(EMAILWIRE.COM, December 18, 2024 ) The smart agriculture market was valued at USD 14.40 billion in 2024 and is expected to reach up to USD 23.38 billion by 2029 growing at a CAGR of 10.2%. Several factors have been fueling this growth including surging demand for AI-based and IoT systems, rising pressure on the food supply chain, growing deployment of drone and robotic systems, and increasing demand for sustainable practices.
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The market for smart agriculture is growing rapidly owing to new revenue streams that are fueled by technical advancements and sustainable objectives. One of these key trends is the use of precision farming tools, such as GPS-based machinery and Internet of Things (IoT)-based sensors, which will maximize resource use and boost productivity. Moreover, significant investments are made in machine learning and artificial intelligence for predictive analysis and crop health monitoring which help farmers save money and improve efficiency.
By agriculture type, market for smart agriculture is expected to be dominated by the precision farming segment during the projected period. This is mostly due to rising food demands worldwide and the additional demands placed on many countries to maximize farm productivity and profitability through the use of cutting-edge agricultural products. Therefore, precision farming technologies are in a position to offer revolutionary solutions that can improve the efficiency and predictability of traditional agricultural techniques in response to this increasing demand. By optimizing fertilizer, lowering application costs, and minimizing operational and environmental impacts, these technologies will establish precision farming as a key strategy to address issues with global food security.
In the farm size segment, the small farm segment is predicted to have the highest CAGR from 2024 to 2029. It is expected that small farms would use intelligent agriculture technologies to increase output, reduce operating costs, and avoid wasting resources like crops, fertilizer, and water. The declining costs of smart agriculture technologies, coupled with rising awareness and government initiatives supporting their adoption for small-scale farming, are anticipated to accelerate this trend.
China is home to nearly half of the world’s pig population, with large pig farms concentrated in the eastern regions. In order to provide meat and dairy products to a growing population, the area also serves as host to a number of sizable livestock farms which produce beef, hog, and chicken. China is a leader in the application of smart agriculture. As the population grows, there will likely be a greater need for cutting-edge technology and contemporary agricultural equipment. Therefore, China is anticipated to exhibit the highest CAGR over the projection period due to one of the most powerful market potentials in the country’s smart agricultural sector.
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Key Market Players
Major companies offering smart agriculture solutions 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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