Smart Agriculture Market Size: Analyzing Growth and Forecasting Outlook from 2023-2030
Advancements in Smart Agriculture
Smart Agriculture lowers costs, increases economic efficiency, improves eco-system, and aids in revival of the rural. It is primarily based on the latest technology in autonomous and connected agriculture to process and transfer real-time information.
In particular, linked tractors allow farmers to remotely control their tractors which reduces time and effort. In this way, they are able to concentrate more on their job.
Defined
The term "smart agriculture" refers to a collection of practices that combine technology for information and communication to increase the effectiveness and the sustainability of processing and production. It takes an integrated approach and offers solutions to tackle global challenges in the field of food security.
Smart farming technology allows farmers to lower their carbon footprint, and also prepare to deal with climate changes through reducing carbon emissions by optimizing the use of resources, boosting yields and increasing efficiency. Additionally, these technologies can help farmers tackle labor shortages through automation of routine tasks and attracting a fresh generation of farmers who are tech-savvy.
Smart Agriculture Market is estimated to increase at a CAGR of 12.67% from $ 22.53 billion in 2023 to $ 52.78 Billion by 2030.
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Competitive Landscape of the Smart Agriculture Market Analysis
- AG Leader Technology
- AGCO Corporation
- AgJunction Inc.
- Autonomous Solutions Inc.
- Deers& Company
- DroneDeploy
- Farmers Edge Inc.
- GEA Group Aktiengesellschaft
- The Climate Corporation
- DeLaval Inc.
- Syngenta AG
Segments Covered in the Smart Agriculture Market Report
By Agriculture Type
- Precision Farming
- Yield monitoring
- On-farm
- Off-farm
- Field mapping
- Crop scouting
- Weather tracking & forecasting
- Irrigation management
- Inventory management
- Farm labour management
- Yield monitoring
- Livestock Monitoring
- Milk harvesting
- Breeding management
- Feeding management
- Animal comfort management
- Others
- Precision Aquaculture
- Precision Forestry
- Smart Greenhouse
- Water & fertilizer management
- HVAC management
- Yield monitoring
- Others
By Offering
- Hardware
- HVAC system
- LED grow lights
- Valves & pumps
- Sensors & control systems
- Others
- Sensing Devices
- Soil sensor
- Water sensors
- Climate sensors
- Others
Software
- Web-based
- Cloud-based
Services
- Data services
- Analytics services
- Farm operation services
- Supply chain management services
- Climate information services
- System integration & consulting
- Maintenance & support
- Managed services
- Assisted professional services
By Farm Size
- Small
- Medium
- Large
But, despite the broad acceptance of these technologies, there are still a number of issues to consider. The first is that agribusinesses and ATPs must be transparent about how they gather, use and share data from farms and ensure that the procedures are in line with the rules and regulations in the legal contracts. This will prevent power imbalances as well as monopolies in the agricultural industry and encourage confidence between the various stakeholders.
Additionally, connectivity to cellular networks is crucial in this field and 5G networks are particularly important. These networks can transfer huge quantities of data generated by sensors, which makes them an essential component in Smart Agriculture. Smart Agriculture solution. Furthermore Smart farming relies on machine-tomachine communication, which means that the network has to be fast and reliable to allow real-time access to information. This is why it's essential for all those who are involved in this technology for them to put money into a strong infrastructure.
Growth Driver
The market for smart agriculture in the world is marked by a rise in technology automation in the production of raw materials as well as dairy product manufacturing. This is due in part to the increasing demand for lower cost of labor and increasing productivity. Thus, this industry is expected to expand quickly.
In today's digital climate-smart agriculture, technology that collect and analyze information are crucial to allow farmers to make educated decisions. Apart from providing information they can reduce waste and boost efficiency. For instance, technology that is digital allows farmers to monitor and optimize their crop production, assist in decision-making during weather or drought storms, and also manage the risk of pests as well as diseases.
To better understand the current situation regarding digital climate smart farming solutions Mercy Corps AgriFin surveyed over 150 partners who develop and offer these services to small-scale farmers. The results showed the fact that partnerships with these partners have resulted in an increase in farm output, higher incomes, and a greater resistance to shocks.
To find out the drivers that were most influential in the application of the concept called Agriculture 4.0 The Hierarchical model was built by using fuzzy TISM. In Fig. 5 of the report, it was found that the automation and robotics used to reduce the use of manually-based labor (D6) was the most important driver in the application of Agriculture 4.0 and has an encapsulated figure of 9.735. Three other key drivers included Augmented reality (AR) for the purpose of training new farmers as well as guiding evaluation of tools (D3) and facilitating the right financial incentives to farmers in need to construct contemporary storage systems (D14) and Agri-business platforms to manage data as well as analytics (D1). All of the drivers is depicted in a different hue in the below map.
Recent Development
September 13 2023 “AGCO Announces Sustainable Test Farm in North Dakota”
” Dakota Smart Farm” is dedicated to developing sustainable farming practices and high-value retrofit precision technology solutions. AGCO Corporation, a global leader in the design, manufacture, and distribution of agricultural machinery and precision ag technology, announced today plans to build a state-of-the-art test farm in Casselton, North Dakota.
This strategic initiative aims to develop innovative farming practices to create a truly sustainable farm, specifically focusing on precision agriculture technologies and high-value retrofit solutions. The 300-acre operation, named “Dakota Smart Farm,” will make AGCO an anchor tenant at the Grand Farm Innovation Campus, which fosters innovative research and technology to solve agricultural challenges.
AGCO-owned company Appareo, based in Fargo, North Dakota, will lead the farm with agronomists, scientists, engineers and agricultural experts to execute agronomic studies and host tours to educate farmers on sustainable and precision ag farming practices
Oct. 11, 2023 “Syngenta aligns sustainable outcomes in agriculture standard with TSC’s THESIS to improve sustainability reporting”
In 2023 Syngenta benchmarked the SOA standard to TSC’s THESIS - a performance assessment system that guides retailers and suppliers in benchmarking, quantifying, and taking action on critical sustainability issues within their consumer product supply chains.
Recent advances on Smart Agriculture are increasing the possibilities for the production chain of food to be more sustainable and environmentally friendly. Robots powered by solar energy have been developed in order to help alleviate labor shortages through cutting and weeding crops in warehouses. Connected sensors will help detect insect infestations and monitor the soil conditions in fields of crops.
LPWA (Low Power Wide Area) technology is becoming more used in agricultural applications due to its ability to transfer data over large distances and with minimal bandwidth requirements. As an example, efforts are being developed to monitor the conditions of greenhouses and farms with sensors that transmit these data regularly using LPWA connectivity. The results can be tracked in the cloud or other ways like emails if an amount is outside of the set limit.
In addition to the widespread utilization of IoT sensors, networks and technologies, smart farmers are also embracing new technology and hardware to enhance productivity and efficiency. For instance, businesses are developing new displays for agricultural use that feature cutting-edge technology, such as enhanced connectivity as well as user-friendly and intuitive interfaces. One instance could be Valtra's SmartTouch armrest that combines the advanced abilities of GPS connectivity with the automated control of ISOBUS devices in a simple and user-friendly interface that is easier to use than smartphones.
These advancements will enable farmers to work less doing manual work and focus more on analysis of data to improve operations and expand their business. This will not only help them address the climate change challenges but also allow them to attain the goal of achieving zero hunger in 2050.
Regional Analyses
The growing complexity of agriculture as well as the precision management techniques are driving the need of Operations study (OR) methods for optimizing the practices of farming. In addition, this is in response to the need to tackle issues like adapting changes in climate, boosting productivity, and achieving the agricultural 4.0 goals.
To determine the direction that it is that the OR field is headed in the field of smart farming, this piece employs an analysis of bibliometrics to study research papers that were published between 2000 until 2022. This technique allows researchers to have a comprehensive view of the OR field within Smart Agriculture by searching articles for specific keywords, and then studying them using an online tool known as Biblioshiny. Biblioshiny produces a word treemap that contains high-frequency terms, which will help researchers identify key issues in smart agriculture.
Based on the analysis of keywords The most talked about subjects in Smart Agriculture between the years between 2000 and 2017 comprised algorithms, agriculture, and climate change, which included estimating soil maps, agricultural maps as well as evapotranspiration and decision trees. Since 2017 the most popular topics are focused on precision agriculture, utilizing remote sensing, data analytics and robotics for agriculture.
To study the effect and impact CSA practices on the economic performance of families the research paper carried out CBA analyses based on responses to household surveys from five countries that have established Green Innovation Centres for the Agricultural and Food Sector (GIC). In particular, the study focused on a range of variables which could be considered to be the most important CSA modifications, such as their simplicity of implementation, cost and value for money and the time required before benefits can be realized.
North America dominated the market for smart agriculture in 2022, generating an estimated revenue share of 44.34 percent. The market is projected to expand at a rate of 9.23 percent during the forecast time. Initiatives by the government, favorable regulations and collaborations with government agencies contribute to the expansion. Furthermore, subsidies and tax incentives are provided to promote the growth of the smart agricultural industry which is driving this North America market forward.
The Asia-Pacific smart agriculture market is set to grow quickly due to initiatives by the government and an increase in usage of organic agriculture. Singapore, Japan, and India are growing their smart agriculture enterprises, and also providing financial assistance to help them develop. This is due to the rising popularity of organic farming across the region.
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