Global Smart Agriculture Market Report and Forecast 2024-2032

Global Smart Agriculture Market Outlook

The global smart agriculture market size reached approximately USD 19.50 billion in 2023. The market is further projected to grow at a CAGR of 9.2% between 2024 and 2032, reaching a value of USD 44.18 billion by 2032.

Key Trends in the Market

Smart agriculture refers to the utilisation of technology including location systems, internet of things, artificial intelligence, robots, and sensors for enhancing the quality and quantity of the crop yield. Adoption of smart farming enhances the overall plant productivity, optimises water, electricity, and fuel usage, and reduces waste.

• The expansion of the global population is bolstering the requirement for high crop yield and judicial usage of natural resources including water, supporting the smart agriculture market growth. Additionally, the requirement for climate smart agriculture is also increasing due to changing weather patterns and harsh environmental conditions.

• Adoption of smart agriculture solutions such as yield mapping software, data management software, and sensors, among others allows farms to save costs, maximise productivity, and increase profits and land fertility along with the facilitation of sustainable agriculture.

• The increasing awareness among farmers, agriculturists, and agronomists about the various advantages associated with the utilisation of smart agriculture practices is providing lucrative growth opportunities to the market. Smart agriculture traces anomalies in crop growth, aiding in eliminating the risk of losing the yield.

Global Smart Agriculture Market Analysis

On the basis of agriculture type, the market is divided into precision farming, livestock monitoring, and smart greenhouse, among others. Based on offering, the market is segregated into hardware, software, and services, with hardware subdivided by type into automation and control systems, sensing devices, HVAC systems, and LED grow lights, among others and service into system integration and consulting, maintenance and support, managed services, and assisted professional services.

Based on application, the market is segregated into precision farming application, livestock monitoring application, and smart greenhouse application, among others. The precision farming application segment is subdivided by type into yield monitoring, field mapping, crop scouting, weather tracking and forecasting, irrigation management, inventory management, and farm labour management.

The livestock monitoring application is subdivided by type into milk harvesting, breeding management, feeding management, and animal comfort management, among others. The smart greenhouse application is subdivided by type into water and fertilizer management, HVAC management, and yield monitoring, among others. On the basis of region, the smart agriculture market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• 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

Market Share by Agriculture type

Livestock monitoring is anticipated to account for a significant smart agriculture market share owing to the increasing requirement of real time monitoring of livestock to ensure their welfare, health, and production for ensuring the provision of optimum yield. The expansion of the dairy sector owing to the increased consumption of milk and milk products due to rising population is supporting the segment growth.

Market Share by Region

North America is expected to witness significant growth over the forecast period. This growth can be attributed to the increasing government regulations and initiatives to bolster the growth of the agricultural sector in the region. The increasing concerns about water conservation and growing awareness about the various advantages of smart agriculture is propelling the smart agriculture market demand in North America.

Competitive Landscape

AGCO Corporation is one of the global leaders in distribution, design, and manufacture of smart solutions to support sustainable agriculture practices. Their portfolio includes a full line of tractors, seeding and tillage equipment, and hay and forage equipment, among others.

Trimble Inc., headquartered in Colorado, United States, is a hardware, software, and services technology company dedicated towards delivering solutions to enhance the quality of life of their customers. The company transforms critical industries such as agriculture, transportation, and construction, among others.

Deere & Company, headquartered in Illinois, United States, is one of the leading manufacturing companies for combine harvesters and tractors, among other agricultural equipment. The company is also involved in the production of forestry equipment and construction solutions.

Other smart agriculture market key players include Raven Industries, Inc., Argus Control Systems Limited, ams-OSRAM AG, CLAAS KGaA mbH, Topcon Positioning Systems, Inc., TSI Incorporated (DICKEY-john), and DroneDeploy, Inc., among others.

Key Highlights of the Report