Smart Agriculture Market: Industry Analysis and Forecast (2023-2029) Market Trends, Statistics, Dynamics, and Segmentation by Agriculture Type, Offering, Application and Region

Smart Agriculture Market Size in 2022 was worth US $ 16.49 Bn. at a CAGR of 9.7 % and it is expected to reach US $ 31.52 Bn. in 2029.
Smart Agriculture Market Overview:
The smart agriculture market was valued at US$ 16.49 bn. in 2022. The principal elements driving demand are the growing automation of commercial greenhouses and the growing use of the Controlled Environment Agriculture (CEA) concept in greenhouses in order to produce higher yields and maintain optimal growth conditions. Cultivators are becoming more aware of the potential benefits of greenhouse farming, which has resulted in a rise in the number of commercial greenhouses being built. Cultivators have turned their focus away from traditional lighting systems and toward LED grow lights, which are easier to integrate into a CEA setup. Despite their high cost, LED grow lights are regarded suitable for indoor farming due to their long-term energy efficiency benefits.To know about the Research Methodology :- Request Free Sample Report

COVID-19 Impact on the Smart Agriculture Market:

The COVID-19 pandemic is expected to have a minor impact on the smart agriculture market in 2022, as movement restrictions and lockdowns have caused supply chain disruptions. Using remote monitoring technologies and farm management software tools, on the other hand, could lead to increased adoption in the post-COVID-19 period. COVID-19 has wreaked havoc on the supply chains of several smart agricultural verticals, including precision farming, livestock monitoring, aquaculture, greenhouses, and forestry. Using innovative technologies, the companies are looking into new ways to communicate with growers and farmers.
Smart Agriculture Market Dynamics:
The employment of new technologies in agricultural products is on the rise: Precision farming also offers information on the amount of irrigation water, liquid fertilizers, nutrients, herbicides, and pesticides that are needed, decreasing resource waste and lowering farming costs. Two significant elements that promote the use of smart agriculture tools are increased business efficiency through process automation and greater production with lower farming costs. Precision farming innovations are going to make agriculture more profitable than ever before. As a result, business-minded farmers have begun to use various precision farming/smart agriculture instruments to boost crop yields and profit margins.

Large-scale data management for effective decision-making: Users of smart agricultural technologies face huge difficulty in data management. Data collected from farms using smart agricultural instruments is critical since it aids farmers in making productive decisions. Large amounts of critical data pertaining to mapping, variable rate seeding, soil testing, yield monitoring, and historical crop rotation are produced on a regular basis in precision farming. Because successful smart farming approaches rely entirely on this data for analyzing farm conditions, it must be properly kept and handled. Making effective farm management decisions and enhancing agricultural operations require data management.
Smart Agriculture Market segment analysis:
Based on agriculture type, the Livestock Monitoring segment held the largest share of 22.04% in 2022. To maintain optimal yields, precision livestock monitoring allows for real-time monitoring of livestock health, production, and welfare. Market players have been recommended to focus on new product launches and significant cost savings related to livestock monitoring management due to factors such as expanding dairy farm size and rising technical breakthroughs, such as precision livestock monitoring. Because of its overall contribution, livestock has a substantial role in the agriculture sector. It is a crucial part of poverty reduction initiatives, and it can be produced fast because all of the necessary inputs are available in sufficient numbers in the country.

Based on Application, the Precision Farming Applications segment held largest share of xx% in 2022, inside Precision Farming Applications yield monitoring segment is held largest share of 44.53% in 2022, owing to growing demand for agricultural growth monitoring and decreasing overall wastage by giving needed water and minerals on time. Yield monitoring allows farmers to learn more about their fields and crops while also developing site-specific crop management strategies. The yield monitoring system reveals the regional and temporal variability in crop yields, which is one of its key advantages.
Smart Agriculture Market Regional Insight:
The North America region held largest market share of 45.61%in 2022. Over the forecast period, rising government activities and regulations to improve the region's agriculture business are expected to stimulate regional demand. The North America Climate Smart Agriculture Alliance (NACSAA), a platform for training and equipping growers to boost agricultural productivity sustainably, has been formed by a group of agricultural organizations. Governments in North America are actively giving subsidies to increase the applications of smart irrigation in response to the growing concern about water conservation. The state of California, for example, has offered a discount for smart controllers.

The objective of the report is to present a comprehensive analysis of the Smart Agriculture market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Smart Agriculture market dynamics, structure by analyzing the market segments and projects the Smart Agriculture market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Smart Agriculture market make the report investor’s guide.
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Global Smart Agriculture Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 16.49 Bn.


Forecast Period 2023 to 2029 CAGR:
9.7%
Market Size in 2029:
US $ 31.52Bn.


 Segments Covered:
by Agriculture Type
Livestock Monitoring
Precision farming
Fish farming
Smart Greenhouse
others


by Offering
Hardware
Software
Service


by Application
Livestock Applications
Fish Farming Application
Precision Farming Application
Smart Greenhouse Application
Others



Smart Agriculture Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Smart Agriculture Market Key Players
1. Agjunction, Inc.
2. Trimble, Inc.
3. Deere & Company
4. Trimble, Inc.
5. AG Leader Technology
6. Sst Development Group, Inc
7. Agco Corporation
8. The Climate Corporation
9. Precision Planting, Inc.
10.Semiosbio Technologies Inc.
11.DeLaval
12.Antelliq
13.Afimilk Ltd.
14.Raven Industries
15.AgJunction
16.Argus Control Systems Ltd.
17.Agribotix LLC
18.Autonomous Solutions, Inc.
19.CNH Industrial
20.CLAAS
21.CropZilla Software, Inc.
Frequently Asked Questions:
1. Which region has the largest share in Global Smart Agriculture Market?
Ans: North America region holds the highest share in 2022.

2. What is the growth rate of Global Smart Agriculture Market?
Ans: The Smart Agriculture Market is growing at a CAGR of 9.7 % during forecasting period 2023-2029.

3. What segments are covered in Global Smart Agriculture market?
Ans: Smart Agriculture Market is segmented into by Agriculture Type, by Offering, by Application and Region.

4. Who are the key players in Global Smart Agriculture market?
Ans: The important key players in the Smart Agriculture Market are – Agjunction, Inc., Trimble, Inc., Deere & Company, Trimble, Inc., AG Leader Technology, Sst Development Group, Inc, Agco Corporation, The Climate Corporation, Precision Planting, Inc., Semiosbio Technologies Inc., DeLaval, Antelliq, Afimilk Ltd., Raven Industries.

5.What is the study period of this market?
Ans: The Smart Agriculture Market is studied from 2022 to 2029.