Smart Agriculture Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast till 2031

The smart agriculture market size is projected to reach US$ 43.01 billion by 2031 from US$ 17.37 billion in 2023. The market is expected to register a CAGR of 12 % in 2023–2031. The growing integration of AI and big data is likely to remain a key smart agriculture market trend.

Smart Agriculture Market Analysis

It is anticipated that advancements in robotics, IT, and sensor technologies will increase the potential of smart agriculture. It is anticipated that farmers will be able to make increasingly precise decisions about a crop's demands at any given time and place, even when doing so remotely. Additionally, the automation of farming tasks like harvesting and plowing will spur more advancements in smart farming. Experts predict that as smart farming gains traction, agricultural yields will rise, and production methods will become more effective. Advances in intelligent farming will have a favorable impact on the expansion of the smart agriculture sector as a whole.

Smart Agriculture Market Overview

The application of cutting-edge technologies and data-driven farm operations to maximize and enhance sustainability in agricultural production is referred to as "smart farming" or "smart agriculture." Artificial intelligence (AI), automation, and the Internet of Things are among the technologies utilized in smart farming (IoT). While new tools and technology have always been essential to farm management and food production, the development and use of smart farming technologies are currently driven by pressing challenges. The most important one is food security: the International Monetary Fund estimates that by 2050, food production will need to rise by 70% in order to keep up with the world's population growth.

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Smart Agriculture Market: Strategic Insights

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Smart Agriculture Market Drivers and Opportunities

Increasing adoption of livestock monitoring solutions

Keeping track of cattle and other agricultural animals is crucial since the livestock sector is so large. A groundbreaking solution, a livestock monitoring system integrates sensors, GPS, and other technologies with a network protocol for communication. The farmers can remotely check on their farm animals with the use of this monitoring device. The tracker gadget is fastened to collars and monitors various aspects of the animal's life, including pasture management, chewing habits, and overall health. The livestock monitoring system aids in the management of farm equipment as well as animals. A wireless sensor network is an implementation that uses sensors on animals and sends the data to a central unit for monitoring. With the adoption of livestock monitoring solutions, the market is growing. 

Increasing technological advancements in aquaculture farming

Fish farming has significantly improved thanks to technology, which has made it possible to precisely monitor fish health, optimize feeding procedures, and reduce waste. By precisely delivering feed at predetermined times, automated feeding systems reduce food waste and enhance fish development. Farmers can rapidly identify problems and take appropriate action since sensors and cameras track temperature, fish behavior, and water quality. Thus, the increasing technological advancements in aquaculture farming are anticipated to present new opportunities for the smart agriculture market players during the forecast period.

Smart Agriculture Market Report Segmentation Analysis

Key segments that contributed to the derivation of the smart agriculture market analysis are product type and application.

• Based on the product type, the smart agriculture market is segmented into hardware, software, and services.
• By application, the market is segmented into precision farming, livestock monitoring, yield monitoring, soil health monitoring, irrigation systems, variable rate application, asset management, and smart greenhouse.

Smart Agriculture Market Share Analysis by Geography

The geographic scope of the smart agriculture market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. In terms of revenue, North America accounted for the largest smart agriculture market share. Drones are a major technical advancement that the US agriculture sector is using to accelerate crop production. Drone usage has allowed farms to increase crop yields while using fewer pesticides. Automating processes and putting different precision farming techniques into practice are essential to the expanding use of smart agriculture in America. In addition to the previously indicated benefit, using drones for farming operations also lowers expenses.

Smart Agriculture Market Regional Insights

The regional trends and factors influencing the Smart Agriculture Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Smart Agriculture Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Smart Agriculture Market Report Scope

Smart Agriculture Market Players Density: Understanding Its Impact on Business Dynamics

The Smart Agriculture Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Smart Agriculture Market are:

1. AGCO Corporation
2. Ag Junction Inc.
3. AG Leader Technology
4. Deere & Company
5. Raven Industries
6. Inc.

Disclaimer: The companies listed above are not ranked in any particular order.

Smart Agriculture Market News and Recent Developments

The smart agriculture market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:

• In July 2023, Türkiye launched smart agriculture to boost sustainable farming. The project aims to enhance resource efficiency and productivity while ensuring the long-term health of Türkiye's valuable soil treasure. (Source: Turkuvaz Haberleşme, Press Release)
• In March 2024, FMC India, an agricultural sciences company and arm of US-based FMC Corporation, launched a precision agriculture platform, Arc Farm Intelligence. (Source: FMC India, Press Release)

Smart Agriculture Market Report Coverage and Deliverables

The “Smart Agriculture Market Size and Forecast (2023–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles