Smart Agriculture Global Market Report 2024

The global smart agriculture market has grown rapidly in recent years. It will grow from $14.53 billion in 2023 to $16.38 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. In the historical period, the growth in smart agriculture was propelled by factors such as increasing global population, growing concerns about climate change, supportive government initiatives, shortages in farm labor, and rising concerns about water scarcity.

The global smart agriculture market is expected to see rapid growth in the next few years. It will grow to $25.38 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. In the upcoming forecast period, the growth in smart agriculture is expected to stem from an increased focus on sustainable agriculture, the rising market demand for organic produce, the adoption of sustainable agriculture practices, and the integration of smart irrigation systems. Significant trends anticipated in this period encompass precision farming and agriculture, the incorporation of Internet of Things (IoT) sensors, farm management software and platforms, robotics and automation within farming, leveraging blockchain for supply chain transparency, the implementation of climate-smart agriculture strategies, and enhanced collaborations and partnerships across the agtech ecosystem.

The smart agriculture market is poised for growth due to the increasing pressure on the food supply system, driven by the rapidly growing global population. Food supply systems encompass a complex network of interactions along the entire food value chain, from input supply to production, processing, wholesale, retail, and consumption to disposal. Smart farming emerges as a crucial link in this chain by facilitating an effective and equitable flow of information, enhancing decision-making for all participants. A report by the Food and Agriculture Organization in April 2022 highlighted a significant rise in acute food insecurity, affecting nearly 193 million people in 53 countries or territories. This surge underscores the urgency of addressing food supply challenges, driving the growth of the smart agriculture market.

The growth of the smart agriculture market is further propelled by the increasing adoption of the Internet of Things (IoT). IoT, a networked system of interconnected computing devices, plays a pivotal role in smart agriculture by enabling real-time data collection from various sensors and devices. This data empowers farmers to make informed decisions regarding crop management, irrigation, and livestock monitoring, leading to heightened efficiency and productivity. As of September 2022, global IoT connections reached 13.2 billion, with projections indicating a substantial increase to 34.7 billion connections by 2028. The rising adoption of IoT technologies signifies a significant driver for the smart agriculture market.

A key trend in the smart agriculture market is technological advancement, with major companies actively developing innovative solutions to assist farmers. Technologies such as livestock biometrics, infrastructure health sensors, agricultural robots, RFID, biometrics, and GPS are being deployed to automatically gather real-time information on livestock. In March 2021, DeLaval, a Sweden-based provider of milking equipment and solutions, introduced a new line of robotic collectors, including the DeLaval RC550 and RC700. These innovations aim to enhance cow welfare, particularly in terms of hoof health. The robot collector adapts to various manure types without the need for added water, offering flexibility in handling different bedding materials. This technological advancement not only improves herd health and milk quality but also enhances operational efficiency in the smart agriculture sector.

Major players in the smart agriculture market are intensifying their efforts to introduce advanced systems, such as crop intelligence models, as a strategic approach to enhance revenue generation. Crop intelligence models leverage sophisticated data analytics and Internet of Things (IoT) technologies to optimize agricultural practices. These models facilitate precise decision-making in crop management and resource utilization. A notable example is PepsiCo, Inc., a prominent US-based food company, which collaborated with Cropin in April 2023 to introduce a crop intelligence model in India, specifically targeting the optimization of potato yield. This initiative exemplifies the application of smart agriculture, offering real-time weather monitoring, predictive intelligence at crop and plot levels, tailored advice for irrigation, fertilization, and pest control, as well as an early warning system for disease and pest outbreaks. The integration of technology and data-driven insights underscores the commitment to fostering responsible and efficient farming practices.

In a strategic move in June 2021, BASF SE, a leading Germany-based chemical company, acquired Horta S.r.l. for an undisclosed amount. This acquisition aligns with BASF Agricultural Solutions' objective to broaden its product line by incorporating digital solutions that support farmers in their work, enhancing productivity and addressing environmental impacts in agriculture. Horta S.r.l., an Italy-based provider of digital farming solutions, became part of BASF Agricultural Solutions while maintaining its existing organizational structure and management. The acquisition builds upon the established collaboration between the two entities, emphasizing the importance of digital solutions in advancing agriculture's efficiency and sustainability.

Major companies operating in the smart agriculture market report are Hikvision Digital Technology Co. Ltd., Dahua Technology Co. Ltd., Axis Communications AB, Bosch Security Systems Inc., Hanwha Techwin Co. Ltd., Avigilon Corporation, Teledyne FLIR LLC, Huawei Technologies Co. Ltd., Seon Design Inc., Pro-Vigil Inc., Strongwatch Corporation, Rosco Inc., BriefCam Ltd., Uniview Technologies Co. Ltd., Agent Video Intelligence Ltd., Aditya Infotech Ltd., Genetec Inc., Safety Vision LLC, Maryland Security Professionals, Apollo Video Technology, Floatograph Technologies LLC, Maxxess Systems Inc., Evolv Technologies, DynaColor, Webgate, Motorola Solutions, Tiandy Technologies, Allegion, Dnake, Jovision, Xiamen Leading Optics Co. Ltd., Ava Group, RFHIC Corporation, Anaren Inc., Tokyo Denki Kagaku Kogyo Kabushiki Kaisha, KYOCERA AVX Corporation, Johanson Technology Inc.

North America was the largest region in the smart agriculture market in 2023. Asia-Pacific is expected to be the fastest-growing region in the smart agriculture market report during the forecast period. The regions covered in the smart agriculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the smart agriculture market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary components of smart agriculture encompass hardware, software, and services. Hardware consists of tangible parts incorporated or added to electronic devices such as computers, cellphones, and other gadgets. Farms of varying sizes - small, medium, and large - utilize smart agriculture for applications like precision farming, livestock monitoring, precision aquaculture, smart forestry, smart greenhouses, and more.

This report provides smart agriculture market statistics, including smart agriculture industry global market size, regional shares, competitors with a smart agriculture market share, detailed smart agriculture market segments, market trends and opportunities, and any further data you may need to thrive in the smart agriculture industry. This smart agriculture market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The smart agriculture market consists of revenues earned by entities through system integration, consulting, and support and maintenance services. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart agriculture market includes revenues earned by entities through precision aquaculture, livestock monitoring, precision forestry, smart greenhouses, and others. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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