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Smart Agriculture Market

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Smart Agriculture Market - Global Industry Size, Share, Trend Analysis and Forecast Report, 2018-2028, Segmented By Offering (Hardware, Software, Services), By Agriculture Type (Precision Farming, Livestock Monitoring, Precision Aquaculture, Precision Forestry, Smart Greenhouse, Others), By Farm Size (Small Farms, Medium Farms, Large Farms), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)

  • Published Date: May 2022
  • Report ID: BWC22169
  • Available Format: PDF
  • Page: 193

Report Overview

Global Smart agriculture market is gaining significant traction owing to the rapid technological advancements and the implementation of innovative technologies such as IoT, artificial intelligence (AI) to boost production and crop yield with analytics along with the increasing global population...

Global Smart Agriculture Market- Industry Trends & Forecast Report 2028

The global smart agriculture market was worth USD 11.5 billion in 2021 and is further projected to reach USD 24.3 billion by the year 2028, growing at a CAGR of more than 11% during the forecast period. The market is flourishing at a high rate owing to factors such as rapid technological advancements and the implementation of innovative technologies such as IoT, artificial intelligence (AI) to boost production and crop yield with analytics along with the increasing global population.

Smart Agriculture Market

Smart Agriculture - Overview

Smart agriculture involves agricultural practices with the integration of advanced and innovative tools such as sensors, IoT, cloud, etc., for tracking, monitoring, automating, and analyzing operations. These practices boost sustainability in agriculture by boosting production, reducing greenhouse emissions, helping overcome climatic and economic barriers, etc. Precision farming is among the most popular types of smart agriculture which involves the utilization of resources or inputs in the precise amount to increase crop yield by identifying, analyzing, and managing spatial and temporal variability.

Smart Agriculture Market Forecast and Trends

Growth Drivers

Increasing Adoption Of Advanced Technologies

The farmers are increasingly investing in smart agriculture technologies and methods to leverage their benefits. They are significantly adopting technologies like artificial intelligence, location systems, sensors, robots, artificial intelligence, etc., to improve productivity, efficient management of a greater number of resources, reduce waste, etc. With the increasing global population and crunch of resources, the pressure on the agricultural sector is increasing to meet the global food demand, which is expected to boost the adoption of smart agriculture in the forecast period.

Favorable Government Initiatives And Policies

The governments of various countries are taking various initiatives to boost the adoption of smart agriculture. Along with the initiatives, the government and several organizations are significantly investing in this direction. For instance, the US Department of Agriculture has recently announced an investment of USD 1 billion in partnerships to support America’s climate-smart farmers, ranchers, and forest landowners to boost climate-smart practices. Such investment is anticipated to fuel the growth of the global smart agriculture market in the forecast period.

Restraints

Lack Of Internet Accessibility And Knowledge Of Data Management

Although the scope of smart agriculture is expanding, the limited access to the internet and poor connectivity in most regions may hinder the growth of the market. Most farmers, especially in developing and underdeveloped countries, are unaware of the know-how of these advanced technologies. And even if they are unaware, the lack of internet accessibility is restraining them to use connected devices such as IoT sensors or analytical tools in farming practices, which may restrict the overall global smart agriculture market growth

Impact of COVID-19 on Smart Agriculture Market

The global smart agriculture market was negatively impacted by the unprecedented COVID-19 pandemic outbreak. Agricultural activities in different parts of the world were halted due to lockdown and social distancing norms. Furthermore, the disruptions in the supply chain and manufacturing activities also hindered the production and distribution of hardware components involved in smart agriculture. However, the market is projected to recover in the post-lockdown period owing to the expanding scope of cloud computing and data analytics and the availability of hardware components.

Smart Agriculture Market - By Offering

Based on offering, the global smart agriculture market is segmented into hardware, software, and services. The hardware segment is further classified into precision farming hardware, livestock monitoring hardware, precision forestry hardware, precision aquaculture hardware, smart greenhouse hardware, and others. The software segment is further classified into AI & data analytics and farm management software. The hardware segment accounts for the largest market share owing to the high demand for sensors and data-generating devices.

Smart Agriculture Market - By Agriculture Type

Based on agriculture type, the global smart agriculture market is segmented into precision farming, livestock monitoring, precision aquaculture, precision forestry, smart greenhouse, and others. The precision farming segment accounts for the largest market owing to the increasing adoption of advanced technologies such as sensors, artificial intelligence, data analytics, etc., to easy farming practices and conserves resources. Furthermore, increasing launches of IoT sensors and SaaS platforms by market players specifically designed for precision farming is also driving the growth of the smart agriculture market.

Smart Agriculture Market - Regional Insights

Geographically, the global smart agriculture market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominates the smart agriculture market owing to the high adoption of advanced technologies to boost agriculture yield along with favorable government and private investments and initiatives such as subsidies. Furthermore, the high income and purchasing power of farmers in developed nations including the US and Canada also plays a crucial factor in propelling the overall global smart agriculture market growth.

Competitive Landscape

The leading market players of the global smart agriculture market are John Deere, LumiGrow, Trimble, Heliospectra, Topcon Positioning Systems, InnovaSea Systems, DeLaval, Afimilk, AKVA, Antelliq, AgEagle Aerial Systems Inc., Raven Industries, Inc., GEA Group, The Climate Corporation, Autonomous Solutions, Inc., SST Development Group, Inc., Argus Control Systems Ltd, Gamaya, Grownetics, Inc., Granular, Inc., DroneDeploy, Farmers Edge Inc., BouMatic Robotic B.V., and other prominent players.

The smart agriculture market is fragmented with the presence of several global and regional industry participants. However, several startups are also emerging with significant growth potential owing to a flourishing market. The companies constantly launch new technologies to gain market traction and significantly invest in r&d activities to innovate their offerings. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.

Recent Development

  • In December 2021, Zyter Inc., a US-based information technology and services company, announced the introduction of an Internet of Things (IoT)-based solution that integrates AI to support informed crop management decisions for farmers and agronomists.

  • In July 2021, Bosch and BASF Digital Farming announced their joint venture to globally market and sell smart farming technologies from a single source, which has now received approval from the relevant authorities.

Scope of the Report

Attributes

Details

Years Considered

Historical data – 2018-2021

Base Year – 2021

Forecast – 2022 – 2028

Facts Covered

Revenue in USD Billion

Market Coverage

U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia

Product Service/Segmentation

By Offering, By Agriculture Type, By Farm Size, By Region

Key Players

John Deere, LumiGrow, Trimble, Heliospectra, Topcon Positioning Systems, InnovaSea Systems, DeLaval, Afimilk, AKVA, Intelliq, AgEagle Aerial Systems Inc., Raven Industries, Inc., GEA Group, The Climate Corporation, Autonomous Solutions, Inc., SST Development Group, Inc., Argus Control Systems Ltd, Gamaya, Grownetics, Inc., Granular, Inc., DroneDeploy, Farmers Edge Inc., BouMatic Robotic B.V., and other prominent players.

 

By Offering

  • Hardware

  • Software

  • Services

By Agriculture Type

  • Precision Farming

  • Livestock Monitoring

  • Precision Aquaculture

  • Precision Forestry

  • Smart Greenhouse

  • Others

By Farm Size

  • Small Farms

  • Medium Farms

  • Large Farms

By Region

  • North America

  • Europe

  • Asia-Pacific (APAC)

  • Latin America (LATAM)

  • Middle East & Africa (MEA)

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation
  3. Executive Summary
  4. Global Smart Agriculture Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    3. Technological Advancement/Recent Development
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  5. Global Smart Agriculture Market Overview
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
        1. Precision farming
        2. Livestock
        3. Aquaculture
        4. Greenhouse
      2. By Component
        1. Solution
          1. Hardware
            1. HVAC system
            2. LED grow lights
            3. Valves & pumps
            4. Sensors & control systems
            5. Others
        2. Software
          1. Network management
          2. Agriculture asset management
          3. Smart water management
          4. Irrigation management
      3. By Services
        1. Consulting
        2. System integration and deployment
        3. Support and maintenance
      4. By Connectivity technology
        1. Cellular IoT
        2. LoRa
        3. NB-IOT
        4. Global Navigation Satellite System (GNSS)
        5. Wi-Fi
        6. SIGFOX
        7. Wireline
        8. Wireless Personal Area Network (WPAN)
        9. Others
      5. By Region
        1. North America
        2. Europe
        3. Asia Pacific
        4. Latin America
        5. The Middle East and Africa
  6. North America Smart Agriculture Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
      2. By Component
      3. By Services
      4. By Connectivity technology
      5. By Country
        1. United States
        2. Canada
  7. Europe Smart Agriculture Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
      2. By Component
      3. By Services
      4. By Connectivity technology
      5. By Country
        1. Germany
        2. United Kingdom
          1.  
        3. Italy
        4. France
        5. Spain
        6. Rest of Europe
  8. The Asia Pacific Smart Agriculture Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
      2. By Component
      3. By Services
      4. By Connectivity technology
      5. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Rest of Asia Pacific
  9. Latin America Smart Agriculture Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
      2. By Component
      3. By Services
      4. By Connectivity technology
      5. By Country
        1. Brazil
        2. Mexico
        3. Rest of Latin America
  10. The Middle East & Africa Smart Agriculture Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
      2. By Component
      3. By Services
      4. By Connectivity technology
      5. By Country
        1. Saudi Arabia
        2. UAE
        3. South Africa
        4. Rest of Middle East & Africa
  11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership)
  12. Impact of Covid-19 on Global Smart Agriculture Market Industry
  13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. Ag Leader Technology
    2. AGCO Corporation
    3. AgJunction, Inc.
    4. AgEagle Aerial Systems Inc.
    5. Autonomous Solutions, Inc.
    6. Argus Control Systems Ltd.
    7. BouMatic Robotic B.V.
    8. CropMetrics
    9. CLAAS KGaA mbH
    10. CNH Industrial N.V.
    11. CropZilla
    12. Deere & Company
    13. Other prominent players

 

  1. Key Strategic Recommendations

 

 

List of Figures

 

Figure 1        Global Smart Agriculture Segmentation

Figure 2        Global Smart Agriculture Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4        Global Smart Agriculture Market Size, By Value (USD Million), 2018-2028

Figure 5        Global Smart Agriculture Market Share, By Type, By Value, 2018-2028

Figure 6        Global Smart Agriculture Market Share, By Component, By Value, 2018-2028

Figure 7        Global Smart Agriculture Market Share, By Services, By Value, 2018-2028

Figure 8        Global Smart Agriculture Market Share, By Connectivity technology, By Value, 2018-2028

Figure 9        Global Smart Agriculture Market Share, By Region, By Value, 2018-2028

Figure 10       North America Smart Agriculture Market Size, By Value (USD Million), 2018-2028

Figure 11       North America Smart Agriculture Market Share, By Type, By Value, 2018-2028

Figure 12       North America Smart Agriculture Market Share, By Component, By Value, 2018-2028

Figure 13       North America Smart Agriculture Market Share, By Services, By Value, 2018-2028

Figure 14       North America Smart Agriculture Market Share, By Country, By Value, 2018-2028

Figure 15       Europe Smart Agriculture Market Size, By Value (USD Million), 2018-2028

Figure 16       Europe Smart Agriculture Market Share, By Type, By Value, 2018-2028

Figure 17       Europe Smart Agriculture Market Share, By Component, By Value, 2018-2028

Figure 18       Europe Smart Agriculture Market Share, By Services, By Value, 2018-2028

Figure 19       Europe Smart Agriculture Market Share, By Connectivity technology, By Value, 2018-2028

Figure 20       Europe Smart Agriculture Market Share, By Country, By Value, 2018-2028

Figure 21       The Asia-Pacific Smart Agriculture Market Size, By Value (USD Million), 2018-2028

Figure 22       The Asia-Pacific Smart Agriculture Market Share, By Type, By Value, 2018-2028

Figure 23       The Asia-Pacific Smart Agriculture Market Share, By Component, By Value, 2018-2028

Figure 24       The Asia-Pacific Smart Agriculture Market Share, By Services, By Value, 2018-2028

Figure 25       The Asia-Pacific Smart Agriculture Market Share, By Connectivity technology, By Value, 2018-2028

Figure 26       The Asia-Pacific Smart Agriculture Market Share, By Country, By Value, 2018-2028

Figure 27       Latin America Smart Agriculture Market Size, By Value (USD Million), 2018-2028

Figure 28       Latin America Smart Agriculture Market Share, By Type, By Value, 2018-2028

Figure 29       Latin America Smart Agriculture Market Share, By Component, By Value, 2018-2028

Figure 30       Latin America Smart Agriculture Market Share, By Services, By Value, 2018-2028

Figure 31       Latin America Smart Agriculture Market Share, By Connectivity technology, By Value, 2018-2028

Figure 32       Latin America Smart Agriculture Market Share, By Country, By Value, 2018-2028

Figure 33       The Middle East & Africa Smart Agriculture Market Size, By Value (USD Million), 2018-2028

Figure 34       The Middle East & Africa Smart Agriculture Market Share, By Type, By Value, 2018-2028

Figure 35       The Middle East & Africa Smart Agriculture Market Share, By Component, By Value, 2018-2028

Figure 36       The Middle East & Africa Smart Agriculture Market Share, By Services, By Value, 2018-2028

Figure 37       The Middle East & Africa Smart Agriculture Market Share, By Connectivity technology, By Value, 2018-2028

Figure 38       The Middle East & Africa Smart Agriculture Market Share, By Country, By Value, 2018-2028

 

 

List of Tables

 

Table 1         Global Smart Agriculture Market Size, By Type, By Value, 2018-2028

Table 2         Global Smart Agriculture Market Size, By Component, By Value, 2018-2028

Table 3         Global Smart Agriculture Market Size, By Services, By Value, 2018-2028

Table 4         Global Smart Agriculture Market Size, By Connectivity technology, By Value, 2018-2028

Table 5         Global Smart Agriculture Market Size, By Region, By Value, 2018-2028

Table 6         North America Smart Agriculture Market Size, By Type, By Value, 2018-2028

Table 7         North America Smart Agriculture Market Size, By Component, By Value, 2018-2028

Table 8         North America Smart Agriculture Market Size, By Services, By Value, 2018-2028

Table 9         North America Smart Agriculture Market Size, By Connectivity technology, By Value, 2018-2028

Table 10        North America Smart Agriculture Market Size, By Country, By Value, 2018-2028

Table 11        Europe Smart Agriculture Market Size, By Type, By Value, 2018-2028

Table 12        Europe Smart Agriculture Market Size, By Component, By Value, 2018-2028

Table 13        Europe Smart Agriculture Market Size, By Services, By Value, 2018-2028

Table 14        Europe Smart Agriculture Market Size, By Connectivity technology, By Value, 2018-2028

Table 15        Europe Smart Agriculture Market Size, By Country, By Value, 2018-2028

Table 16        The Asia-Pacific Smart Agriculture Market Size, By Type, By Value, 2018-2028

Table 17        The Asia-Pacific Smart Agriculture Market Size, By Component, By Value, 2018-2028

Table 18        The Asia-Pacific Smart Agriculture Market Size, By Services, By Value, 2018-2028

Table 19        The Asia-Pacific Smart Agriculture Market Size, By Connectivity technology, By Value, 2018-2028

Table 20        The Asia-Pacific Smart Agriculture Market Size, By Country, By Value, 2018-2028

Table 21        Latin America Smart Agriculture Market Size, By Type, By Value, 2018-2028

Table 22        Latin America Smart Agriculture Market Size, By Component, By Value, 2018-2028

Table 23        Latin America Smart Agriculture Market Size, By Services, By Value, 2018-2028

Table 24        Latin America Smart Agriculture Market Size, By Connectivity technology, By Value, 2018-2028

Table 25        Latin America Smart Agriculture Market Size, By Country, By Value, 2018-2028

Table 26        The Middle East & Africa Smart Agriculture Market Size, By Type, By Value, 2018-2028

Table 27        The Middle East & Africa Smart Agriculture Market Size, By Component, By Value, 2018-2028

Table 28        The Middle East & Africa Smart Agriculture Market Size, By Services, By Value, 2018-2028

Table 29        The Middle East & Africa Smart Agriculture Market Size, By Connectivity technology, By Value, 2018-2028

Table 30        The Middle East & Africa Smart Agriculture Market Size, By Country, By Value, 2018-2028

Table 31        Ag Leader Technology Company Overview

Table 32        AGCO Corporation Company Overview

Table 33        AgJunction, Inc. Company Overview

Table 34        AgEagle Aerial Systems Inc. Company Overview

Table 35        Autonomous Solutions, Inc. Company Overview

Table 36        Argus Control Systems Ltd. Company Overview

Table 37        BouMatic Robotic B.V. Company Overview

Table 38        CropMetrics Company Overview

Table 39        CLAAS KGaA mbH Company Overview

Table 40        CNH Industrial N.V. Company Overview

Table 41        CropZilla Company Overview

Table 42        Deere & Company Company Overview

 

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

 

Market Segmentation

By Offering

  • Hardware
  • Software
  • Services

By Agriculture Type

  • Precision Farming
  • Livestock Monitoring
  • Precision Aquaculture
  • Precision Forestry
  • Smart Greenhouse
  • Others

By Farm Size

  • Small Farms
  • Medium Farms
  • Large Farms

By Region

  • North America
  • Europe
  • Asia-Pacific (APAC)
  • Latin America (LATAM)
  • Middle East & Africa (MEA)
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Frequently Asked Questions (FAQs):

Ans: The smart agriculture market reached USD 11.5 billion in 2021.
Ans: The major factors driving the growth of the smart agriculture market are increasing adoption of advanced technologies and favorable government initiatives and policies.
Ans: The key players in the smart agriculture market are: John Deere, LumiGrow, Trimble, Heliospectra, Topcon Positioning Systems, InnovaSea Systems, DeLaval, Afimilk, AKVA, Antelliq, AgEagle Aerial Systems Inc., Raven Industries, Inc., GEA Group, The Climate Corporation, Autonomous Solutions, Inc., SST Development Group, Inc., Argus Control Systems Ltd, Gamaya, Grownetics, Inc., Granular, Inc., DroneDeploy, Farmers Edge Inc., BouMatic Robotic B.V., and other prominent players.
Ans: The medium-sized farms accounted for the largest share in the smart agriculture market.
Ans: North America has the largest share in the smart agriculture market.