Global Smart Agriculture Solution Market, By Component (Hardware, Software and Services), Application (Automated Machinery Guidance Control, Obstacle Detection, Tractor Collision, Machinery Safety and Monitoring, Variable Rate Technology and Premises Surveillance) - Industry Trends and Forecast to 2029.
Market Analysis and Size
Smart agriculture is being widely adopted globally as it enhances the yield per unit of farming land to acquire best in terms of quantity, quality, and financial returns. The technology assists in better decision making, reduces waste and maximizes efficiency in operations.
Global Smart Agriculture Solution Market was valued at USD 14.11 billion in 2021 and is expected to reach USD 42.06 billion by 2029, registering a CAGR of 12.90% during the forecast period of 2022-2029. “Hardware” accounts for the largest application segment in the respective market owing to the increase in adoption of drones in agricultural activities for enhancing product activity. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
Smart agriculture tools are used in precision farming for enhancing efficiency of farm, and helps farmers in increasing their crop yields. Yield monitoring is one of the major application of precision farming that assists in identifying the field variability information, such as soil properties, fertilizers and weather conditions.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Hardware, Software and Services), Application (Automated Machinery Guidance Control, Obstacle Detection, Tractor Collision, Machinery Safety and Monitoring, Variable Rate Technology and Premises Surveillance)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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Grownetics, Inc. (US), Auroras s.r.l. (Italy), Granular, Inc. (San Francisco), TOPCON CORPORATION (Japan), The Climate Corporation (US), Farmers Edge Inc (Canada), DICKEY-john. (US), Conservis (US), Ag Leader Technology. (US), Raven Industries, Inc. (US), Iteris, Inc. (US), Reed Business Information Ltd (US), AgJunction (Canada), Trimble Inc. (US), Deere & Company. (US), Mothive (US), CropX inc. (US), Ceres Imaging, Inc (US), GAMAYA (Switzerland), AgriData Incorporated. (US), AgEagle Aerial Systems Inc. (US),and Aker Solutions (Norway), among others
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Market Opportunities
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Smart Agriculture Solution Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Use of Modern Technologies in Agricultural Products
The use of modern technologies such as variable rate technology (VRT), data management software, mapping software, yield mapping software, and GPS in agricultural products is one of the major factors driving the growth of smart agriculture solution market. These technologies improve land fertility and profitability, maximize productivity, reduce the cost of farming and facilitate sustainable agriculture.
- Availability of Low-Cost Sensors
The availability of various sensors such as load, temperature, and vibration accelerate the market growth. The on-going technological advancements in the semiconductor industry and intense competition among various manufacturers also drive the market growth.
- Concerns Regarding Soil Erosion
The increase in the concerns regarding soil erosion encouraging farmers to adopt advanced agricultural technologies further influence the market. The status of soil condition plays a crucial role in decision making regarding sustainable soil management and appropriate land use that is acquired with the help of modern agricultural solutions.
Additionally, rapid urbanization, change in lifestyle, expansion of agricultural sector, surge in investments and increase in government initiatives positively impact the smart agriculture solution market.
Opportunities
Furthermore, use of unmanned aerial vehicles or drones in agricultural farms and popularity of land-based recirculating aquaculture systems extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, rise in focus on integration of smartphones with agricultural hardware and software applications will further expand the market.
Restraints/Challenges
On the other hand, high cost for development of modern agricultural equipment and fragmented agriculture industry are expected to obstruct market growth. Also, management of large volumes of data for productive decision making and environmental concerns are projected to challenge the smart agriculture solution market in the forecast period of 2022-2029.
This smart agriculture solution market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on smart agriculture solution market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Smart Agriculture Solution Market
The COVID-19 has impacted smart agriculture solution market. The limited investment costs and lack of employees hampered sales and production of horticulture lighting technology. However, government and market key players adopted new safety measures for developing the practices. The advancements in the technology escalated the sales rate of the hardware and software as it targeted the right audience. The increase in vertical and indoor farms across the globe is expected to further drive the market growth in the post-pandemic scenario.
Recent Developments
- DeLaval launched RC550 & RC700, a robot collector designed for solid floors in March’2021. These products enhance cow comfort and hoof condition. These robots are capable of handling manure without using additional water due to their unique rotary manure intake system.
- John Deere added a new Work Planner feature in January’2021 to help farmers in streamlining their work setup experience. They assist operators work more quickly in the field, and provides farmers with a holistic tool to manage their farms.
Global Smart Agriculture Solution Market Scope and Market Size
The smart agriculture solution market is segmented on the basis of component, and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Hardware
- Software
- Services
Application
- Automated Machinery Guidance Control
- Obstacle Detection
- Tractor Collision
- Machinery Safety and Monitoring
- Variable Rate Technology
- Premises Surveillance
Smart Agriculture Solution Market Regional Analysis/Insights
The smart agriculture solution market is analysed and market size insights and trends are provided by country, component, and application as referenced above.
The countries covered in the smart agriculture solution market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the smart agriculture solution market because of the gradual deployment of smart agriculture services within the region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 because of the adoption of variable rate technology and smart irrigation controllers, and AI-based farm analytics services in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Smart Agriculture Solution Market
The smart agriculture solution market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to smart agriculture solution market.
Some of the major players operating in the smart agriculture solution market are
- Grownetics, Inc. (US)
- Auroras s.r.l. (Italy)
- Granular, Inc. (San Francisco)
- TOPCON CORPORATION (Japan)
- The Climate Corporation (US)
- Farmers Edge Inc (Canada)
- DICKEY-john. (US)
- Conservis (US)
- Ag Leader Technology. (US)
- Raven Industries, Inc. (US)
- Iteris, Inc. (US)
- Reed Business Information Ltd (US)
- AgJunction (Canada)
- Trimble Inc. (US)
- Deere & Company. (US)
- Mothive (US), CropX inc. (US)
- Ceres Imaging, Inc (US)
- GAMAYA (Switzerland)
- AgriData Incorporated. (US)
- AgEagle Aerial Systems Inc. (US)
- Aker Solutions (Norway)
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