Smart Agriculture Market Anticipates Steady 12.67% CAGR Through 2030

Smart Agriculture Market Overview

“The 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.”

Smart agriculture is a new concept that uses technologies like the Internet of Things, sensors, positioning systems, robots, and artificial intelligence to increase crop quality and quantity while optimizing human labor. This Report aims to explain the benefits of using smart agriculture on farms and explore its advantages in the future.

Smart Agriculture, also known as precision agriculture, is a management concept that uses advanced technology.

It is software-managed and sensor-monitored, and is increasingly important due to the growing global population, increased demand for higher crop yields, efficient use of natural resources, advanced information and communication technology, and the need for climate-smart agriculture.

The global farming industry faces food safety challenges due to non-standardized pest treatment, fluctuating meteorological conditions, and unpredictable contamination, leading to numerous diseases causing significant harm to human health and potentially affecting the credibility of food producers and manufacturers.

The article explores the potential of Smart Agriculture as the future of agriculture.

Smart agriculture and IoT-driven agriculture are paving the way for a "third green revolution" using information and communications technology.

IoT technology improves agricultural processes, reduces production risks, and allows farmers to plan and distribute output more effectively. It also helps in reducing labor and waste by providing data on specific crop batches and harvest numbers.

Service providers and mobile operators are also modernizing their network architecture in various industries, including agriculture, by delivering network resources to the edge and integrating long distances using technologies like small cells and massive MIMO for 5G roll-out.

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Benefits of Smart Agriculture

• Precision agriculture enhances cost reduction, product quality, sustainability, and consumer experience by making farming more connected and intelligent. It improves production control, waste reduction, and reduces produce loss by detecting anomalies in crop growth or livestock health.
• Automation improves efficiency by enabling multiple processes simultaneously using smart devices, and automating services improves product quality and volume by better regulating production operations.
• Smart Agriculture technologies enable demand forecasting, timely delivery of goods, and waste reduction.
• Precision agriculture controls land supply and focuses on proper growing characteristics for the right crop. Software for business management determines the types of precision agricultural systems.
• Control systems manage sensor input, send remote information for supply and decision support, and automate machinery and equipment to respond to challenges and provide production support.

Growth Drivers

• Smart agriculture utilizes innovative technologies to enhance crop growth efficiency. The global market is driven by technological advancements and the adoption of new technologies like the internet of things, artificial intelligence, blockchain, and machine learning.
• Government programs and tax breaks in developing and developed regions are also driving the growth of the market. Governments are aggressively investing in the expansion of the global smart agriculture market to promote the adoption of cutting-edge technologies.
• The global smart agriculture market experienced fluctuating sales of food grain and dairy products due to supply chain disruptions and trade restrictions.

Restraints

• Agriculture, a decentralized industry with diverse farms, faces challenges in creating standardized machine-to-machine solutions due to land fragmentation and inefficient resource distribution.
• Implementing smart agricultural technology across dispersed areas is time-consuming, costly, and resource-intensive, making it difficult for farmers to achieve economies of scale. This makes it difficult for farmers to manage, supervise, and collect data from dispersed lands.

Smart Agriculture technologies

The intelligent farm incorporates various technology, including:

Smart Agriculture utilizes various technologies, including sensors for soil scanning, advanced networking, GPS, specialized hardware and software, IoT-based solutions, robotics, and automation.

Data analytics is crucial for decision-making and prediction. With growing access to data from crop yields, soil mapping, climate change, fertilizer applications, meteorological data, machinery, and animal health, satellites and drones collect data for a whole field around the clock, which is then routed to IT systems for tracking and analysis, providing remote monitoring.

The integration of these technologies allows for machine-to-machine data collection, which is then used in a decision support system to provide farmers with detailed insights. This allows for more precise application of pesticides and fertilizers, and better monitoring of individual animal demands. Smart Agriculture approaches also help in preventing disease and improving herd health.

Smart Agriculture Market Segment Analysis

By Agriculture Type

In 2022, the livestock monitoring segment dominated the market, accounting for over 23% of total revenue. Livestock monitoring helps farmers track animal health and production statistics. The growth is driven by technology advancements and rising demand for dairy products. The smart greenhouse segment is expected to be the fastest-growing segment in the smart agriculture market, driven by environmental concerns and rising greenhouse gas emissions. Smart greenhouses help preserve climatic conditions, improve fertilization, and irrigation.

By Offering

The growth of the smart agriculture industry is primarily driven by technological advancements and the adoption of cloud and web-based software in smart agriculture devices and equipment, which aids farmers and cattle in data collection, tracking, and monitoring.

In 2022, the hardware segment is expected to be the fastest-growing segment in the smart agricultural market due to the increasing automation of raw material and dairy product manufacturing, which reduces labor expenses and supports the global market's growth. The increasing trend of automation technologies also contributes to this rapid growth.

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

New Developments in Smart Agriculture Market

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.

 Regional Analysis of Global Smart Agriculture Industry

North America dominated the smart agriculture market in 2022, with a revenue share of 44.34%. The market is expected to grow at a CAGR of 9.23% over the forecast period. Government initiatives, favorable rules, and partnerships with government agencies are contributing to the growth. Additionally, subsidies and tax breaks are being offered to encourage the development of the smart agriculture industry, propelling the North America market forward.

The Asia-Pacific smart agriculture market is expected to grow rapidly due to government initiatives and increased use of organic agriculture. Singapore, Japan, and India are actively expanding their smart agriculture businesses, while also offering financial support for their development. This growth is fueled by the increasing adoption of organic farming in the region.

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
• 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
• 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

Frequently Asked Questions

What is the expected growth rate of the Smart Agriculture market over the next 7 years?

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| Report 2023 by published by Market Report Service.

Who are the major players in the Smart Agriculture market and what is their market share?

AG Leader Technology, AGCO Corporation, AgJunction Inc., Autonomous Solutions Inc., Deers& Company, DroneDeploy, Farmers Edge Inc., GEA Group Aktiengesellschaft, The Climate Corporation, DeLaval Inc., are prominent players operating and dominating in the market.

Who are the top 3 Smart Agriculture Market Key Vendors?

AG Leader Technology, AGCO Corporation, AgJunction Inc, are key players in the Smart Agriculture market.

Which geographical areas dominate the worldwide market for Smart Agriculture?

North America region are emerging as the top regional markets for Smart Agriculture solutions.