The smart agriculture market size is expected to grow from US$ 15.45 billion in 2022 to US$ 32.37 billion by 2028; it is estimated to grow at a CAGR of 12% from 2022 to 2028.
The developments in sensor technology, IT, and robotics are expected to extend the possibilities in smart agriculture further. It is expected that we will be able to determine the needs of a crop at any specific location and moment in a way that will be increasingly accurate and from a distance. The automation of agricultural activities such as plowing and harvesting will also lead to further developments in smart farming. According to experts, the expansion of smart farming will result in increased production per crop and more efficient production systems. Developments in smart farming will create a positive result on overall smart agriculture market growth.
With continued technological developments, robots are also getting deployed in the agriculture industry. In the present scenario, a significant number of agricultural operations are performed autonomously. Collaborative robots are the most commonly used robots for insect grafting, fruit harvesting, and cultivation purposes, in which artificial intelligence gives predictive data to optimize plantations and farms. Currently, there are few agriculture robotics R&D projects going on to analyze and use autonomous, intelligent, and collaborative mobile robots.
- BACCHUS: Mobile robotic platform for active inspection and harvesting in the agricultural areas
- AGROBOFOOD: Digital transformation of the agri-food sector in Europe by adopting robotic technologies
- COROSECT: Use of the cognitive robotic system for digitized insect farms
The integration of robotics in the agriculture industry can enhance working conditions and productivity for workers and farmers. The use of intelligent systems, including robotics, is now becoming an appropriate solution to power precision agriculture.
Another factor driving robotics penetration in agriculture includes a number of end-use cases. Autonomous precision seeding, multi-talented robots for harvesting, micro-spraying robots, robotic automation process manages all nursery planting works, robots to remove weeds, LiDAR-powered robots for data collection, robot-assisted precision irrigation, and sorting and packing robots are some of the emerging end use cases of robots in agriculture sector. Use of robotics will pave the path of smart agriculture market growth in the future.
Regional Analysis of Smart Agriculture Market
From the regional perspective, North America ranks third in terms of smart agriculture market share in 2022. According to a report by the Association for Unmanned Vehicle Systems International (AUVSI), agricultural drones are anticipated to hold 80% of the commercial UAV market and have the prospective to create over 100,000 job opportunities in the US. This signifies the increasing adoption of drones used for agricultural applications in the US. With the increasing adoption of drone technology, North Dakota State University (NDSU) introduced an agricultural research project named “the first of its kind in the nation,” incorporating drone technology.
A key technological driver accelerating crop production in the American agriculture industry is drones. The use of drones has facilitated the farms to surge crop yields while reducing pesticide use. The growing use of smart agriculture in America depends on automating operations and implementing various precision farming methods. Along with the aforementioned aspect of drones, it also helps in decreasing costs while performing farming activities. The average US farmer using agricultural drones witnesses an ROI of US$ 12 per acre for corn, and US$ 2 to US$ 3 per acre for soybeans and wheat, as per the American Farm Bureau Federation. High ROI on using drones will have a positive impact on their demand, and thus, will assist in fueling the smart agriculture market.
The US is a highly competitive smart agriculture market; however, it got impacted adversely due to the COVID-19 pandemic. In 2020, the US agricultural exports decreased by 3.5% from 2019. According to the Food and Agricultural Policy Research Institute at the University of Missouri, the COVID-19 impact is projected to impact agriculture sector to some extent.
Lucrative Regions – Smart Agriculture Market Share
Market Insights – Smart Agriculture Market
Based on application, the smart agriculture market size is segmented into precision farming, livestock monitoring, yield monitoring, soil heath monitoring, irrigation system, variable rate application, asset management and smart greenhouse. In 2021, the livestock monitoring segment held the second-largest share in smart agriculture market. Livestock monitoring system is used for monitoring bovinae, ovine, and poultry animals for avoiding slaughtering and monitor all animal products. The mentioned features are contributing towards the demand for livestock monitoring systems. The use of smart devices and IoT solutions is making significant transformations in livestock and farming, thereby leading the path for the adoption of different smart agriculture solutions. The Electronics and Telecommunications Research Institute (ETRI) developed “Smart Safe Livestock Barn Platform” technology in December 2022. This platform has the potential to manage pig disease and breeding situations systematically. The platform is projected to greatly enhance productivity and respond to diseases by determining a smart safety livestock barn based on ICT.
With livestock monitoring gaining popularity globally, the number of startups is also increasing. Anitrack (cattle monitoring), Ewetrack (sheep monitoring), Faromatics (poultry monitoring), Serket (pig monitoring), and Eruvaka Technologies (fish monitoring) are some of the startups operating from different parts of the world.
Growing number of startups is creating a positive impact on the smart agriculture market.
The smart agriculture market players are mainly focusing on developing advanced and efficient products.
- In May 2022, Murata Manufacturing Co., Ltd. rolled out a highly precise three-in-one soil sensor for data-driven sustainable agriculture purposes. By simultaneously monitoring the soil temperature, electrical conductivity, and water content, the sensor allows the growers to maximize both the quality and yield of crops while lowering the use of fertilizers and water.
- In September 2022, the USDA planned to invest US$ 8 million to intensify monitoring of carbon presence in soil on working agricultural lands and assess how climate-smart practices are impacting carbon sequestration. The investment will work on a soil carbon monitoring network to cater to climate change via climate-smart agriculture and forestry.
The smart agriculture market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa, and South America. In 2021, APAC led the market with a substantial revenue share, followed by Europe. Further, Asia Pacific is expected to register the highest CAGR in the smart agriculture market from 2022 to 2028.
AGCO Corporation; Ag Junction Inc.; AG Leader Technology; Deere & Company; Raven Industries, Inc.; Semiosbio Technologies Inc.; SST Development Group, Inc.; Teejet Technologies; Topcon Precision Agriculture; and Trimble Navigation Limited are among the key smart agriculture market players operating in the industry. The market report provides detailed market insights, which help the key players strategize growth in coming years.
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Product Type, and Application
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
This text is related
to country scope.
The List of Companies - Smart Agriculture Market
1. AGCO Corporation
2. Ag Junction Inc.
3. AG Leader Technology
4. Deere & Company
5. Raven Industries, Inc.
6. Semiosbio Technologies Inc.
7. SST Development Group, Inc.
8. Teejet Technologies
9. Topcon Precision Agriculture
10. Trimble Navigation Limited among others.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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