Smart Agriculture Market Size By Offering (Hardware, Sensing Devices, Software, Services), By Agriculture Type (Precision Farming, Livestock Monitoring, Precision Aquaculture, Precision Forestry, Smart Greenhouse), By Farm Size (Small, Medium, Large), By Geographic Scope And Forecast

Smart Agriculture Market Size And Forecast

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Smart Agriculture Market size was valued at USD 17.74 Billion in 2024 and is projected to reach USD 38.86 Billion by 2031, growing at a CAGR of 10.30% from 2024 to 2031.

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• Smart agriculture is the application of sophisticated technology like the Internet of Things (IoT), artificial intelligence (AI), drones, and data analytics to improve farming techniques.

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• Smart agriculture uses these technologies to increase crop productivity, optimize resource use, and reduce environmental impact.

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• Smart agriculture applications include precision farming, which uses sensors and GPS technology to help farmers apply water, fertilizer, and pesticides more efficiently; automated machinery that reduces labor costs and increases productivity; and real-time monitoring systems that provide critical data on soil health, weather conditions, and crop growth.

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• Furthermore, these technologies make agricultural methods more sustainable and efficient, thereby contributing to food security and environmental conservation.

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Smart Agriculture Market Dynamics

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The key market dynamics that are shaping the smart agriculture market include:

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Key Market Drivers

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• Technology Integration: Advances in IoT, AI, and remote sensing technologies are allowing farmers to optimize resource use and productivity. These technologies enable precision agriculture by delivering real-time data on crop health, soil conditions, and weather patterns, allowing for better decision-making.

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• Sustainability Pressures: There is a growing need for sustainable agriculture techniques due to increased environmental concerns and regulatory demands. Smart agriculture reduces the usage of water, fertilizers, and pesticides, hence lowering environmental impacts and supporting sustainable farming methods.

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• Labor Shortages: Urban migration and an aging farmer population are causing substantial labor shortages in the agricultural sector. Automation and robotics in smart agriculture can make up for these shortages by doing operations like planting, harvesting, and crop monitoring, eliminating the need for physical labor.

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• Demand for High-Quality Produce: Consumer demand for high-quality, traceable, and sustainably cultivated produce is increasing. Smart agriculture technologies optimize crop growth circumstances, resulting in greater crop quality and output. This not only meets customer expectations but also boosts the overall efficiency of food production systems.

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Key Challenges:

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• High Initial Costs: The initial investment necessary for smart agriculture technologies is prohibitively expensive, particularly for small and medium-sized farms. Sensors, drones, automated machinery, and data analytics platforms all have high costs, discouraging budget-conscious farmers from adopting them.

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• Complexity and Skill Gaps: Many farmers lack the technical skills required to implement and manage smart agriculture systems. The complexities of integrating numerous technologies, as well as the requirement for ongoing data management and analysis, provide substantial hurdles.

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• Infrastructure and Connectivity Issues: Effective smart agriculture requires consistent internet connectivity and infrastructure, which are lacking in rural and isolated places. Without a consistent and high-speed internet connection, the functionality of real-time data gathering and analysis, which is critical for precision agriculture, is significantly hampered, impacting market demand.

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Key Trends:

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• Adoption of Drones and Robotics: Drones and robotic systems are being used for purposes such as crop monitoring, aerial imaging, and mechanized harvesting. These tools not only improve operational efficiencies but also minimize worker fatigue and increase farming precision.

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• Blockchain for Traceability: Blockchain technology is gaining popularity in the agriculture sector due to its capacity to improve traceability and transparency in the supply chain. It ensures that all parties, from farmers to consumers, can trace the origins of agricultural products, increasing customer trust and adherence to safety requirements.

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• Focus on Farm Management Software: There is an increasing trend toward the integration of farm management software, which consolidates data from multiple sources to create a holistic picture of agricultural activities. This program helps to make data-driven decisions, manage farm activities more efficiently, and reduce waste and resource usage.

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Smart Agriculture Market Regional Analysis

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Here is a more detailed regional analysis of the smart agriculture market:

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North America:

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• According to Market Research, North America is estimated to dominate during the forecast period. North American governments are aggressively encouraging smart agriculture by providing grants, subsidies, and regulatory support to improve food security and sustainability. These projects promote the adoption of sophisticated agricultural technologies by farmers.

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• North America is a hub of technical innovation, including the development of IoT, robotics, and AI. These technologies are quickly being integrated into agriculture, allowing for more efficient farming operations and increased productivity levels.

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• Organic and locally sourced food is becoming more popular among North American consumers. Smart agricultural technologies assist address these expectations by allowing for more accurate and controlled farming, which promotes the growth of high-quality organic crops.

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• Furthermore, environmental concerns are encouraging the regional adoption of sustainable farming practices. Smart agriculture contributes to this trend by maximizing resource utilization and lowering the environmental effect of traditional farming, which aligns with both regulatory requirements and consumer expectations for sustainability.

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Europe:

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• Europe region is estimated to exhibit substantial growth during the forecast period. Europe is a global leader in research and technical development, with several initiatives and financing opportunities to advance smart agriculture. This promotes innovation in areas such as AI, IoT, and precision farming, thereby increasing agricultural output and sustainability.

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• As labor costs rise across Europe, there is a growing push for automation in agriculture to minimize reliance on human labor. Autonomous tractors, drones, and robotic harvesters are increasingly being used to successfully manage these costs.

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• Furthermore, Precision farming is becoming increasingly popular in Europe, with farmers using data and analytics to improve accuracy and control. This technique maximizes productivity and efficiency while minimizing waste and environmental effects, and is motivated by both farmer interest and customer demand for sustainability.

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Asia Pacific:

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• The Asia Pacific region is estimated to exhibit the highest growth during the forecast period. Asia Pacific has a strong population growth rate, which increases food demand. Smart agriculture technologies assist meets this demand by increasing crop yields and optimizing resource use, which is critical for feeding a growing population efficiently.

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• Even in remote areas, there is a surge in smartphone and internet connectivity. This accessibility enables the incorporation of smart agricultural technology, such as mobile crop monitoring and management software, resulting in widespread adoption.

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• Furthermore, climate variability in the Asia-Pacific region has a substantial impact on agricultural productivity. Smart agriculture provides solutions such as weather forecasting, precision irrigation, and crop health monitoring, which are critical for responding to changing climate conditions and reducing their effects on agriculture.

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Smart Agriculture Market: Segmentation Analysis

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The Smart Agriculture Market is segmented based on Offering, Agriculture Type, Farm Size, and Geography.

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Smart Agriculture Market, By Offering

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• Hardware

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• Sensing Devices

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• Software

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• Services

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Based on Offering, the market is segmented into Hardware, Sensing Devices, Software, and Services. The hardware segment is estimated to dominate the smart agriculture market due to hardware’s critical role in the implementation and operation of smart agriculture systems. Sensors, GPS systems, drones, and automated machinery are examples of hardware that play important roles in precision agriculture. These hardware components are crucial for gathering and transmitting data used to monitor crop health, soil conditions, and environmental influences. Furthermore, as technology advances, there is a growing demand for more sophisticated and durable gear that can endure a variety of agricultural settings while providing exact data, which is boosting the segment’s expansion.

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Smart Agriculture Market, By Agriculture Type

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• Precision Farming

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• Livestock Monitoring

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• Precision Aquaculture

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• Precision Forestry

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• Smart Greenhouse

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• Others

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Based on Agriculture Type, the market is divided into Precision Farming, Livestock Monitoring, Precision Aquaculture, Precision Forestry, Smart Greenhouse, and Others. The precision farming segment is estimated to dominate the market over the forecast period due to its holistic approach to farm management, which employs information technology to ensure that crops and soil receive precisely what they require for optimal health and yield. Precision farming employs a diverse set of technology, including GPS navigation, control systems, sensors, robots, drones, self-driving vehicles, and Internet of Things (IoT) applications. These technologies enable more precise and regulated planting, fertilizing, and harvesting, resulting in higher efficiency and yields. Furthermore, precision farming helps to reduce waste and chemical applications (such as fertilizers and pesticides), resulting in more sustainable agricultural methods.

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Smart Agriculture Market, By Farm Size

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• Small

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• Medium

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• Large

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Based on Farm Size, the smart agriculture market is divided into Small, Medium, and Large. The large segment is estimated to dominate the market over the forecast period due to large farms’ enormous financial capabilities and operational scale, which enable them to invest in advanced smart agricultural technologies more readily than smaller farms. Large farms are more likely to use extensive smart farming systems, which include expensive equipment such as automated harvesters, drones for aerial imaging, and advanced sensor networks. These technologies assist large-scale operators in optimizing their massive agricultural operations, increasing yields and efficiency on a scale that justifies the initial significant investment.

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Smart Agriculture Market, By Geography

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• North America

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• Europe

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• Asia Pacific

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• Rest of the world

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Based on Geography, the Smart Agriculture Market is classified into North America, Europe, Asia Pacific, and the Rest of the World. North America is estimated to dominate the market during the forecasted period. The region has advanced infrastructure and a high acceptance rate of emerging technologies like IoT, AI, and cloud computing, all of which are essential for smart agriculture. Farmers in North America are taking a progressive approach to adopting technologies that enable precision farming, automated operations, and data-driven decision-making. Furthermore, government policies in the United States and Canada aggressively encourage agricultural innovation through grants, subsidies, and research efforts targeted at increasing productivity and sustainability.

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Key Players

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The “Smart Agriculture Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Deere & Company, Trimble, Inc., AGCO Corporation, Topcon Positioning Systems, Raven Industries, Bayer AG, CNH Industrial N.V., Kubota Corporation, Afimilk Ltd., AgJunction, Inc., AgeEagle Aerial Systems, Inc., DeLaval, ETwater, Gamaya, LumiGrow, Inc., and The Climate Corporation.

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Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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Smart Agriculture Market Recent Developments

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• In October 2023, Deere & Company partnered with Sweden’s Delaval and Norway’s Yara on the Milk Sustainability Center and digital precision agriculture tools. These collaborations let farmers track livestock and fertilizer data to make informed, environmentally responsible economic decisions.

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• In April 2023, AGCO Corporation and Hexagon established a strategic relationship focused on enhancing AGCO’s factory-fit and aftermarket guiding offerings, thereby contributing to advances in precision farming technology and agricultural production.

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• In September 2022, John Deere introduced three new Deere-powered self-propelled forage harvesters (9500, 9600, and 9700) to its inventory. Each model caters to contractors, client harvesters, and dairy and livestock producers that face higher operating expenses, fewer harvesting windows, and a shortage of qualified labor.

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• In April 2021, Topcon Agriculture introduced the AGM-1 and AGS-2 manual guiding and autosteering receivers, as well as Topnet Live cellular, satellite, and bridging correction services (Realpoint, Starpoint, Skybridge). These technologies are employed in machine operations and related tasks, such as soil preparation, seeding, crop care, and harvesting. Tracking position data is important for crop optimization.

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Report Scope

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Research Methodology of Market Research:

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To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Market Research.

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Reasons to Purchase this Report:

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
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• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
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• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
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• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
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