Report Summary

The global smart agriculture market was valued at USD 6,325.5 million in 2017 and is anticipated to grow at a CAGR of 14.1% during the forecast period.

Smart agriculture is sustainable agriculture that uses technologies such as Big Data, cloud-based services, GPS, and IoT among others. Technologies such as livestock biometrics, agricultural robots, infrastructural health sensors, and Machine-to-Machine are increasingly being accepted by the agriculture sector to save labor costs, and maximize quality, productivity, sustainability, and profitability. Smart agriculture involves data collection and analysis, high-precision crop control, and automation of farming techniques. Smart agriculture uses sensors, connectivity modules, camera, actuators and micro-controllers to enable farmers to control and regulate farming operations through smart devices remotely.

The smart agriculture market is primarily driven by the growing demand for food crops worldwide owing to significant population increase. The increasing automation of farm operations, and integration of advanced technologies to increase food production and improve crop quality boosts the market growth. The growing requirement to monitor livestock, and minimizing the use of pesticides and fertilizers boosts the adoption of smart agriculture. Increasing labor costs coupled with shortage of labor on farms has increased the demand for smart agriculture.

Limited availability of arable land, growth in the global agricultural industry, growing environmental concerns, shifting focus towards organic food, and concerns regarding scarcity of natural resources are other factors supporting the growth of the market. Integration of technologies and subsidies from governments have accelerated the adoption of smart agriculture. However, high initial investment restricts the growth of the smart agriculture market. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the coming years.

Segment Analysis

The global smart agriculture market is segmented on the basis of component, application, and region.

On the basis of component, the market is segmented into hardware, software, and services. Based on application, the market is segmented into precision farming, yield monitoring, soil monitoring, irrigation system, fish farming, horticulture, livestock monitoring, smart greenhouse, and others.

Regional Analysis

The global smart agriculture market based geographic distribution is segmented as North America, Europe, APAC, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, France, and Italy. Asia-Pacific is bifurcated into China, India, and Japan.

North America accounted for the largest share in the global Smart Agriculture market in 2017 owing to growing need to improve agricultural productivity.

Competitive Landscape

The leading players in the smart agriculture market include AG Leader Technology, AGCO Corporation, Trimble, Inc., Precision Planting, Inc., AgJunction, Inc., Agribotix LLC, Deere & Company, The Climate Corporation, Autonomous Solutions, Inc., Drone Deploy, CLAAS KGaA mbH, and CNH Industrial among others. The leading players in the market are introducing new innovative products in the market to cater to the growing consumer demands. Global players are entering new markets in developing regions to expand their customer base and strengthen market presence.

The leading players in the smart agriculture market include AG Leader Technology, AGCO Corporation, Trimble, Inc., Precision Planting, Inc., AgJunction, Inc., Agribotix LLC, Deere & Company, The Climate Corporation, Autonomous Solutions, Inc., Drone Deploy, CLAAS KGaA mbH, and CNH Industrial among others. The leading players in the market are introducing new innovative products in the market to cater to the growing consumer demands. Global players are entering new markets in developing regions to expand their customer base and strengthen market presence.