Smart Agriculture & Farming Market Size, Share, Growth, and Industry Analysis, By Type (Hardware, Software, and Services), By Application (Precision Farming, Livestock Monitoring, and Smart Greenhouse), Regional Insights, and Forecast To 2032

Updated On: 22 April 2024

Smart Agriculture & Farming Market Report Overview

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global smart agriculture & farming  market size was USD 8435.8 million in 2022 and market is projected to touch USD 19090.03 million by 2031 at CAGR 9.5% during the forecast period.

Smart agriculture and farming also called precision agriculture, refers to the utilization of sophisticated technologies and data analysis to enhance agricultural methods, minimize waste, improve efficiency, and increase crop productivity. It encompasses the collection of information from multiple sources such as sensors, satellite images, crop models, and weather predictions to make well-informed decisions on various aspects of farming, including pest control, fertilization, irrigation, planting, and harvesting. The goal of smart agriculture is to optimize the overall sustainability, productivity, and efficiency of agriculture.

The market is predicted to escalate with an extensive CAGR in the future due to the growing global population, increasing demand for food, and the need for more sustainable farming practices. Besides, advancements in technologies such as the Internet of Things (IoT), big data analytics, artificial intelligence (AI), and cloud computing have enabled the development of precision agriculture solutions that can collect and analyze data to improve farming practices. Additionally, the market is dived by type, by application, and regional expansion of the market. In terms of by type, hardware, software, and services are being provided by numerous companies. While, precision farming, livestock monitoring, and smart greenhouse are popular application segment to raise the demand for smart technology in the agriculture industry around the world. 

COVID-19 Impact: Pandemic Disrupts Production & Supply Chains due to Lockdown Restrictions

In the beginning, the COVID-19 pandemic disrupted the supply chains of the smart agriculture and farming market. The shutdown of factories and transportation restrictions have led to delays in the production and delivery of agricultural technologies and decreased demand from certain sectors such as the hospitality industry has also impacted the market. Nevertheless, it has also spiked the demand for food as people stockpile and panic buys in response to lockdowns and supply chain disruptions. Resulted, this has led to an increased demand for agricultural products and it could potentially drive investments in smart agriculture solutions to increase productivity and meet demand.

Latest Trends

"Trend of Robotics and Automation in Agriculture Industry Amplify Market Opportunities"

The smart agriculture and farming market is constantly evolving, with new technologies and trends emerging to improve agricultural practices. AI and machine learning is gaining traction in the agricultural industry. The adoption of AI and machine learning is increasing in the smart agriculture and farming market that consenting for better predictions and analysis of data from sensors and other sources to optimize farming practices. Additionally, the use of robotics and automation in agriculture is also growing, with machines performing tasks such as planting, harvesting, and sorting crops, which reduce labour costs and improve efficiency and which is also expected to contribute to advanced farming solutions which in turn will accelerate the smart agriculture & farming market growth during the forecast 2022-2028.

Smart Agriculture & Farming Market Segmentation

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• By Type Analysis

According to type, the market can be bifurcated into Hardware, Software, and Services.

• By Application Analysis

Based on application, the market can be divided into Precision Farming, Livestock Monitoring, and Smart Greenhouse.

Driving Factors

"Mounting Demand for Food Upsurges the Demand for Smart Farming Solutions"

Increasing demand for food is one of the leading factors to escalate market growth. As the global population continues to grow, there is a corresponding increase in the demand for food. Thus, smart agriculture solutions help farmers to increase crop yields and reduce waste, which can help to meet this demand in the future.

"Growing Need for More Sustainable Farming Practices Lift the Market Growth"

The rising need for more sustainable farming practices is also propelling the demand for smart agriculture and farming solutions. The environmental impact of traditional farming practices has become a growing concern, and there is increasing pressure on farmers to adopt more sustainable practices. Therefore, smart agriculture solutions can help to reduce the use of resources such as water and fertilizers and minimize waste.

Restraining Factors

"High Investment Costs & Lack of Awareness Could Limit the Market Expansion"

Despite the rapid growth of the market, some present challenges can restrict the development of this industry. As. the adoption of smart agriculture solutions often requires a high initial investment in technology and infrastructure, which can be a barrier for small farmers or those with limited financial resources. As well as, several farmers may not be aware of the benefits of smart agriculture solutions, or may not have the knowledge or skills required to implement them effectively which can also confine the adoption of these advanced solutions. 

Smart Agriculture & Farming Market Regional Insights

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"North America Leads the Market with a High Level of Technological Development in Agriculture"

In terms of market shares, currently, North America is the dominating region in the smart agriculture and farming market. In addition to this, the U.S. is the leading country in the region to contribute to raise the demand for smart farming solutions across the world. The high level of technological development, coupled with a supportive regulatory environment and strong private investment, has helped to drive growth of the market in the region. The increasing demand for food and the need for sustainable agriculture practices are also the aiding market. Furthermore, the majority of the smart agriculture & farming market shares are held by the region which serves it to lead the market globally.

Key Industry Players

"Leading Companies offer Innovative Solutions to Farmers to Gain a Competitive Edge"

With regard to key players, distinguished companies excite the market as they provide a range of solutions such as precision farming equipment, sensors, software, and analytics tools. Also, they are continuously innovating and investing in research and development to offer new and advanced solutions to farmers. Additionally, partnerships and collaborations among major brands are common, as they seek to integrate and offer more comprehensive and effective solutions to the market. Some of the leading companies such as Ag Leader Technology, AgJunction, Inc., AGCO Corporation, Agribotix LLC, Argus Control Systems Ltd., Autonomous Solutions, and so on, are recognized for their highest profit revenue in the international marketplace. 

List of Market Players Profiled

• Ag Leader Technology
• AgJunction, Inc.
• AGCO Corporation
• Agribotix LLC
• Argus Control Systems Ltd.
• Autonomous Solutions, Inc.
• BouMatic Robotic B.V.
• CropMetrics LLC
• CNH Industrial
• CLASS
• CropZilla Software, Inc.
• DICKEY-john Corporation
• Drone Deploy
• DeLaval International AB
• Deere and Company
• Farm Edge, Inc.
• Grownetics, Inc.
• GEA Group
• Gamaya
• Granular, Inc.
• Raven Industries, Inc.
• SST Development Group, Inc.
• Trimble, Inc.
• The Climate Corporation
• Topcon Corporation

Report Coverage

This report defines the smart agriculture & farming market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.