New York, April 18, 2023 (GLOBE NEWSWIRE) -- The global smart farming market is estimated to be valued at USD 53 billion by 2032 from USD 19.5 billion in 2022 and is expected to exhibit a CAGR of 10.5% during the forecast period 2023 to 2032. Smart Farming refers to the use of advanced technology for improving efficiency, productivity, and sustainability in agriculture or farming.
The market is relatively growing due to the rising demand for food because of the rising population, availability of advanced technologies, and the need for optimizing resource utilization technologies that make it possible for gathering and scrutinize a huge amount of data. The adoption of smart farming benefits farmers in the form of higher yields, cost-cutting, and increased efficiency. These technologies also help farmers in optimizing their use of resources like pesticides, water, and fertilizers.
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Key Takeaway:
- Based on the offering, in 2022, the smart farming market was dominated by the software segment owing to its growing automation of raw material technologies.
- Based on agriculture type, in 2022, the livestock monitoring segment accounted for the largest market share in agriculture type analysis.
- By end-user, in 2022, the large farm segment dominated the largest market share in the end-user segment.
- In 2022, North America dominated the market with the highest revenue share of 42.8%.
- APAC is expected to have the highest CAGR among all regions, owing to rising awareness among farmers and increased government support.
Factors affecting the growth of the Smart Farming industry
There are several factors that can have an impact on the growth of the smart farming industry including:
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Market Growth
Many factors drive the growth of the smart farming market, as the demand for food is increasing day by day because of the increased population. Additionally, the adoption of the latest technologies like the Internet of Things (IoT), and artificial intelligence (AI) is driving the growth of the market. The increased demand for vertical farming can be a key growth factor for the smart farming market. It involves growing crops in vertically stacked layers using artificial lighting and controlled environments which offers several benefits like reduced water consumption, high crop yields, and minimal use of pesticides and herbicides. The overall smart farming market is expected to continue its growth in upcoming years.
Regional Analysis
North America is accounted as the most dominant market in the global smart farming market with a market share of 42.8%, during the forecasted period. Due to the growing government initiatives and the growing number of technological advancements in the agriculture sector. Also, many agriculture organizations have come together for creating the North America Climate Smart Agriculture (NACSA), which is a platform for equipping and educating cultivators for sustainable agriculture.
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Scope of Report
| Report Attribute | Details |
| Market Value (2022) | USD 19.5 billion |
| Market Size (2032) | USD 53 Billion |
| CAGR (from 2023 to 2032) | 10.5% |
| North America Revenue Share | 42.8% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The increasing inclination of the worldwide population towards consuming a protein-rich diet is consistently increasing the adoption of cutting-edge technologies like AI, IoT, machine learning, remotely operated vehicles (ROEs), acoustic telemetry tracking systems, and automatic feeders by aquaculture farm owners. Aquaculture farming can benefit from technological advances which improve production, reduce resource waste, improve accuracy & repeatability, and production efficiency & precision - ultimately increasing profitability for farm owners. Drones, sensors, and AI have made data collection about crop growth patterns, weather patterns, soil health & other aspects of agriculture much simpler & cost-effective to collect and analyze. At the same time, consumers are becoming increasingly concerned with the environment & want to know where their food comes from; these innovations offer farmers a chance to display their impact on the world around them.
Market Restraints
Agriculture is a decentralized industry comprised of numerous small, medium, and large farms operating independently. Due to the unique needs and requirements of each farm, it can be challenging to implement an industry-standard machine-to-machine (M2M) solution. Incorrect allocations of resources or incorrect implementation of smart agriculture technology in divided lands can result in high costs, wasted time, and money; managing supervision and data collection from scattered lands also prove difficult. Farmers also find it challenging when using M2M solutions to achieve economies of scale.
Market Opportunities
Due to high installation costs and a lack of awareness among farmers, the adoption of livestock monitoring technology is slow in emerging countries like Brazil and Mexico. However, due to rising dairy product demand and per capita income levels in these nations, demand will increase for such devices as milking robots and feeding robots in the coming years. IoT technology can be utilized for collecting data from agricultural devices and sensors which will enable farmers to make better decisions regarding fertilization, planting, and irrigation. Vertical farming is a method of growing crops vertically stacked layers; there are numerous opportunities for developing and selling vertical farming technologies.
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Report Segmentation of the Smart Farming Market
Offering Insight
Based on offering, the smart farming market is dominated by the software segment with a market share of 42.7% in 2022, Due to the future of milking robots will be driven by an increase in automation within raw material production. Drone usage is projected to experience the highest growth rate over this forecast period, as labor costs decrease and productivity improves profitability within dairy & food processing operations.
Agriculture Type Insight
Based on the agriculture type, the smart farming market is dominated by the livestock monitoring segment with a market share of 34.8%, due to real-time monitoring & control of livestock health, welfare, production, and performance, allowing market players to maximize yields. Due to technological advances like livestock monitoring and the growing size of dairy farms, market players are being encouraged to focus on product launches.
Farm Size Insight
Based on farm size, the smart farming market is dominated by the large farms segment with a revenue share of 47.3% in 2022. This is due to large farms being the early adopters of smart farming technology because they have the financial means to invest in superior equipment and systems. Furthermore, larger firms boast greater scalability - this allows them to spread costs across a wider area for these innovations.
Recent Developments of the Smart Farming Market
- In September 2022, Deere & Company recently added three self-propelled forage harvesters to its existing fleet. These machines are tailored specifically for milk and livestock producers, farmers, and harvesters; they may help contractors overcome problems like shorter harvest windows and a limited pool of experienced workers.
- In October 2021, Trimble Inc. launched two new displays, GFX-1060 & GFX-1260, for precision agriculture applications. These next-generation displays allow farmers to perform in-field tasks quickly and effectively. They can map and monitor the field data in real-time precisely.
- In April 2021, Topcon Positioning Systems has introduced its AGM 1 and AGS 2 manual guidance and autosteering receivers, as well as Topnet Live's cellular and satellite bridging services Realpoint Skybridge and Starpoint. These receivers can be utilized for machine operations as well as all related tasks that need tracking data to optimize crop yields, such as soil preparation, harvesting, and seeding.
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Key Market Segments:
Based on Offering
- Hardware
- Software
- Services
Based on Agriculture Type
- Precision Farming
- Livestock Monitoring
- Precision Aquaculture
- Precision Forestry
- Smart Greenhouse
- Other Types
Based on Farm Size
- Small Farms
- Medium Farms
- Large Farms
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
In their quest to expand their product range, industry players engage in inorganic growth strategies like mergers and acquisitions. Ag Leader Technology, for example, upgraded its In Command displays in November 2020 and added SteadySteer and SteerCommand Z2 to its SteerCommand product line. These products offer end-users a single interface that controls and steers all farm equipment.
Key Market Players:
Listed below are some of the most prominent smart farming industry players.
- Ag Leader Technology
- AGCO Corporation
- AgJunction Inc.
- AgEagle Aerial Systems Inc.
- Autonomous Solutions Inc.
- Argus Control Systems Ltd.
- BouMatic Robotic B.V.
- CropMetrics LLC.
- CLAAS KGaA mbH
- CropZilla Software Inc.
- Deere & Company
- DICKEY-john Corporation
- Dronedeploy.com
- DeLaval Inc.
- Farmers Edge Inc.
- Grownetics Inc.
- Granular Inc.
- Gamaya Inc.
- GEA Group Aktiengesellschaft
- Raven Industries Inc.
- Trimble Inc.
- Topcon Positioning Systems Inc.
- Other Key Players
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