Smart Agriculture Market worth $23.38 billion by 2029 - Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., Dec. 16, 2024 /PRNewswire/ -- The Smart Agriculture market is expected to reach USD 23.38 billion by 2029, up from USD 14.40 billion in 2024, at a CAGR of 10.2% from 2024 to 2029 according to a new report by MarketsandMarkets™. The smart agriculture market is rapidly growing, driven by advancements in precision farming, IoT (Internet of Things) devices, AI-based analytics, and robotics. These technologies are being applied across various areas such as precision farming, livestock monitoring, precision aquaculture, and smart greenhouse farming.

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Smart Agriculture Market Report Scope:

The smart agriculture market has been growing due to different factors. First of all, the rising need to enhance productivity and efficiency in farming has resulted from the increase in global food demand. The adoption of IoT sensors and drones for real-time monitoring of crops and livestock, thus providing a route for farmers to make data-driven decisions, is expected to be the next major driver. Finally, the growth of AI and machine learning into predictive analytics for weather forecasting, soil health analysis, and pest control will greatly contribute to market growth. In addition, both governments and those in the private sector have begun to see the immense promise which agricultural technology (AgTech) holds for transforming farming. Governments have also turned to subsidies and grants to lure farmers into adopting smart farming technologies such as precision irrigation, drone-based monitoring, or AI-driven analytics. Venture capital and private equity investments in AgTech startups are also increasing, making innovations throughout IoT, robotics, and machine learning available for agriculture. Now, even the major technology companies are venturing into the space and forging partnerships with agriculture firms to develop scalable, tech-enabled solutions for sustainable farming. All these developments will serve to hasten the course of development and deployment of smart agriculture systems making them more accessible and affordable to farmers around the world.

The most important benefit of smart agriculture is that it has really smart solutions that bring farmers high productivity with minimal resource utilization, thus reducing waste and environmental impact. However, there are challenges such as high initial investments to put smart technologies into practice and limited digital literacy of farmers. All these barriers are being eased by fast, efficient solutions to educate smart digital agriculture for broader use and adoption around the world.

Precision Farming to register the largest market share in agriculture type segment during the forecast period.

During the forecast period, precision farming will hold the largest market share in smart agriculture, being considered the most likely promotion for increasing productivity and reducing waste in resources as well as increasing the overall efficiency of farm management. Precision agriculture is also known as precision farming. Such technologies such as IoT devices, sensors, GPS systems, drones, data analytics, have carried the farm progress development monitoring into optimization. In fact, it basically informs farmers in real time about soil conditions, weather conditions, health status of their crop, and pest activities for better decision-making on targeted intervention.

The other factor which contributes to the growth of the market is increasing adoption of IoT and AI powered technologies in precision farming. Technologies enable farmers to make data-driven decisions, predict crop yields, monitor plant health and automate farming processes including irrigation and fertilization. With affordability and accessibility, the practice is becoming popular among both large commercial farms and smallholder farms seeking better agricultural practices.

Software to account for the highest growth in offering segment during the forecast period.

Software is expected to account for the highest growth during the forecast period. The requirement of software solutions is growing with the high-speed adoption of data-centric technologies and the need for farmers to use real-time insights for improved efficiency of farm management. The trend in the precision farming, IoT, and AI technology is forcing up the demand for software platforms that can combine, analyze, and interpret a large volume of agricultural data. These software solutions for smart agriculture help farmers manage important aspects such as crop health monitoring, soil quality monitoring, irrigation management, pest control, and yield forecasting.

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Americas to account for largest market share during the forecast period.

The Americas region is poised to dominate the smart agriculture industry segment throughout the forecast period, characterized by technological improvement coupled with extensive farming operations and considerable governmental initiatives to promote innovation in agriculture. Among the leaders of this development, the US, Canada, and Brazil are key contributors. US has already started making headlines on the integration of IoT, AI, drones, and big data analytics in agricultural practices, making the country a forerunner in precision farming. Farmers in the US are turning to advanced technology to improve yields, use resources more intelligently, and enhance their operations' efficiency. These technologies have been further stimulated by federal and state programs supporting sustainable agricultural practices and smart agriculture innovations.

Brazil, one of the big agricultural powerhouses in South America, commands a great part of the share in smart agriculture. The huge agricultural sector of Brazil, including crops such as soybeans, sugarcane, and coffee, has increasingly resorted to smart farming solutions to maximize yield, mitigate environmental impacts, and compete in the global market. However, due to the increasing demand for food production, Brazilian farmers are looking at adopting technologies such as precision irrigation, crop monitoring by drones, and using AI for yield forecasting and resource management optimization.

Major players in smart agriculture companies include Deere & Company (US), Trimble Inc. (US), AGCO Corporation (US), Topcon (US), DeLaval (Sweden), AKVA Group (Norway), Innovasea Systems Inc. (US), Afimilk Ltd. (Israel), Heliospectra (Sweden), among others.

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