Smart Agriculture Market size was valued at USD 14.34 Billion in 2023 to USD 29.65 Billion by 2031, growing at a CAGR of 9.51% in the forecast period (2024-2031).The convergence of Internet of Things (IoT) technology with robots, drones, remote sensors, and computer imagery will radically alter agriculture completely by offering the farmer rich data to be used to enhance agricultural methods to suit environmental needs. On this connection, farmers will be able to get prime information that will be very critical in making decisions hence speeding up the market expansion exponentially. This method of using GPS and GIS accurately to monitor specific field sites, to assess quality, and to map field data on the topographic base will equally transform land productivity with the power of big data analytics.
The market is responding well to the adoption rate of precision farming techniques that focus on providing right inputs for enhancing optimum land production and the emergence of smart greenhouse technology. All these innovations signal a revolution in farming, therefore, allowing farmers to have greater levels of productivity, sustainability, and knowledge leading to better decision-making. These factors fuel the explosive growth of the market.
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Integrating Technology and Tradition with New Age of Data in Agriculture
Agriculture generates a lot of data each day, but only a few of these turn out to be of tangible value without proper analysis. Big data and analytics are tools that take raw data and make it an executable insight. A huge amount of data is the basis in which crop seasons are planned – crop disease statistics, weather forecasts, market rates, irrigation practice, land utilization, crop areas, and productivity measures and projections. It provides a large amount of information from various sources employing analytical techniques such as meteorological events, machinery performance, water cycles, and information related to the quality and quantity of crops. For instance, FarmSight by John Deere is a platform that deals with farm management and data-driven farming to optimize crop yields, reduce costs, and increase farming productivity through big data and analytics.
Competitive Forces Driving Smart Agriculture Innovation
The global smart agriculture market is highly dynamic in competitive terms, with a mix of leading brands, emerging players, and niche players. Innovation ranks among the top factors driving competition. To keep pace with evolving consumer preferences, leading players have been investing highly in R&D for introducing new flavors, packaging designs, and healthy alternatives. They also often set industry trends.
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Strategic Moves by Key Players
In April 2024, AGCO Corporation, which pioneered in precision agriculture technology development and design, production, and sales of agricultural machinery, introduced its new brand PTx, precision agriculture offer launched. PTx contains precision agriculture technology from the newest joint venture Precision Planting and PTx Trimble at its basis.
In March 2024, the well-known Chinese multinational technology company Huawei declared its cooperation with local and international partners aimed to promote, develop, and apply artificial intelligence (AI) in agriculture across Latin America and the Caribbean.
In January 2024, when Linamar Corporation acquired Saskatchewan-based Bourgault Industries Ltd., it took a huge leap toward making its place stronger in the agriculture industry. Bourgault Industries is recognized as one of the world’s leading players in broad acre seedling and is renowned for its inventive agricultural machinery.
This report covers following segments:
A. Agriculture Type
Precision Farming
Livestock Monitoring
Smart Greenhouse
Others
B. Software
Remote Monitoring
Data Analytics
Supply Chain Management
Quality Assurance
Data Management
Others
C. Hardware
Soil Sensors
Nutrient Sensors
Moisture Sensors
Light Sensors
HVAC
Displays
Antennas
Receivers
LED Lights
Valves and Pumps
Others
D. Offering
Hardware
Software
E. Farm Size
Small
Medium
Large
This report covers following players:
CropMetrics
CLAAS KGaA
Ag Leader Technology
AgJunction, Inc.
Autonomous Solutions, Inc.
BouMatic Robotic B.V.
Deere & Company
DroneDeploy
Farmers Edge Inc
Topcon Corporation
Raven Industries
Trimble Inc.
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Embracing Future of Smart Agriculture
Smart agriculture is associated with advantages and disadvantages of the market. The vulnerability and ethical issues need to be fixed, considering the rising productivity and sustainability brought about by the advancement of technology and use of data-driven processes. For this, innovation promotion, prioritizing ethical and data security, allows the pertinent stakeholders to create a resilient agricultural environment that satisfies the needs of the growing population of this globe.
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