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The smart agriculture market size is forecast to increase by USD 10.98 billion, at a CAGR of 10.22% between 2023 and 2024. The adoption of smart farming practices is gaining momentum, driven in part by the availability of affordable cloud services. This technology enables farmers to optimize crop yields through real-time monitoring and analysis of various agricultural data. Weather and climatic conditions are crucial factors in agriculture, and smart farming help farmers stay informed about these variables to make informed decisions. By leveraging data-driven insights, farmers can enhance overall yield, reduce waste, and improve sustainability. Cloud-based services offer cost-effective solutions for accessing this valuable information, making smart farming an increasingly attractive option for modern agriculture.
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In modern agriculture, the emphasis on protein-rich diets has spurred innovations across various fronts, including commercial greenhouses that utilize smart technologies for enhanced crop cultivation. These technologies incorporate Machine to Machine services and M2M applications and are often implemented by smart agriculture companies utilizing infrastructural health sensors and agricultural robots, including robotic weeding machines. The integration of mobile technology, Wi-Fi technology, Zigbee technology, and RF technology facilitates real-time data collection and management, optimizing farm operations and improving yields. These advancements enable farmers to monitor conditions remotely, adjust irrigation and nutrient levels dynamically, and deploy resources efficiently. As agriculture becomes increasingly digitized, these technologies play a crucial role in ensuring sustainable and productive farming practices, meeting the demands of a growing global population while minimizing environmental impact.
Currently, farming applications are rising towards the cloud system, with farmers aiming at benefits in terms of better data access, availability of information, synchronization in different farming activities, and storage of valuable information. The prices of cloud systems for agriculture have always been a major concern for farmers. However, with the efforts of cloud service providers in increasing overall agriculture production and the rising competition among the providers, the prices of cloud services have lowered
Moreover, the adoption of cloud technology is increasing at a high rate. The major benefits of implementing cloud technology in agriculture are an information data bank for information related to crops, weather, soil, farmer data, and expert consultations, and promotes the circulation of agricultural products and services at a wider level by increasing the overall crop yield. The decline in the prices of cloud-based solutions will benefit in terms of overall productivity and crop yield, which will drive the growth of the market in focus during the forecast period. In addition, the adoption of smart agriculture practices is significantly boosting productivity in the Argentina agriculture market, driving the sector towards more sustainable and efficient farming methods
Big data in smart farming is rising to a lot of opportunities in the agriculture industry. Improvement in wireless communication in the agricultural field is leading to growth in production levels. Repair and maintenance of equipment and improvements in functional safety in the field are giving rise to a crop production level. It results in the adoption rate of big data in smart farming rising across the world.
Moreover, with the use of GPS trackers and sensors, granular data points on soil conditions and detailed information on wind, fertilizer requirements, water availability, and pesticide requirements can be conveyed to farmers. Data acquisition and storage have become easier with the help of big data analysis. In addition, they promote decision-making and other practices used by farmers. Smart farming deploying advanced automation control systems and agriculture equipment can leverage big data to store, analyze, and transmit process-specific information for farmers, which will drive the growth of the market in focus during the forecast period.
The adoption of smart farming tools and techniques in both hardware and software is growing worldwide. However, investment in these tools is a major concern in many places. Moreover, software integration is expensive and requires high initial investments. The charges for other data analytics and training are also high, which adds to the overall cost incurred by farmers.
Furthermore, the cost associated with smart farming is based on the type of tools being adopted. The adoption of smart farming technology depends on the land area. For instance, farmers that have a small land area find it difficult to match the level of investment with the yield level in their fields. For larger farms, the initial cost of hardware and software solutions with the entire farm area remains a major challenge. If the farmers have low technical skills, the immediate benefits of smart farming cannot be achieved, which affects the smart farming market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Ag Leader Technology: The company offers smart agriculture such as acre-forward which helps to cover more acres and act decisively with more speed.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The precision farming segment will account for a major share of the market's growth during the forecast period.? Precision farming involves the use of advanced technologies, such as remote sensing, GPS, and IoT devices, to optimize agricultural practices and increase productivity. Precision farming is aimed at ensuring the efficient use of resources, minimizing environmental impact, and enhancing crop yield and quality. Remote sensing technologies, such as satellite imagery and aerial drones, provide valuable data about crop health, soil moisture, and nutrient levels.
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The precision farming segment was valued at USD 3.80 billion in 2018. There are some key aspects and technologies associated with precision farming such as remote sensing, global positioning system (GPS), variable rate technology (VRT), and IoT. Moreover, the segment has been growing rapidly due to the increased efficiency and productivity it offers to farmers. By adopting precision farming techniques, farmers can optimize resource utilization, minimize environmental impact, reduce costs, and improve overall crop yield and quality, which will drive the growth of the segment during the forecast period.
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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Owing to the rapid adoption of smart farming tools and techniques the smart agriculture market in North America is growing. The adoption rate of products such as sensors, cloud computing, secured data storage, and installation-related services will be high during the forecast period. Manufacturers of smart farming hardware and software products are expected to expand their market to different countries across North America.
Moreover, the smart agriculture market in North America witnessed slow growth during 2020. However, with the lifting of lockdown restrictions in Q1 2021, the US government has been investing and offering subsidies and loans to farmers to mitigate the after-effects of the pandemic. Thus it will increase the need for smart agriculture solutions during the forecast period. Currently, with business activities related to agriculture reviving across North America and with governmental support, it is expected that the demand for smart agriculture solutions will rise during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
In the realm of aquaculture, advancements in aquaculture tools are leveraging the Internet of Things (IoT) and Artificial Intelligence (AI) technologies to revolutionize operations. Machine learning is optimizing processes like precision feeding systems and real-time monitoring of aquatic environments through acoustic telemetry tracking systems and Remotely Operated Vehicles (ROVs). Automatic feeders and AI-based farm analytics services enhance aquaculture production efficiency, benefiting aquaculture farm owners across decentralized large, medium, and small-sized farms.
Moreover, smart agricultural technologies extend to livestock monitoring solutions with livestock biometrics and RFID technology. These innovations not only improve livestock farming practices but also address environmental concerns such as land degradation, water degradation, and CO2 emissions associated with traditional agricultural practices. Robotic systems like milking robots and feeding robots streamline farm operations, ensuring crop quality and quantity while enhancing food security. This integrated approach underscores the importance of precision agriculture in sustaining global agricultural lands and securing future food supplies.
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Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.22% |
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Market growth 2024-2028 |
USD 10.98 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
9.36 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 42% |
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Key countries |
US, UK, China, Canada, and India |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
A.A.A Taranis Visual Ltd., Ag Leader Technology, AGCO Corp., AquaSpy Inc., Bayer AG, Berkshire Hathaway Inc., CNH Industrial NV, Deere and Co., Grownetics Inc., Heliospectra AB, Iteris Inc., Kubota Corp., Lindsay Corp., SemiosBio Technologies Inc., Tetra Laval SA, The Toro Co., Topcon Corp., Trimble Inc., Valmont Industries Inc., and Yara International ASA |
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Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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