expansion is propelled by the impacts of climate change on agriculture, including unpredictable weather patterns and extreme climate events. Smart agriculture technologies, through precise monitoring and management of agricultural environments, help in mitigating the effects of climate change. They enable farmers to use water, fertilisers, and pesticides more efficiently, reducing the environmental footprint of farming and promoting sustainability.
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Governments worldwide are increasingly investing in the smart agriculture market development while recognising the potential of smart agriculture to address food security, environmental sustainability, and economic challenges. As a result, many are implementing policies and programmes that promote the adoption of smart agriculture technologies. These initiatives often include financial incentives, research and development support, and infrastructure investments, making it easier for farmers to adopt these innovative practices.
There is a growing awareness among farmers and agricultural businesses of the need for sustainable farming practices. This shift is driven by consumer demand for environmentally friendly products, regulatory pressures, and the agricultural sector’s own recognition of its environmental impact. Smart agriculture aligns with this shift by enabling precision farming, which minimises waste and maximises efficiency, leading to more sustainable outcomes.
Innovations in IoT and AI are at the forefront of driving the smart agriculture market growth. IoT devices, such as soil sensors and climate conditions monitors, provide precise data on field conditions, while AI algorithms analyse this data to predict crop health and optimise irrigation and fertilisation schedules. Drones and satellites offer aerial imagery that assists in monitoring crop growth, assessing plant health, and planning efficient harvesting routes. Moreover, farm management software integrates all these data points, offering a comprehensive dashboard that aids in decision-making and operational planning.
The adoption of smart agriculture varies significantly across regions, influenced by factors such as technological infrastructure, government policies, and the agricultural sector’s significance to the local economy. North America and Europe are leading in the global smart agriculture market share, thanks to their advanced technological infrastructure and supportive government policies. Meanwhile, the Asia Pacific is emerging as a fast-growing market, driven by the need to enhance food production to meet the demands of its rapidly growing population. Countries like China, India, and Japan are investing heavily in smart agriculture technologies, recognising their potential to transform the agricultural sector.
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Smart Agriculture Market Segmentation
The global smart agriculture market can be divided based on agriculture type, offering, application, and region.
Market Breakup by Agriculture Type
- Precision Farming
- Livestock Monitoring
- Smart Greenhouse
- Others
Market Breakup by Offering
- Hardware
- Software
- Service
Market Breakup by Application
- Precision Farming Application
- Livestock Monitoring Application
- Smart Greenhouse Application
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global smart agriculture market. Some of the major players explored in the report by Expert Market Research are as follows:
- AGCO Corporation
- Trimble Inc.
- Deere & Company
- Raven Industries, Inc.
- Argus Control Systems Limited
- ams-OSRAM AG
- CLAAS KGaA mbH
- Topcon Positioning Systems, Inc.
- TSI Incorporated (DICKEY-john)
- DroneDeploy, Inc.
- Others
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