[182 Pages Report] The Smart Agriculture Market size was estimated at USD 23.43 billion in 2023 and expected to reach USD 26.74 billion in 2024, at a CAGR 15.03% to reach USD 62.47 billion by 2030.
Smart agriculture is a concept focused on providing the agricultural industry with the required infrastructure to leverage advanced technology. Improvement in software and hardware technology is providing a new way toward performing agricultural practices, especially with the introduction of smart sensors, robotic automation, modern biologicals, digital data, and many big incumbents, which have identified the need to adopt smart agriculture. Thus, the increasing technology revolution in smart agriculture drives the growth of the global smart agriculture market in terms of value sales. In addition, the introduction of GPS, IoT, and wireless connectivity in smart agriculture to provides quality products and substantial benefits in terms of environmental issues with more efficient use of water, optimization of treatments, and improved use of bio-fertilizers instead of chemical fertilizers, is expected to drive the growth of the market during the forecast period. Despite its advantages, some major factors restrict the growth of smart agriculture, including the heavy investment required to deploy different components in agriculture. In addition, smart agriculture uses different methods to deliver a passive medium and nutrient solution in the plant root, which is more costly than other methods. However, various agriculture industries are collaborating with different regional governments to implement advanced technology such as machine learning and IoT to enable farmers to efficiently plan and execute multiple agricultural operations, providing a lucrative opportunity for market growth.
Regional Insights
The increasing adoption of variable rate technology, smart irrigation controllers, and AI-based farm analytics services in the U.S., Canada, France, China, India, and Japan fuel the market growth across North America, Europe, and Asia-Pacific regions. Although smart farming is in the adoption stage in Asia-Pacific, the growing government support and rising awareness among cultivators are expected to drive regional demand during the forecast period. The increasing livestock population and the growing demand for meat products in Asian countries, including China, Australia, India, and Japan, contribute to regional market growth. The rising demand for automation of livestock and aquaculture farms in this region is further expected to boost the growth of the smart agriculture market in Asia-Pacific. Moreover, growing government initiatives and regulations to enhance the agriculture industry in the U.S. and Canada have been fueling regional market growth for the last couple of years. Various agricultural organizations have formed the North America Climate Smart Agriculture Alliance (NACSAA), a platform for educating and equipping cultivators for sustainable agricultural productivity. With the rising concern for water conservation, governments in North America are actively providing subsidies to enhance the applications of smart irrigation. The European Union (EU) has prioritized the modernization of European farms to help farms produce more food while using fewer resources and reducing their overall environmental impact. The European smart farming market is expected to grow rapidly with improvements in the technology already used on farms and the introduction of smart technology to the field.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Smart Agriculture Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Smart Agriculture Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Smart Agriculture Market, highlighting leading vendors and their innovative profiles. These include Afimilk Ltd., AG Leader Technology, Inc., AgCinect LLC, AGCO Corporation, AgEagle Aerial Systems Inc., AgJunction, Inc. by Kubota Corporation, Agrivi d.o.o., Agworld Pty Ltd., Aker Technologies, Inc., AKVA Group, Aquabyte Inc., Biz4Intellia Inc., BouMatic LLC, Claas KGaA mbH, Cropin Technology Solutions Pvt. Ltd., CropMetrics LLC, Croptracker, Inc. by Dragonfly Information Technology Inc., CropZilla Inc., Deere & Company, DeLaval Inc., Dickey-John Corporation by TSI Incorporated., DJI Technology Co., Ltd., DroneDeploy, EOS Data Analytics, Inc., Equinox’s Drones Pvt. Ltd., Fancom B.V., Farmbrite, Farmers Edge Inc., FarmLogics Technologies Pvt. Ltd., Gamaya, GEA Group Aktiengesellschaft, GroPoint by RioT Technology Corp., Heliospectrs AB, Innovasea Systems, Inc., Jain Irrigation Systems Ltd., Jingxun Changtong Electronic Technology Co., Ltd., Kheti Buddy, Nelson Irrigation Corporation, Netafim by Orbia, PrecisionHawk, Inc., Proagrica by LexisNexis Risk Solutions Group, Quantum Spatial, Inc. by NV5 Global, Inc., QuickTrials by Resonanz Group, Rain Bird Corporation, Raven Industries, Inc., TeeJet Technologies, The Climate Corporation, Trimble, Inc., Weathermatic, and XAG Co., Ltd..
Market Segmentation & Coverage
This research report categorizes the Smart Agriculture Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Offering
- Hardware
- Automation & Control System
- Displays
- Drones or UAVs
- Flow & Application Control Devices
- GPS & GNSS
- Guidance & Steering
- Handheld Mobile Devices or Handheld Computers
- HVAC Systems
- Irrigation Controller
- LED Grow Lights
- Sensing & Monitoring Devices
- Climate Sensors
- RFID Tags & Readers
- Soil Sensors
- Water Sensors
- Yield Monitors
- Automation & Control System
- Services
- Assisted Professional Services
- Climate Information Services
- Supply Chain Management Services
- Connectivity Services
- Maintenance & Support
- Managed Services
- Analytics
- Data Services
- Farm Operation Services
- System Integration & Consulting
- Assisted Professional Services
- Software
- Cloud-Based
- Local or Web-Based
- Hardware
- Farm Size
- Large Farms
- Medium Farms
- Small Farms
- Application
- Fish Farming
- Feeding & Production Control
- Fish Tracking & Fleet Navigation
- Water Quality Management
- Livestock Monitoring
- Animal Comfort Management
- Behaviour Monitoring & Management
- Breeding Management
- Feed Management
- Heat Stress Management
- Milk Harvesting Management
- Precision Farming
- Crop Scouting
- Farm Labor Management
- Field Mapping
- Financial Management
- Inventory Management
- Irrigation Management
- Weather Tracking & Forecasting
- Smart Greenhouse
- HVAC Management
- Water & Fertilizer Management
- Yield Monitoring
- Fish Farming
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Smart Agriculture Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Smart Agriculture Market?
- What are the technology trends and regulatory frameworks in the Smart Agriculture Market?
- What is the market share of the leading vendors in the Smart Agriculture Market?
- Which modes and strategic moves are suitable for entering the Smart Agriculture Market?
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