Smart Agriculture Market by Offering (Hardware, Software, Services), Agriculture Type, Farm Size (Large, Medium, Small), Application (Precision Farming, Livestock Monitoring) and Region ( America, Europe, Asia Pacific, Row) - Global Forecast to 2028
Smart Agriculture Market by Offering (Hardware, Software, Services), Agriculture Type, Farm Size (Large, Medium, Small), Application (Precision Farming, Livestock Monitoring) and Region ( America, Europe, Asia Pacific, Row) - Global Forecast to 2028
Abstract
The smart agriculture market is projected to reach USD 25.4 billion by 2028 from an estimated USD 16.2 billion in 2023, at a CAGR of 9.4% from 2023 to 2028. Increasing global population creating pressure on food supply system and shortage of skilled labor in agriculture industry are among the key factors driving the growth of the smart agriculture market.
Precision farming segment to lead smart agriculture market from 2023 to 2028
The rapid adoption of state-of-the-art technologies and innovative devices to cultivate high-yield crops is expected to drive the growth of the precision farming market during the forecast period. Other factors that are facilitating the adoption of precision farming tools include accessibility of better education and training modules to farmers, data sharing facilities, easy availability of financial resources, as well as increasing consumer demand for organic food.
Services segment is expected to grow at the highest CAGR during forecast period
The services segment is expected to grow at the highest CAGR during the forecast period. The growing deployment and installation of precision feeding systems, field and livestock monitoring systems, and robotic systems in farms have led to a surge in demand for specialized services for smart agriculture.
In 2022, Americas held the largest share of the overall smart agriculture market
In 2022, the Americas held the largest share of the overall smart agriculture market, followed by Europe, Asia Pacific, and RoW. The significant presence of key companies offering smart agriculture solutions, increasing scarcity of water, the growing demand for food, and medium and large farms in the region are the major factors driving the market growth in America. In addition, North America is the largest contributor to the growth of the smart agriculture market owing to the support of governments for the utilization of smart irrigation tools by offering rebates and subsidies to farm owners.
Breakdown of primary participants:
•By Company Type: Tier 1 = 20%, Tier 2 = 45%, and Tier 3 = 35%
•By Designation: C-level Executives = 35%, Directors = 25%, and Others = 40%
•By Region: Americas = 45%, Europe = 25%, Asia Pacific = 20%, and RoW = 10%
Some of the key companies operating in the smart agriculture market are Deere & Company (US), Trimble Inc. (US), AGCO Corporation (US), Topcon Positioning Systems (US), DeLaval (Sweden), and so on.
Research Coverage:
In this report, the smart agriculture market has been segmented on the basis of Offering, Agriculture Type, Farm Size, Application, and Region. The report also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. It gives a detailed view of the market across four main regions—Americas, Europe, Asia Pacific, and RoW. Supply chain analysis has been included in the report, along with the key players and their competitive analysis in the smart agriculture ecosystem.
Key Benefits to Buy the Report:
•This report includes statistics for the smart agriculture market based on Offering, Agriculture Type, Farm Size, Application, and Region, along with their respective market sizes.
•Supply chain analysis and key industry trends have been provided for the market.
•Major drivers, restraints, opportunities, and challenges for the smart agriculture market have been provided in detail in this report.
•This report would help stakeholders to understand their competitors better and gain more insights to enhance their position in the market. The competitive landscape section includes the competitor ecosystem and the recent development strategies adopted by the key players in the market, such as product launches, contracts, collaborations, agreements, alliances, acquisitions, joint ventures, expansions, investments, and partnerships.
Content
Table of Contents
1INTRODUCTION39
1.1STUDY OBJECTIVES39
1.2MARKET DEFINITION39
1.2.1INCLUSIONS AND EXCLUSIONS40
1.3STUDY SCOPE41
1.3.1MARKETS COVERED41
1.3.2GEOGRAPHIC SCOPE42
1.3.3YEARS CONSIDERED42
1.4CURRENCY CONSIDERED43
1.5UNITS CONSIDERED43
1.6STAKEHOLDERS43
1.7SUMMARY OF CHANGES43
1.7.1RECESSION IMPACT44
2RESEARCH METHODOLOGY45
2.1RESEARCH DATA45
FIGURE 1SMART AGRICULTURE MARKET: RESEARCH DESIGN46
2.1.1SECONDARY AND PRIMARY RESEARCH47
2.1.2SECONDARY DATA47
2.1.2.1Secondary sources48
2.1.2.2List of key secondary sources48
2.1.3PRIMARY DATA49
2.1.3.1Primary interviews with experts49
2.1.3.2List of key primary respondents49
2.1.3.3Breakdown of primaries50
2.1.3.4Key data from primary sources50
2.1.3.5Key industry insights51
2.2FACTOR ANALYSIS52
FIGURE 2MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 – TOP-DOWN (SUPPLY SIDE): REVENUES GENERATED BY COMPANIES FROM SALES OF SMART AGRICULTURE SOLUTIONS52
FIGURE 3MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 – TOP-DOWN (SUPPLY SIDE): ILLUSTRATION OF REVENUE ESTIMATIONS FOR DEERE & COMPANY IN SMART AGRICULTURE MARKET53
2.3MARKET SIZE ESTIMATION54
2.3.1BOTTOM-UP APPROACH54
2.3.1.1Approach to obtain market size using bottom-up analysis (demand side)54
FIGURE 4MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH54
2.3.2TOP-DOWN APPROACH55
2.3.2.1Approach to obtain market size using top-down analysis (supply side)55
FIGURE 5MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH55
2.3.3MARKET GROWTH PROJECTIONS AND FORECAST ASSUMPTIONS56
TABLE 1MARKET GROWTH PROJECTIONS AND FORECAST ASSUMPTIONS56
2.4MARKET BREAKDOWN AND DATA TRIANGULATION57
FIGURE 6DATA TRIANGULATION57
2.5RESEARCH ASSUMPTIONS58
2.6RESEARCH LIMITATIONS58
2.7RISK ASSESSMENT59
TABLE 2RISK FACTOR ANALYSIS59
2.8IMPACT OF RECESSION ON SMART AGRICULTURE MARKET59
3EXECUTIVE SUMMARY61
3.1OVERVIEW OF RECESSION IMPACT ON SMART AGRICULTURE MARKET61
3.1.1GLOBAL ECONOMY OUTLOOK61
3.1.2PRE-RECESSION SCENARIO62
3.1.3POST-RECESSION SCENARIO62
FIGURE 7GROWTH PROJECTION OF SMART AGRICULTURE MARKET IN PRE- AND POST-RECESSION SCENARIOS62
FIGURE 8SERVICES SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD63
FIGURE 9PRECISION FARMING SEGMENT TO LEAD SMART AGRICULTURE MARKET FROM 2023 TO 202863
FIGURE 10SMALL FARMS TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD64
FIGURE 11ASIA PACIFIC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD64
4PREMIUM INSIGHTS66
4.1ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN SMART AGRICULTURE MARKET66
FIGURE 12RISING GLOBAL POPULATION AND EMERGENCE OF AGRICULTURE 4.0 TO FUEL MARKET GROWTH66
4.2SMART AGRICULTURE MARKET, BY OFFERING66
FIGURE 13HARDWARE SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD66
4.3SMART AGRICULTURE MARKET, BY AGRICULTURE TYPE67
FIGURE 14PRECISION FARMING PROJECTED TO LEAD SMART AGRICULTURE MARKET FROM 2023 TO 202867
4.4SMART AGRICULTURE MARKET, BY FARM SIZE67
FIGURE 15MEDIUM-SIZED FARMS TO DOMINATE SMART AGRICULTURE MARKET DURING FORECAST PERIOD67
4.5SMART AGRICULTURE MARKET, BY REGION68
FIGURE 16AMERICAS TO CAPTURE LARGEST MARKET SHARE FROM 2023 TO 202868
4.6SMART AGRICULTURE MARKET, BY COUNTRY68
FIGURE 17CHINA TO REGISTER FASTEST GROWTH DURING FORECAST PERIOD68
5MARKET OVERVIEW69
5.1INTRODUCTION69
5.2DEVELOPMENT OF SMART AGRICULTURE PRACTICES69
FIGURE 18EVOLUTION OF SMART AGRICULTURE69
5.3MARKET DYNAMICS70
FIGURE 19SMART AGRICULTURE MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES70
5.3.1DRIVERS71
5.3.1.1Increasing global population creating pressure on food supply system71
FIGURE 20GLOBAL CONSUMPTION OF MAJOR FIELD CROPS, 2005–205071
5.3.1.2Shortage of skilled labor in agriculture sector72
5.3.1.3Surging use of modern technologies in agriculture72
5.3.1.4Benefits offered by livestock monitoring solutions73
5.3.1.5Rising adoption of IoT, ROVs, and AI in aquaculture farming73
FIGURE 21SMART AGRICULTURE MARKET: DRIVERS AND THEIR IMPACT74
5.3.2RESTRAINTS74
5.3.2.1High cost of smart agriculture solutions74
5.3.2.2Fragmented agriculture sector75
FIGURE 22SMART AGRICULTURE MARKET: RESTRAINTS AND THEIR IMPACT75
5.3.3OPPORTUNITIES75
5.3.3.1Growing vegetarian and vegan population75
FIGURE 23TOTAL NUMBER OF PARTICIPANTS IN VEGANUARY PROGRAM, 2014–202276
5.3.3.2Rising adoption of livestock monitoring solutions in emerging countries76
FIGURE 24GLOBAL MILKING ROBOTS INSTALLED BASE, 2017–2030 (UNITS)76
5.3.3.3Growing use of UAVs or drones in agricultural activities77
5.3.3.4Increasing popularity of land-based recirculating aquaculture systems77
FIGURE 25SMART AGRICULTURE MARKET: OPPORTUNITIES AND THEIR IMPACT78
5.3.4CHALLENGES78
5.3.4.1Reduced profitability due to rising cost of cattle feed78
FIGURE 26TOTAL PRICE OF FEED (INDEX), 2011–202379
5.3.4.2Adverse impact of livestock farming on environment79
FIGURE 27SMART AGRICULTURE MARKET: CHALLENGES AND THEIR IMPACT79
5.4SUPPLY CHAIN ANALYSIS80
FIGURE 28SMART AGRICULTURE MARKET: SUPPLY CHAIN ANALYSIS80
5.4.1MAJOR STAKEHOLDERS IN SMART AGRICULTURE MARKET81
5.5ECOSYSTEM MAPPING82
FIGURE 29SMART AGRICULTURE ECOSYSTEM82
TABLE 3SMART AGRICULTURE ECOSYSTEM82
5.6PRICING ANALYSIS83
TABLE 4AVERAGE SELLING PRICES OF SMART AGRICULTURE SOLUTIONS, BY HARDWARE OFFERING84
FIGURE 30AVERAGE SELLING PRICE TREND FOR SMART AGRICULTURE HARDWARE OFFERINGS, 2019–2028 (USD)84
FIGURE 31PRECISION FARMING DATA ANALYTICS SERVICE COST PER HECTARE FOR DIFFERENT FARM SIZES IN 202185
5.7REVENUE SHIFT AND NEW REVENUE POCKETS FOR PLAYERS IN SMART AGRICULTURE MARKET85
FIGURE 32REVENUE SHIFT IN SMART AGRICULTURE MARKET86
5.8TECHNOLOGICAL TRENDS86
5.8.1INTERNET OF THINGS (IOT)86
5.8.2M2M SOLUTIONS87
FIGURE 33INCREASING USE OF M2M SOLUTIONS IN AGRICULTURE—LEADING TREND AMONG KEY MARKET PLAYERS87
5.8.3ROBOTICS87
5.8.4AI AND BLOCKCHAIN IN LIVESTOCK FARMING87
FIGURE 34BLOCKCHAIN AND AI IN LIVESTOCK MONITORING88
5.8.5ADOPTION OF ROBOTIC CAGES AND UNDERWATER DRONES IN AQUACULTURE FARMS88
5.8.6INTEGRATION OF TELEMATICS WITH FOREST MECHANIZATION IN PRECISION FORESTRY88
5.8.7ADVENT OF LIDAR-FITTED UAVS IN PRECISION FORESTRY89
5.9PORTER’S FIVE FORCES ANALYSIS89
FIGURE 35SMART AGRICULTURE MARKET: PORTER’S FIVE FORCES ANALYSIS89
TABLE 5SMART AGRICULTURE MARKET: PORTER’S FIVE FORCES ANALYSIS89
5.9.1INTENSITY OF COMPETITIVE RIVALRY90
5.9.2BARGAINING POWER OF SUPPLIERS90
5.9.3BARGAINING POWER OF BUYERS90
5.9.4THREAT OF SUBSTITUTES90
5.9.5THREAT OF NEW ENTRANTS90
5.10KEY STAKEHOLDERS AND BUYING CRITERIA91
5.10.1KEY STAKEHOLDERS IN BUYING PROCESS91
FIGURE 36INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS, BY APPLICATION91
TABLE 6INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS, BY APPLICATION (%)91
5.10.2BUYING CRITERIA92
FIGURE 37KEY BUYING CRITERIA, BY APPLICATION92
TABLE 7KEY BUYING CRITERIA, BY APPLICATION92
5.11CASE STUDY ANALYSIS93
5.11.1INTRODUCTION93
5.11.2OPEN BLUE93
TABLE 8INNOVASEA SYSTEM INC. HELPS OPEN BLUE BECOME LARGEST OPEN-OCEAN FISH FARM IN WORLD93
5.11.3EARTH OCEAN FARMS94
TABLE 9INNOVASEA SYSTEM INC. ENABLES EARTH OCEAN FARMS TO EXPAND PRODUCTION WITH RUGGED EVOLUTION PENS94
5.11.4GIFAS95
TABLE 10PHILIPS LED SOLUTIONS OFFER NEW POSSIBILITIES FOR SALMON INDUSTRY95
5.11.5ERKO SEAFOOD AS95
TABLE 11AKVA GROUP HELPS ERKO SEAFOOD AS WITH PRECISION AQUACULTURE PRODUCTS95
5.12TRADE ANALYSIS96
TABLE 12IMPORT DATA OF AGRICULTURAL, HORTICULTURAL, OR FORESTRY MACHINERY OF SOIL PREPARATION OR CULTIVATION, BY COUNTRY, 2017–2021 (USD MILLION)96
FIGURE 38SMART AGRICULTURE MARKET: IMPORT DATA FOR MAJOR COUNTRIES, 2017–202196
TABLE 13EXPORT DATA OF AGRICULTURAL, HORTICULTURAL, OR FORESTRY MACHINERY OF SOIL PREPARATION OR CULTIVATION, BY COUNTRY, 2017–2021 (USD MILLION)97
FIGURE 39SMART AGRICULTURE: EXPORT DATA FOR MAJOR COUNTRIES, 2017–202197
5.13PATENT ANALYSIS98
FIGURE 40TOP 10 COMPANIES WITH HIGHEST NO. OF PATENTS IN LAST 10 YEARS98
5.13.1JURISDICTION ANALYSIS98
FIGURE 41JURISDICTION ANALYSIS98
5.13.2TOP PATENT OWNERS99
TABLE 14TOP 20 PATENT OWNERS (US) IN LAST 10 YEARS99
TABLE 15SOME KEY INNOVATIONS AND PATENT REGISTRATIONS FROM SEL100
5.14KEY CONFERENCES AND EVENTS, 2023–2024100
TABLE 16SMART AGRICULTURE MARKET: DETAILED LIST OF CONFERENCES AND EVENTS100
5.15TARIFF AND REGULATORY LANDSCAPE IN SMART AGRICULTURE102
5.15.1US: AGRICULTURAL DATA ACT 2018102
5.15.2NATIONAL MISSION FOR SUSTAINABLE AGRICULTURE (NMSA)103
5.15.3ENVIRONMENTAL IMPACT ASSESSMENT (EIA)103
5.15.4NATURE CONSERVATION – EUROPEAN UNION (EU)103
5.15.5TARIFF AND REGULATIONS RELATED TO PRECISION FARMING AND SMART GREENHOUSES104
TABLE 17TARIFF REGULATIONS: PRECISION FARMING AND SMART GREENHOUSES104
5.15.6TARIFF AND REGULATIONS RELATED TO PRECISION AQUACULTURE105
TABLE 18TARIFF REGULATIONS: PRECISION AQUACULTURE105
5.16GOVERNMENT POLICIES AND SUBSIDIES106
5.16.1INTRODUCTION106
5.16.2CHINA107
5.16.2.1National plan for agricultural and rural informatization: China 14th five-year plan (2021–2026)108
5.16.2.2New guidelines for modernization of agriculture sector in China108
5.16.2.3Current state of development of smart agriculture machinery in China108
5.16.2.4Pollution and climate smart agriculture in China (PACSAC)109
5.16.2.5World bank initiatives toward promoting green agriculture and rural development in China110
FIGURE 42AGRICULTURE SUBSIDIES IN CHINA AND OTHER MAJOR COUNTRIES (% OF TOTAL GDP)110
5.16.3INDIA111
TABLE 19CURRENT AGRICULTURE SUBSIDIES SUPPORT TO INDIAN FARMERS FROM CENTRAL AND STATE GOVERNMENTS (USD BILLION)111
5.16.3.1Greenhouse farming subsidy in India114
5.16.3.2Government initiatives for promoting organic farming in India115
5.16.3.3Government partnerships for smart agriculture116
5.16.4NETHERLANDS118
5.16.4.1Climate smart agriculture initiatives in Netherlands118
5.16.4.2Major government initiatives and subsidy programs in Netherlands120
5.16.4.3Support for organic farmers121
5.16.4.3.1Greenhouse as source of energy121
5.16.4.3.2Subsidy scheme for agricultural innovation North Brabant, 2020–2023121
5.16.5AZERBAIJAN121
FIGURE 43TOTAL AGRICULTURE LAND UNDER CULTIVATION, 2012–2022 (MILLION HA)122
5.16.5.1Government investments and support for agriculture sector in Azerbaijan123
FIGURE 44AGRICULTURE EXPORT VALUE, BY PRODUCT, 2020 VS. 2021 (USD MILLION)124
FIGURE 45AGRICULTURE IMPORT VALUE, BY PRODUCT, 2020 VS. 2021 (USD MILLION)124
5.16.5.2Recent government reforms and policies in agriculture sector125
5.16.5.3Digital agriculture transformation in Azerbaijan through setting up agroparks125
5.16.6SPAIN126
FIGURE 46TOTAL AGRICULTURAL LAND UNDER CULTIVATION IN SPAIN, 2013–2020 (MILLION HA)126
FIGURE 47SHARE OF MAJOR AGRICULTURE PRODUCTS IN SPAIN127
FIGURE 48IMPORT AND EXPORT VALUE OF AGRICULTURE PRODUCTS IN SPAIN, 2021 (USD MILLION)127
5.16.6.1Recent government policies in agriculture128
5.16.6.1.1Spanish government approved strategic plan for economic recovery and transformation (PERTE) of agri-food sector in early 2022128
5.16.6.1.2Ministry of Agriculture, Fisheries and Food and National Innovation Company (ENISA) in Spain allocated euro 13 million to technology-based agriculture business projects128
5.16.6.1.3Subsidy schemes for irrigation projects in Spain128
5.16.7TURKEY129
5.16.7.1Current landscape of smart agriculture technology in Turkey129
FIGURE 49TOTAL AGRICULTURE LAND UNDER CULTIVATION, 2013–2020 (MILLION HA)130
5.16.7.2Policies and implementation of smart agriculture technologies in Turkey131
5.16.7.2.1Eleventh development plan was created in July 2019131
6DIFFERENT CONNECTING TECHNOLOGIES USED IN SMART AGRICULTURE132
6.1INTRODUCTION132
FIGURE 50DIFFERENT TECHNOLOGIES IN SMART AGRICULTURE132
6.2INTERNET OF THINGS (IOT)132
6.3CELLULAR IOT132
6.3.1LTE-M133
6.3.2NB-IOT133
6.4LORA133
6.5GLOBAL NAVIGATION SATELLITE SYSTEM (GNSS)133
7SMART AGRICULTURE MARKET, BY AGRICULTURE TYPE134
7.1INTRODUCTION135
FIGURE 51SMART AGRICULTURE MARKET, BY AGRICULTURE TYPE135
TABLE 20SMART AGRICULTURE MARKET, BY AGRICULTURE TYPE, 2019–2022 (USD MILLION)135
FIGURE 52PRECISION FARMING EXPECTED TO DOMINATE SMART AGRICULTURE MARKET FROM 2023 TO 2028136
TABLE 21SMART AGRICULTURE MARKET, BY AGRICULTURE TYPE, 2023–2028 (USD MILLION)136
7.2PRECISION FARMING137
7.2.1IMPROVES FARM EFFICIENCY AND INCREASES CROP PRODUCTIVITY137
TABLE 22PRECISION FARMING: SMART AGRICULTURE MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)137
FIGURE 53VARIABLE RATE TECHNOLOGY TO REGISTER HIGHEST CAGR FROM 2023 TO 2028138
TABLE 23PRECISION FARMING: SMART AGRICULTURE MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION)138
TABLE 24PRECISION FARMING: SMART AGRICULTURE MARKET, BY FARM SIZE, 2019–2022 (USD MILLION)139
TABLE 25PRECISION FARMING: SMART AGRICULTURE MARKET, BY FARM SIZE, 2023–2028 (USD MILLION)139
TABLE 26PRECISION FARMING: SMART AGRICULTURE MARKET, BY REGION, 2019–2022 (USD MILLION)139
TABLE 27PRECISION FARMING: SMART AGRICULTURE MARKET, BY REGION, 2023–2028 (USD MILLION)140
7.3LIVESTOCK MONITORING140
7.3.1USES CUTTING-EDGE TECHNOLOGIES AND TOOLS TO ENHANCE PRODUCTIVITY AND PROFITABILITY IN DAIRY FARMING140
TABLE 28LIVESTOCK MONITORING: SMART AGRICULTURE MARKET, BY FARM SIZE, 2019–2022 (USD MILLION)141
TABLE 29LIVESTOCK MONITORING: SMART AGRICULTURE MARKET, BY FARM SIZE, 2023–2028 (USD MILLION)141
TABLE 30LIVESTOCK MONITORING: SMART AGRICULTURE MARKET, BY REGION, 2019–2022 (USD MILLION)141
FIGURE 54ASIA PACIFIC TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD142
TABLE 31LIVESTOCK MONITORING: SMART AGRICULTURE MARKET, BY REGION, 2023–2028 (USD MILLION)142
7.4PRECISION AQUACULTURE143
7.4.1IMPLEMENTING SMART TECHNOLOGIES HELPS MONITOR AQUAFARMS143
7.4.2SMART FEEDING SYSTEMS143
7.4.2.1Determine sizes and eating behavior of fishes143
7.4.3MONITORING AND CONTROL SYSTEMS143
7.4.3.1Improve efficiency of aquafarms143
7.4.4UNDERWATER REMOTELY OPERATED VEHICLES144
7.4.4.1Monitor underwater species to improve aquafarm operations144
TABLE 32PRECISION AQUACULTURE: SMART AGRICULTURE MARKET, BY REGION, 2019–2022 (USD MILLION)144
TABLE 33PRECISION AQUACULTURE: SMART AGRICULTURE MARKET, BY REGION, 2023–2028 (USD MILLION)144
7.5PRECISION FORESTRY145
7.5.1USES MODERN TECHNOLOGIES TO GATHER REAL-TIME INFORMATION FOR DECISION-MAKING145
TABLE 34PRECISION FORESTRY: SMART AGRICULTURE MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)145
FIGURE 55CUT-TO-LENGTH (CTL) TECHNOLOGY TO CAPTURE LARGEST SHARE OF PRECISION FORESTRY MARKET FROM 2023 TO 2028146
TABLE 35PRECISION FORESTRY: SMART AGRICULTURE MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION)146
TABLE 36PRECISION FORESTRY: SMART AGRICULTURE MARKET, BY REGION, 2019–2022 (USD MILLION)147
TABLE 37PRECISION FORESTRY: SMART AGRICULTURE MARKET, BY REGION, 2023–2028 (USD MILLION)147
7.6SMART GREENHOUSE147
7.6.1IMPROVES OPERATIONS USING WIRED AND WIRELESS TECHNOLOGIES147
TABLE 38SMART GREENHOUSE: SMART AGRICULTURE MARKET, BY SUB-TYPE, 2019–2022 (USD MILLION)148
TABLE 39SMART GREENHOUSE: SMART AGRICULTURE MARKET, BY SUB-TYPE, 2023–2028 (USD MILLION)148
TABLE 40SMART GREENHOUSE: SMART AGRICULTURE MARKET, BY FARM SIZE, 2019–2022 (USD MILLION)149
TABLE 41SMART GREENHOUSE: SMART AGRICULTURE MARKET, BY FARM SIZE, 2023–2028 (USD MILLION)149
TABLE 42SMART GREENHOUSE: SMART AGRICULTURE MARKET, BY REGION, 2019–2022 (USD MILLION)149
TABLE 43SMART GREENHOUSE: SMART AGRICULTURE MARKET, BY REGION, 2023–2028 (USD MILLION)149
7.7OTHERS150
TABLE 44OTHERS: SMART AGRICULTURE MARKET, BY TYPE, 2019–2022 (USD MILLION)150
FIGURE 56ORCHID FARMING SEGMENT TO REGISTER HIGHEST CAGR FROM 2023 TO 2028150
TABLE 45OTHERS: SMART AGRICULTURE MARKET, BY TYPE, 2023–2028 (USD MILLION)150
TABLE 46OTHERS: SMART AGRICULTURE MARKET, BY REGION, 2019–2022 (USD MILLION)151
TABLE 47OTHERS: SMART AGRICULTURE MARKET, BY REGION, 2023–2028 (USD MILLION)151
8SMART AGRICULTURE MARKET, BY OFFERING152
8.1INTRODUCTION153
FIGURE 57SMART AGRICULTURE MARKET, BY OFFERING153
TABLE 48SMART AGRICULTURE MARKET, BY OFFERING, 2019–2022 (USD MILLION)153
FIGURE 58SERVICES SEGMENT TO WITNESS HIGHEST CAGR FROM 2023 TO 2028153
TABLE 49SMART AGRICULTURE MARKET, BY OFFERING, 2023–2028 (USD MILLION)154
8.2HARDWARE154
8.2.1PRECISION FARMING HARDWARE154
8.2.1.1Growing availability of precision farming tools154
TABLE 50PRECISION FARMING: SMART AGRICULTURE MARKET, BY OFFERING, 2019–2022 (USD MILLION)155
TABLE 51PRECISION FARMING: SMART AGRICULTURE MARKET, BY OFFERING, 2023–2028 (USD MILLION)155
TABLE 52PRECISION FARMING HARDWARE: SMART AGRICULTURE MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION)155
TABLE 53PRECISION FARMING HARDWARE: SMART AGRICULTURE MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION)155
8.2.1.2Automation and control systems156
TABLE 54AUTOMATION AND CONTROL SYSTEMS: SMART AGRICULTURE MARKET, BY DEVICE TYPE, 2019–2022 (USD MILLION)156
FIGURE 59DRONES TO ACCOUNT FOR LARGEST SHARE OF AUTOMATION AND CONTROL SYSTEMS MARKET FROM 2023 TO 2028157
TABLE 55AUTOMATION AND CONTROL SYSTEMS: SMART AGRICULTURE MARKET, BY DEVICE TYPE, 2023–2028 (USD MILLION)157
8.2.1.2.1Drones/UAVs158
8.2.1.2.1.1Provide more accurate data useful in VRT applications158
8.2.1.2.2Irrigation controllers159
8.2.1.2.2.1Improve water efficiency, reduce energy consumption, and maximize crop productivity159
8.2.1.2.3GPS/GNSS devices159
8.2.1.2.3.1Help farmers work in poor visibility conditions159
8.2.1.2.4Flow and application control devices160
8.2.1.2.4.1Eliminate overlap and double coverage, saving inputs and promoting efficiency160
8.2.1.2.5Guidance and steering systems160
8.2.1.2.5.1Reduce overlap and inward drift160
8.2.1.2.6Handheld mobile devices/handheld computers161
8.2.1.2.6.1Allow collection of field records, soil nutrient data, and soil moisture information161
8.2.1.2.7Displays161
8.2.1.2.7.1Allow farmers to view farm-related information in real time161
8.2.1.2.8Others161
8.2.1.3Sensing and monitoring devices162
TABLE 56SENSING AND MONITORING DEVICES: SMART AGRICULTURE MARKET, BY DEVICE TYPE, 2019–2022 (USD MILLION)162
TABLE 57SENSING AND MONITORING DEVICES: SMART AGRICULTURE MARKET, BY DEVICE TYPE, 2023–2028 (USD MILLION)162
8.2.1.3.1Yield monitors162
8.2.1.3.1.1To hold largest market share during forecast period162
8.2.1.3.2Soil sensors163
8.2.1.3.2.1Provide real-time data on various soil properties163
8.2.1.3.3Nutrient sensors163
8.2.1.3.3.1Measure levels of essential plant nutrients163
8.2.1.3.4Moisture sensors164
8.2.1.3.4.1Manage irrigation systems more efficiently164
8.2.1.3.5Temperature sensors164
8.2.1.3.5.1Help farmers make sowing decisions and check soil sustainability for planting164
8.2.1.4Water sensors165
8.2.1.4.1Assist farmers in determining most efficient and effective times to water crops165
8.2.1.5Climate sensors165
8.2.1.5.1Help monitor and record climate changes165
8.2.1.6Others165
8.2.2LIVESTOCK MONITORING HARDWARE165
8.2.2.1Enable efficient resource management, livestock tracking, and devising and managing feeding and milking plans165
TABLE 58LIVESTOCK MONITORING: SMART AGRICULTURE MARKET, BY OFFERING, 2019–2022 (USD MILLION)165
TABLE 59LIVESTOCK MONITORING: SMART AGRICULTURE MARKET, BY OFFERING, 2023–2028 (USD MILLION)166
TABLE 60LIVESTOCK MONITORING HARDWARE: SMART AGRICULTURE MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION)166
FIGURE 60RFID TAGS AND READERS TO CAPTURE LARGEST SHARE OF LIVESTOCK MONITORING HARDWARE MARKET DURING FORECAST PERIOD166
TABLE 61LIVESTOCK MONITORING HARDWARE: SMART AGRICULTURE MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION)167
TABLE 62LIVESTOCK MONITORING HARDWARE: SMART AGRICULTURE MARKET, BY HARDWARE TYPE, 2019–2022 (MILLION UNITS)167
TABLE 63LIVESTOCK MONITORING HARDWARE: SMART AGRICULTURE MARKET, BY HARDWARE TYPE, 2023–2028 (MILLION UNITS)167
8.2.2.2RFID tags and readers168
8.2.2.2.1Help track and monitor livestock, crops, and farm assets' location and health168
8.2.2.3Sensors168
8.2.2.3.1Help improve livestock monitoring applications168
8.2.2.4Transmitters and mounting equipment168
8.2.2.4.1Used to send wireless video and audio signals from barn to livestock owner’s house168
8.2.2.5GPS169
8.2.2.5.1Aids in animal management169
8.2.2.6Others169
8.2.3PRECISION FORESTRY HARDWARE169
8.2.3.1Help optimize efficiency and accuracy of forest management operations169
TABLE 64PRECISION FORESTRY: SMART AGRICULTURE MARKET, BY OFFERING, 2019–2022 (USD MILLION)170
FIGURE 61HARDWARE SEGMENT TO LEAD PRECISION FORESTRY APPLICATIONS IN SMART AGRICULTURE MARKET IN 2023170
TABLE 65PRECISION FORESTRY: SMART AGRICULTURE MARKET, BY OFFERING, 2023–2028 (USD MILLION)170
TABLE 66PRECISION FORESTRY HARDWARE: SMART AGRICULTURE MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION)171
TABLE 67PRECISION FORESTRY HARDWARE: SMART AGRICULTURE MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION)171
8.2.3.2Harvesters and forwarders172
8.2.3.2.1Play crucial role in precision forestry operations172
8.2.3.3UAVs/drones172
8.2.3.3.1Used for planting trees and reducing associated costs172
8.2.3.4GPS173
8.2.3.4.1Used for site-specific tree management with high precision173
8.2.3.5Cameras173
8.2.3.5.1Help users monitor trees in forests173
8.2.3.6Sensors and RFID tags173
8.2.3.6.1Help prevent illegal cutting and smuggling of trees173
8.2.3.7Variable rate controllers174
8.2.3.7.1Beneficial in application of herbicides and fertilizers174
8.2.3.8Others174
8.2.4PRECISION AQUACULTURE HARDWARE174
8.2.4.1Enable effective management of aquaculture farms174
TABLE 68PRECISION AQUACULTURE: SMART AGRICULTURE MARKET, BY OFFERING, 2019–2022 (USD MILLION)174
TABLE 69PRECISION AQUACULTURE: SMART AGRICULTURE MARKET, BY OFFERING, 2023–2028 (USD MILLION)175
TABLE 70PRECISION AQUACULTURE HARDWARE: SMART AGRICULTURE MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION)175
FIGURE 62MONITORING DEVICES TO LEAD PRECISION AQUACULTURE HARDWARE MARKET FROM 2023 TO 2028175
TABLE 71PRECISION AQUACULTURE HARDWARE: SMART AGRICULTURE MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION)176
8.2.4.2Monitoring devices176
8.2.4.2.1Help increase aquatic farm efficiency and productivity176
8.2.4.2.2Temperature and environmental monitoring devices177
8.2.4.2.2.1Ensure water temperature remains within optimal range for aquatic species177
8.2.4.2.3pH and dissolved oxygen sensors177
8.2.4.2.3.1Ensure good health and growth of aquaculture species177
8.2.4.2.4Others177
8.2.4.3Camera systems178
8.2.4.3.1Used to monitor feeding response, feeding rate, and fish behavior178
8.2.4.4Control systems178
8.2.4.4.1Provide comprehensive control over aquaculture operations178
8.2.4.5Others178
8.2.5SMART GREENHOUSE HARDWARE178
8.2.5.1Improve plant growth, increase yields, and reduce waste178
TABLE 72SMART GREENHOUSE: SMART AGRICULTURE MARKET, BY OFFERING, 2019–2022 (USD MILLION)179
TABLE 73SMART GREENHOUSE: SMART AGRICULTURE MARKET, BY OFFERING, 2023–2028 (USD MILLION)179
TABLE 74SMART GREENHOUSE HARDWARE: SMART AGRICULTURE MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION)179
TABLE 75SMART GREENHOUSE HARDWARE: SMART AGRICULTURE MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION)180
8.2.5.2HVAC systems180
8.2.5.2.1Provide improved indoor environment in smart greenhouses180
8.2.5.3LED grow lights181
8.2.5.3.1Used as supplemental lighting source where natural sunlight is insufficient for plant growth181
8.2.5.4Irrigation systems181
8.2.5.4.1Help in proper and timely watering of each zone in greenhouses181
8.2.5.5Material handling equipment181
8.2.5.5.1Used for mechanization of greenhouses181
8.2.5.6Valves and pumps182
8.2.5.6.1Help maintain an optimal flow of water in greenhouses182
8.2.5.7Control systems182
8.2.5.7.1Help ease heating and cooling operations182
8.2.5.8Sensors and cameras182
8.2.5.8.1Provide quantitative information to guide farm owners182
8.2.6OTHERS183
TABLE 76OTHERS: SMART AGRICULTURE MARKET, BY OFFERING, 2019–2022 (USD MILLION)183
TABLE 77OTHERS: SMART AGRICULTURE MARKET, BY OFFERING, 2023–2028 (USD MILLION)183
8.3SOFTWARE183
TABLE 78PRECISION FARMING SOFTWARE: SMART AGRICULTURE MARKET, BY DEPLOYMENT TYPE, 2019–2022 (USD MILLION)184
TABLE 79PRECISION FARMING SOFTWARE: SMART AGRICULTURE MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION)184
TABLE 80LIVESTOCK MONITORING SOFTWARE: SMART AGRICULTURE MARKET, BY DEPLOYMENT TYPE, 2019–2022 (USD MILLION)184
TABLE 81LIVESTOCK MONITORING SOFTWARE: SMART AGRICULTURE MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION)185
TABLE 82PRECISION AQUACULTURE SOFTWARE: SMART AGRICULTURE MARKET, BY DEPLOYMENT TYPE, 2019–2022 (USD MILLION)185
TABLE 83PRECISION AQUACULTURE SOFTWARE: SMART AGRICULTURE MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION)185
TABLE 84PRECISION FORESTRY SOFTWARE: SMART AGRICULTURE MARKET, BY DEPLOYMENT TYPE, 2019–2022 (USD MILLION)185
TABLE 85PRECISION FORESTRY SOFTWARE: SMART AGRICULTURE MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION)186
TABLE 86SMART GREENHOUSE SOFTWARE: SMART AGRICULTURE MARKET, BY DEPLOYMENT TYPE, 2019–2022 (USD MILLION)186
TABLE 87SMART GREENHOUSE SOFTWARE: SMART AGRICULTURE MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION)186
TABLE 88OTHER SOFTWARE: SMART AGRICULTURE MARKET, BY DEPLOYMENT TYPE, 2019–2022 (USD MILLION)186
TABLE 89OTHER SOFTWARE: SMART AGRICULTURE MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION)187
8.3.1ON-PREMISES SOFTWARE187
8.3.1.1Offer lower cost of ownership187
8.3.2ON-CLOUD187
8.3.2.1Provide shared processing of resources and data to users187
8.3.2.2Software-as-a-Service (SaaS)188
8.3.2.2.1Allow users to connect to cloud-based applications over internet188
8.3.2.3Platform-as-a-Service (PaaS)188
8.3.2.3.1Help organizations to reduce upfront costs188
8.3.3AI & DATA ANALYTICS188
8.3.3.1Help improve harvest quality and accuracy188
8.3.3.2Farm management software189
8.3.3.2.1Used to optimize and manage farm operations and production activities189
8.4SERVICES189
TABLE 90PRECISION FARMING SERVICES: SMART AGRICULTURE MARKET, BY TYPE, 2019–2022 (USD MILLION)189
TABLE 91PRECISION FARMING SERVICES: SMART AGRICULTURE MARKET, BY TYPE, 2023–2028 (USD MILLION)189
TABLE 92LIVESTOCK MONITORING SERVICES: SMART AGRICULTURE MARKET, BY TYPE, 2019–2022 (USD MILLION)190
TABLE 93LIVESTOCK MONITORING SERVICES: SMART AGRICULTURE MARKET, BY TYPE, 2023–2028 (USD MILLION)190
TABLE 94PRECISION AQUACULTURE SERVICES: SMART AGRICULTURE MARKET, BY TYPE, 2019–2022 (USD MILLION)190
TABLE 95PRECISION AQUACULTURE SERVICES: SMART AGRICULTURE MARKET, BY TYPE, 2023–2028 (USD MILLION)191
TABLE 96SMART GREENHOUSE SERVICES: SMART AGRICULTURE MARKET, BY TYPE, 2019–2022 (USD MILLION)191
TABLE 97SMART GREENHOUSE SERVICES: SMART AGRICULTURE MARKET, BY TYPE, 2023–2028 (USD MILLION)191
TABLE 98OTHER SERVICES: SMART AGRICULTURE MARKET, BY TYPE, 2019–2022 (USD MILLION)192
TABLE 99OTHER SERVICES: SMART AGRICULTURE MARKET, BY TYPE, 2023–2028 (USD MILLION)192
8.4.1SYSTEM INTEGRATION AND CONSULTING SERVICES192
8.4.1.1Involved in troubleshooting and diagnosing farm management issues192
8.4.2MANAGED SERVICES193
8.4.2.1Provide suggestions to farmers to enhance production193
8.4.2.2Farm operation services193
8.4.2.2.1Help generate records and integrate unstructured data193
8.4.2.3Data services193
8.4.2.3.1Provide common platform to meet demand and supply requirements193
8.4.2.4Analytics services193
8.4.2.4.1Provide right calls and alerts on farming operations193
8.4.3CONNECTIVITY SERVICES194
8.4.3.1Ensure proper communication between devices and end users194
8.4.4ASSISTED PROFESSIONAL SERVICES194
8.4.4.1Help improve and implement standards of projects194
8.4.4.2Supply chain management services194
8.4.4.2.1Help mitigate frequent hardware system failures194
8.4.4.3Climate information services195
8.4.4.3.1Help plan farming activities better195
8.4.4.4Others195
8.4.5MAINTENANCE AND SUPPORT SERVICES195
8.4.5.1Ensure farm operations run smoothly and efficiently195
8.4.5.2Installation and deployment services196
8.4.5.2.1Ensure optimal machine performance196
9SMART AGRICULTURE MARKET, BY FARM SIZE197
9.1INTRODUCTION198
FIGURE 63SMART AGRICULTURE MARKET, BY FARM SIZE198
TABLE 100SMART AGRICULTURE MARKET, BY FARM SIZE, 2019–2022 (USD MILLION)198
FIGURE 64MEDIUM-SIZED FARMS TO CAPTURE LARGEST SHARE OF SMART AGRICULTURE MARKET DURING FORECASAT PERIOD198
TABLE 101SMART AGRICULTURE MARKET, BY FARM SIZE, 2023–2028 (USD MILLION)199
9.2LARGE FARMS199
9.2.1HEAVILY RELY ON HIRED LABOR TO MANAGE THEIR OPERATIONS199
TABLE 102LARGE FARMS: SMART AGRICULTURE MARKET, BY REGION, 2019–2022 (USD MILLION)200
FIGURE 65AMERICAS EXPECTED TO LEAD SMART AGRICULTURE MARKET FOR LARGE FARMS FROM 2023 TO 2028200
TABLE 103LARGE FARMS: SMART AGRICULTURE MARKET, BY REGION, 2023–2028 (USD MILLION)200
9.3MEDIUM-SIZED FARMS201
9.3.1POTENTIAL TO LOWER LABOR COSTS AND IMPROVE PRODUCTIVITY201
TABLE 104MEDIUM-SIZED FARMS: SMART AGRICULTURE MARKET, BY REGION, 2019–2022 (USD MILLION)201
FIGURE 66ASIA PACIFIC TO REGISTER FASTEST GROWTH RATE FOR MEDIUM-SIZED FARMS FROM 2023 TO 2028201
TABLE 105MEDIUM-SIZED FARMS: SMART AGRICULTURE MARKET, BY REGION, 2023–2028 (USD MILLION)202
9.4SMALL FARMS202
9.4.1SMALL FARMS TO RECORD HIGHEST GROWTH RATE DURING FORECAST PERIOD202
TABLE 106SMALL FARMS: SMART AGRICULTURE MARKET, BY REGION, 2019–2022 (USD MILLION)203
FIGURE 67AMERICAS TO LEAD SMART AGRICULTURE MARKET FOR SMALL FARMS DURING FORECAST PERIOD203
TABLE 107SMALL FARMS: SMART AGRICULTURE MARKET, BY REGION, 2023–2028 (USD MILLION)203
10SMART AGRICULTURE MARKET, BY APPLICATION204
10.1INTRODUCTION205
FIGURE 68SMART AGRICULTURE MARKET, BY APPLICATION205
TABLE 108SMART AGRICULTURE MARKET, BY APPLICATION, 2019–2022 (USD MILLION)205
FIGURE 69PRECISION FARMING SEGMENT TO ACCOUNT FOR LARGEST SHARE OF SMART AGRICULTURE MARKET IN 2023205
TABLE 109SMART AGRICULTURE MARKET, BY APPLICATION, 2023–2028 (USD MILLION)206
10.2PRECISION FARMING206
10.2.1HELPS OPTIMIZE AGRICULTURAL PRODUCTION206
TABLE 110PRECISION FARMING: SMART AGRICULTURE MARKET, BY SUB-APPLICATION, 2019–2022 (USD MILLION)207
FIGURE 70YIELD MONITORING SEGMENT TO LEAD SMART AGRICULTURE MARKET FOR PRECISION FARMING APPLICATIONS FROM 2023 TO 2028207
TABLE 111PRECISION FARMING: SMART AGRICULTURE MARKET, BY SUB-APPLICATION, 2023–2028 (USD MILLION)208
10.2.2YIELD MONITORING208
10.2.2.1Helps farmers maximize their yield208
TABLE 112BENEFITS OF YIELD MONITORING209
10.2.2.2On-farm yield monitoring210
10.2.2.2.1Accurately measures quantity of crop harvested at specific locations and times210
10.2.2.3Off-farm yield monitoring210
10.2.2.3.1Beneficial for analyzing health of yield after harvesting210
10.2.3CROP SCOUTING210
10.2.3.1Critical crop management tool important for making timely decisions during harvesting210<b
The smart agriculture market is projected to reach USD 25.4 billion by 2028 from an estimated USD 16.2 billion in 2023, at a CAGR of 9.4% from 2023 to 2028. Increasing global population creating pressure on food supply system and shortage of skilled labor in agriculture industry are among the key factors driving the growth of the smart agriculture market.
Precision farming segment to lead smart agriculture market from 2023 to 2028
The rapid adoption of state-of-the-art technologies and innovative devices to cultivate high-yield crops is expected to drive the growth of the precision farming market during the forecast period. Other factors that are facilitating the adoption of precision farming tools include accessibility of better education and training modules to farmers, data sharing facilities, easy availability of financial resources, as well as increasing consumer demand for organic food.
Services segment is expected to grow at the highest CAGR during forecast period
The services segment is expected to grow at the highest CAGR during the forecast period. The growing deployment and installation of precision feeding systems, field and livestock monitoring systems, and robotic systems in farms have led to a surge in demand for specialized services for smart agriculture.
In 2022, Americas held the largest share of the overall smart agriculture market
In 2022, the Americas held the largest share of the overall smart agriculture market, followed by Europe, Asia Pacific, and RoW. The significant presence of key companies offering smart agriculture solutions, increasing scarcity of water, the growing demand for food, and medium and large farms in the region are the major factors driving the market growth in America. In addition, North America is the largest contributor to the growth of the smart agriculture market owing to the support of governments for the utilization of smart irrigation tools by offering rebates and subsidies to farm owners.
Breakdown of primary participants:
•By Company Type: Tier 1 = 20%, Tier 2 = 45%, and Tier 3 = 35%
•By Designation: C-level Executives = 35%, Directors = 25%, and Others = 40%
•By Region: Americas = 45%, Europe = 25%, Asia Pacific = 20%, and RoW = 10%
Some of the key companies operating in the smart agriculture market are Deere & Company (US), Trimble Inc. (US), AGCO Corporation (US), Topcon Positioning Systems (US), DeLaval (Sweden), and so on.
Research Coverage:
In this report, the smart agriculture market has been segmented on the basis of Offering, Agriculture Type, Farm Size, Application, and Region. The report also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. It gives a detailed view of the market across four main regions—Americas, Europe, Asia Pacific, and RoW. Supply chain analysis has been included in the report, along with the key players and their competitive analysis in the smart agriculture ecosystem.
Key Benefits to Buy the Report:
•This report includes statistics for the smart agriculture market based on Offering, Agriculture Type, Farm Size, Application, and Region, along with their respective market sizes.
•Supply chain analysis and key industry trends have been provided for the market.
•Major drivers, restraints, opportunities, and challenges for the smart agriculture market have been provided in detail in this report.
•This report would help stakeholders to understand their competitors better and gain more insights to enhance their position in the market. The competitive landscape section includes the competitor ecosystem and the recent development strategies adopted by the key players in the market, such as product launches, contracts, collaborations, agreements, alliances, acquisitions, joint ventures, expansions, investments, and partnerships.
Table of Contents
1INTRODUCTION39
1.1STUDY OBJECTIVES39
1.2MARKET DEFINITION39
1.2.1INCLUSIONS AND EXCLUSIONS40
1.3STUDY SCOPE41
1.3.1MARKETS COVERED41
1.3.2GEOGRAPHIC SCOPE42
1.3.3YEARS CONSIDERED42
1.4CURRENCY CONSIDERED43
1.5UNITS CONSIDERED43
1.6STAKEHOLDERS43
1.7SUMMARY OF CHANGES43
1.7.1RECESSION IMPACT44
2RESEARCH METHODOLOGY45
2.1RESEARCH DATA45
FIGURE 1SMART AGRICULTURE MARKET: RESEARCH DESIGN46
2.1.1SECONDARY AND PRIMARY RESEARCH47
2.1.2SECONDARY DATA47
2.1.2.1Secondary sources48
2.1.2.2List of key secondary sources48
2.1.3PRIMARY DATA49
2.1.3.1Primary interviews with experts49
2.1.3.2List of key primary respondents49
2.1.3.3Breakdown of primaries50
2.1.3.4Key data from primary sources50
2.1.3.5Key industry insights51
2.2FACTOR ANALYSIS52
FIGURE 2MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 – TOP-DOWN (SUPPLY SIDE): REVENUES GENERATED BY COMPANIES FROM SALES OF SMART AGRICULTURE SOLUTIONS52
FIGURE 3MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 – TOP-DOWN (SUPPLY SIDE): ILLUSTRATION OF REVENUE ESTIMATIONS FOR DEERE & COMPANY IN SMART AGRICULTURE MARKET53
2.3MARKET SIZE ESTIMATION54
2.3.1BOTTOM-UP APPROACH54
2.3.1.1Approach to obtain market size using bottom-up analysis (demand side)54
FIGURE 4MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH54
2.3.2TOP-DOWN APPROACH55
2.3.2.1Approach to obtain market size using top-down analysis (supply side)55
FIGURE 5MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH55
2.3.3MARKET GROWTH PROJECTIONS AND FORECAST ASSUMPTIONS56
TABLE 1MARKET GROWTH PROJECTIONS AND FORECAST ASSUMPTIONS56
2.4MARKET BREAKDOWN AND DATA TRIANGULATION57
FIGURE 6DATA TRIANGULATION57
2.5RESEARCH ASSUMPTIONS58
2.6RESEARCH LIMITATIONS58
2.7RISK ASSESSMENT59
TABLE 2RISK FACTOR ANALYSIS59
2.8IMPACT OF RECESSION ON SMART AGRICULTURE MARKET59
3EXECUTIVE SUMMARY61
3.1OVERVIEW OF RECESSION IMPACT ON SMART AGRICULTURE MARKET61
3.1.1GLOBAL ECONOMY OUTLOOK61
3.1.2PRE-RECESSION SCENARIO62
3.1.3POST-RECESSION SCENARIO62
FIGURE 7GROWTH PROJECTION OF SMART AGRICULTURE MARKET IN PRE- AND POST-RECESSION SCENARIOS62
FIGURE 8SERVICES SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD63
FIGURE 9PRECISION FARMING SEGMENT TO LEAD SMART AGRICULTURE MARKET FROM 2023 TO 202863
FIGURE 10SMALL FARMS TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD64
FIGURE 11ASIA PACIFIC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD64
4PREMIUM INSIGHTS66
4.1ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN SMART AGRICULTURE MARKET66
FIGURE 12RISING GLOBAL POPULATION AND EMERGENCE OF AGRICULTURE 4.0 TO FUEL MARKET GROWTH66
4.2SMART AGRICULTURE MARKET, BY OFFERING66
FIGURE 13HARDWARE SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD66
4.3SMART AGRICULTURE MARKET, BY AGRICULTURE TYPE67
FIGURE 14PRECISION FARMING PROJECTED TO LEAD SMART AGRICULTURE MARKET FROM 2023 TO 202867
4.4SMART AGRICULTURE MARKET, BY FARM SIZE67
FIGURE 15MEDIUM-SIZED FARMS TO DOMINATE SMART AGRICULTURE MARKET DURING FORECAST PERIOD67
4.5SMART AGRICULTURE MARKET, BY REGION68
FIGURE 16AMERICAS TO CAPTURE LARGEST MARKET SHARE FROM 2023 TO 202868
4.6SMART AGRICULTURE MARKET, BY COUNTRY68
FIGURE 17CHINA TO REGISTER FASTEST GROWTH DURING FORECAST PERIOD68
5MARKET OVERVIEW69
5.1INTRODUCTION69
5.2DEVELOPMENT OF SMART AGRICULTURE PRACTICES69
FIGURE 18EVOLUTION OF SMART AGRICULTURE69
5.3MARKET DYNAMICS70
FIGURE 19SMART AGRICULTURE MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES70
5.3.1DRIVERS71
5.3.1.1Increasing global population creating pressure on food supply system71
FIGURE 20GLOBAL CONSUMPTION OF MAJOR FIELD CROPS, 2005–205071
5.3.1.2Shortage of skilled labor in agriculture sector72
5.3.1.3Surging use of modern technologies in agriculture72
5.3.1.4Benefits offered by livestock monitoring solutions73
5.3.1.5Rising adoption of IoT, ROVs, and AI in aquaculture farming73
FIGURE 21SMART AGRICULTURE MARKET: DRIVERS AND THEIR IMPACT74
5.3.2RESTRAINTS74
5.3.2.1High cost of smart agriculture solutions74
5.3.2.2Fragmented agriculture sector75
FIGURE 22SMART AGRICULTURE MARKET: RESTRAINTS AND THEIR IMPACT75
5.3.3OPPORTUNITIES75
5.3.3.1Growing vegetarian and vegan population75
FIGURE 23TOTAL NUMBER OF PARTICIPANTS IN VEGANUARY PROGRAM, 2014–202276
5.3.3.2Rising adoption of livestock monitoring solutions in emerging countries76
FIGURE 24GLOBAL MILKING ROBOTS INSTALLED BASE, 2017–2030 (UNITS)76
5.3.3.3Growing use of UAVs or drones in agricultural activities77
5.3.3.4Increasing popularity of land-based recirculating aquaculture systems77
FIGURE 25SMART AGRICULTURE MARKET: OPPORTUNITIES AND THEIR IMPACT78
5.3.4CHALLENGES78
5.3.4.1Reduced profitability due to rising cost of cattle feed78
FIGURE 26TOTAL PRICE OF FEED (INDEX), 2011–202379
5.3.4.2Adverse impact of livestock farming on environment79
FIGURE 27SMART AGRICULTURE MARKET: CHALLENGES AND THEIR IMPACT79
5.4SUPPLY CHAIN ANALYSIS80
FIGURE 28SMART AGRICULTURE MARKET: SUPPLY CHAIN ANALYSIS80
5.4.1MAJOR STAKEHOLDERS IN SMART AGRICULTURE MARKET81
5.5ECOSYSTEM MAPPING82
FIGURE 29SMART AGRICULTURE ECOSYSTEM82
TABLE 3SMART AGRICULTURE ECOSYSTEM82
5.6PRICING ANALYSIS83
TABLE 4AVERAGE SELLING PRICES OF SMART AGRICULTURE SOLUTIONS, BY HARDWARE OFFERING84
FIGURE 30AVERAGE SELLING PRICE TREND FOR SMART AGRICULTURE HARDWARE OFFERINGS, 2019–2028 (USD)84
FIGURE 31PRECISION FARMING DATA ANALYTICS SERVICE COST PER HECTARE FOR DIFFERENT FARM SIZES IN 202185
5.7REVENUE SHIFT AND NEW REVENUE POCKETS FOR PLAYERS IN SMART AGRICULTURE MARKET85
FIGURE 32REVENUE SHIFT IN SMART AGRICULTURE MARKET86
5.8TECHNOLOGICAL TRENDS86
5.8.1INTERNET OF THINGS (IOT)86
5.8.2M2M SOLUTIONS87
FIGURE 33INCREASING USE OF M2M SOLUTIONS IN AGRICULTURE—LEADING TREND AMONG KEY MARKET PLAYERS87
5.8.3ROBOTICS87
5.8.4AI AND BLOCKCHAIN IN LIVESTOCK FARMING87
FIGURE 34BLOCKCHAIN AND AI IN LIVESTOCK MONITORING88
5.8.5ADOPTION OF ROBOTIC CAGES AND UNDERWATER DRONES IN AQUACULTURE FARMS88
5.8.6INTEGRATION OF TELEMATICS WITH FOREST MECHANIZATION IN PRECISION FORESTRY88
5.8.7ADVENT OF LIDAR-FITTED UAVS IN PRECISION FORESTRY89
5.9PORTER’S FIVE FORCES ANALYSIS89
FIGURE 35SMART AGRICULTURE MARKET: PORTER’S FIVE FORCES ANALYSIS89
TABLE 5SMART AGRICULTURE MARKET: PORTER’S FIVE FORCES ANALYSIS89
5.9.1INTENSITY OF COMPETITIVE RIVALRY90
5.9.2BARGAINING POWER OF SUPPLIERS90
5.9.3BARGAINING POWER OF BUYERS90
5.9.4THREAT OF SUBSTITUTES90
5.9.5THREAT OF NEW ENTRANTS90
5.10KEY STAKEHOLDERS AND BUYING CRITERIA91
5.10.1KEY STAKEHOLDERS IN BUYING PROCESS91
FIGURE 36INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS, BY APPLICATION91
TABLE 6INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS, BY APPLICATION (%)91
5.10.2BUYING CRITERIA92
FIGURE 37KEY BUYING CRITERIA, BY APPLICATION92
TABLE 7KEY BUYING CRITERIA, BY APPLICATION92
5.11CASE STUDY ANALYSIS93
5.11.1INTRODUCTION93
5.11.2OPEN BLUE93
TABLE 8INNOVASEA SYSTEM INC. HELPS OPEN BLUE BECOME LARGEST OPEN-OCEAN FISH FARM IN WORLD93
5.11.3EARTH OCEAN FARMS94
TABLE 9INNOVASEA SYSTEM INC. ENABLES EARTH OCEAN FARMS TO EXPAND PRODUCTION WITH RUGGED EVOLUTION PENS94
5.11.4GIFAS95
TABLE 10PHILIPS LED SOLUTIONS OFFER NEW POSSIBILITIES FOR SALMON INDUSTRY95
5.11.5ERKO SEAFOOD AS95
TABLE 11AKVA GROUP HELPS ERKO SEAFOOD AS WITH PRECISION AQUACULTURE PRODUCTS95
5.12TRADE ANALYSIS96
TABLE 12IMPORT DATA OF AGRICULTURAL, HORTICULTURAL, OR FORESTRY MACHINERY OF SOIL PREPARATION OR CULTIVATION, BY COUNTRY, 2017–2021 (USD MILLION)96
FIGURE 38SMART AGRICULTURE MARKET: IMPORT DATA FOR MAJOR COUNTRIES, 2017–202196
TABLE 13EXPORT DATA OF AGRICULTURAL, HORTICULTURAL, OR FORESTRY MACHINERY OF SOIL PREPARATION OR CULTIVATION, BY COUNTRY, 2017–2021 (USD MILLION)97
FIGURE 39SMART AGRICULTURE: EXPORT DATA FOR MAJOR COUNTRIES, 2017–202197
5.13PATENT ANALYSIS98
FIGURE 40TOP 10 COMPANIES WITH HIGHEST NO. OF PATENTS IN LAST 10 YEARS98
5.13.1JURISDICTION ANALYSIS98
FIGURE 41JURISDICTION ANALYSIS98
5.13.2TOP PATENT OWNERS99
TABLE 14TOP 20 PATENT OWNERS (US) IN LAST 10 YEARS99
TABLE 15SOME KEY INNOVATIONS AND PATENT REGISTRATIONS FROM SEL100
5.14KEY CONFERENCES AND EVENTS, 2023–2024100
TABLE 16SMART AGRICULTURE MARKET: DETAILED LIST OF CONFERENCES AND EVENTS100
5.15TARIFF AND REGULATORY LANDSCAPE IN SMART AGRICULTURE102
5.15.1US: AGRICULTURAL DATA ACT 2018102
5.15.2NATIONAL MISSION FOR SUSTAINABLE AGRICULTURE (NMSA)103
5.15.3ENVIRONMENTAL IMPACT ASSESSMENT (EIA)103
5.15.4NATURE CONSERVATION – EUROPEAN UNION (EU)103
5.15.5TARIFF AND REGULATIONS RELATED TO PRECISION FARMING AND SMART GREENHOUSES104
TABLE 17TARIFF REGULATIONS: PRECISION FARMING AND SMART GREENHOUSES104
5.15.6TARIFF AND REGULATIONS RELATED TO PRECISION AQUACULTURE105
TABLE 18TARIFF REGULATIONS: PRECISION AQUACULTURE105
5.16GOVERNMENT POLICIES AND SUBSIDIES106
5.16.1INTRODUCTION106
5.16.2CHINA107
5.16.2.1National plan for agricultural and rural informatization: China 14th five-year plan (2021–2026)108
5.16.2.2New guidelines for modernization of agriculture sector in China108
5.16.2.3Current state of development of smart agriculture machinery in China108
5.16.2.4Pollution and climate smart agriculture in China (PACSAC)109
5.16.2.5World bank initiatives toward promoting green agriculture and rural development in China110
FIGURE 42AGRICULTURE SUBSIDIES IN CHINA AND OTHER MAJOR COUNTRIES (% OF TOTAL GDP)110
5.16.3INDIA111
TABLE 19CURRENT AGRICULTURE SUBSIDIES SUPPORT TO INDIAN FARMERS FROM CENTRAL AND STATE GOVERNMENTS (USD BILLION)111
5.16.3.1Greenhouse farming subsidy in India114
5.16.3.2Government initiatives for promoting organic farming in India115
5.16.3.3Government partnerships for smart agriculture116
5.16.4NETHERLANDS118
5.16.4.1Climate smart agriculture initiatives in Netherlands118
5.16.4.2Major government initiatives and subsidy programs in Netherlands120
5.16.4.3Support for organic farmers121
5.16.4.3.1Greenhouse as source of energy121
5.16.4.3.2Subsidy scheme for agricultural innovation North Brabant, 2020–2023121
5.16.5AZERBAIJAN121
FIGURE 43TOTAL AGRICULTURE LAND UNDER CULTIVATION, 2012–2022 (MILLION HA)122
5.16.5.1Government investments and support for agriculture sector in Azerbaijan123
FIGURE 44AGRICULTURE EXPORT VALUE, BY PRODUCT, 2020 VS. 2021 (USD MILLION)124
FIGURE 45AGRICULTURE IMPORT VALUE, BY PRODUCT, 2020 VS. 2021 (USD MILLION)124
5.16.5.2Recent government reforms and policies in agriculture sector125
5.16.5.3Digital agriculture transformation in Azerbaijan through setting up agroparks125
5.16.6SPAIN126
FIGURE 46TOTAL AGRICULTURAL LAND UNDER CULTIVATION IN SPAIN, 2013–2020 (MILLION HA)126
FIGURE 47SHARE OF MAJOR AGRICULTURE PRODUCTS IN SPAIN127
FIGURE 48IMPORT AND EXPORT VALUE OF AGRICULTURE PRODUCTS IN SPAIN, 2021 (USD MILLION)127
5.16.6.1Recent government policies in agriculture128
5.16.6.1.1Spanish government approved strategic plan for economic recovery and transformation (PERTE) of agri-food sector in early 2022128
5.16.6.1.2Ministry of Agriculture, Fisheries and Food and National Innovation Company (ENISA) in Spain allocated euro 13 million to technology-based agriculture business projects128
5.16.6.1.3Subsidy schemes for irrigation projects in Spain128
5.16.7TURKEY129
5.16.7.1Current landscape of smart agriculture technology in Turkey129
FIGURE 49TOTAL AGRICULTURE LAND UNDER CULTIVATION, 2013–2020 (MILLION HA)130
5.16.7.2Policies and implementation of smart agriculture technologies in Turkey131
5.16.7.2.1Eleventh development plan was created in July 2019131
6DIFFERENT CONNECTING TECHNOLOGIES USED IN SMART AGRICULTURE132
6.1INTRODUCTION132
FIGURE 50DIFFERENT TECHNOLOGIES IN SMART AGRICULTURE132
6.2INTERNET OF THINGS (IOT)132
6.3CELLULAR IOT132
6.3.1LTE-M133
6.3.2NB-IOT133
6.4LORA133
6.5GLOBAL NAVIGATION SATELLITE SYSTEM (GNSS)133
7SMART AGRICULTURE MARKET, BY AGRICULTURE TYPE134
7.1INTRODUCTION135
FIGURE 51SMART AGRICULTURE MARKET, BY AGRICULTURE TYPE135
TABLE 20SMART AGRICULTURE MARKET, BY AGRICULTURE TYPE, 2019–2022 (USD MILLION)135
FIGURE 52PRECISION FARMING EXPECTED TO DOMINATE SMART AGRICULTURE MARKET FROM 2023 TO 2028136
TABLE 21SMART AGRICULTURE MARKET, BY AGRICULTURE TYPE, 2023–2028 (USD MILLION)136
7.2PRECISION FARMING137
7.2.1IMPROVES FARM EFFICIENCY AND INCREASES CROP PRODUCTIVITY137
TABLE 22PRECISION FARMING: SMART AGRICULTURE MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)137
FIGURE 53VARIABLE RATE TECHNOLOGY TO REGISTER HIGHEST CAGR FROM 2023 TO 2028138
TABLE 23PRECISION FARMING: SMART AGRICULTURE MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION)138
TABLE 24PRECISION FARMING: SMART AGRICULTURE MARKET, BY FARM SIZE, 2019–2022 (USD MILLION)139
TABLE 25PRECISION FARMING: SMART AGRICULTURE MARKET, BY FARM SIZE, 2023–2028 (USD MILLION)139
TABLE 26PRECISION FARMING: SMART AGRICULTURE MARKET, BY REGION, 2019–2022 (USD MILLION)139
TABLE 27PRECISION FARMING: SMART AGRICULTURE MARKET, BY REGION, 2023–2028 (USD MILLION)140
7.3LIVESTOCK MONITORING140
7.3.1USES CUTTING-EDGE TECHNOLOGIES AND TOOLS TO ENHANCE PRODUCTIVITY AND PROFITABILITY IN DAIRY FARMING140
TABLE 28LIVESTOCK MONITORING: SMART AGRICULTURE MARKET, BY FARM SIZE, 2019–2022 (USD MILLION)141
TABLE 29LIVESTOCK MONITORING: SMART AGRICULTURE MARKET, BY FARM SIZE, 2023–2028 (USD MILLION)141
TABLE 30LIVESTOCK MONITORING: SMART AGRICULTURE MARKET, BY REGION, 2019–2022 (USD MILLION)141
FIGURE 54ASIA PACIFIC TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD142
TABLE 31LIVESTOCK MONITORING: SMART AGRICULTURE MARKET, BY REGION, 2023–2028 (USD MILLION)142
7.4PRECISION AQUACULTURE143
7.4.1IMPLEMENTING SMART TECHNOLOGIES HELPS MONITOR AQUAFARMS143
7.4.2SMART FEEDING SYSTEMS143
7.4.2.1Determine sizes and eating behavior of fishes143
7.4.3MONITORING AND CONTROL SYSTEMS143
7.4.3.1Improve efficiency of aquafarms143
7.4.4UNDERWATER REMOTELY OPERATED VEHICLES144
7.4.4.1Monitor underwater species to improve aquafarm operations144
TABLE 32PRECISION AQUACULTURE: SMART AGRICULTURE MARKET, BY REGION, 2019–2022 (USD MILLION)144
TABLE 33PRECISION AQUACULTURE: SMART AGRICULTURE MARKET, BY REGION, 2023–2028 (USD MILLION)144
7.5PRECISION FORESTRY145
7.5.1USES MODERN TECHNOLOGIES TO GATHER REAL-TIME INFORMATION FOR DECISION-MAKING145
TABLE 34PRECISION FORESTRY: SMART AGRICULTURE MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)145
FIGURE 55CUT-TO-LENGTH (CTL) TECHNOLOGY TO CAPTURE LARGEST SHARE OF PRECISION FORESTRY MARKET FROM 2023 TO 2028146
TABLE 35PRECISION FORESTRY: SMART AGRICULTURE MARKET, BY TECHNOLOGY, 2023–2028 (USD MILLION)146
TABLE 36PRECISION FORESTRY: SMART AGRICULTURE MARKET, BY REGION, 2019–2022 (USD MILLION)147
TABLE 37PRECISION FORESTRY: SMART AGRICULTURE MARKET, BY REGION, 2023–2028 (USD MILLION)147
7.6SMART GREENHOUSE147
7.6.1IMPROVES OPERATIONS USING WIRED AND WIRELESS TECHNOLOGIES147
TABLE 38SMART GREENHOUSE: SMART AGRICULTURE MARKET, BY SUB-TYPE, 2019–2022 (USD MILLION)148
TABLE 39SMART GREENHOUSE: SMART AGRICULTURE MARKET, BY SUB-TYPE, 2023–2028 (USD MILLION)148
TABLE 40SMART GREENHOUSE: SMART AGRICULTURE MARKET, BY FARM SIZE, 2019–2022 (USD MILLION)149
TABLE 41SMART GREENHOUSE: SMART AGRICULTURE MARKET, BY FARM SIZE, 2023–2028 (USD MILLION)149
TABLE 42SMART GREENHOUSE: SMART AGRICULTURE MARKET, BY REGION, 2019–2022 (USD MILLION)149
TABLE 43SMART GREENHOUSE: SMART AGRICULTURE MARKET, BY REGION, 2023–2028 (USD MILLION)149
7.7OTHERS150
TABLE 44OTHERS: SMART AGRICULTURE MARKET, BY TYPE, 2019–2022 (USD MILLION)150
FIGURE 56ORCHID FARMING SEGMENT TO REGISTER HIGHEST CAGR FROM 2023 TO 2028150
TABLE 45OTHERS: SMART AGRICULTURE MARKET, BY TYPE, 2023–2028 (USD MILLION)150
TABLE 46OTHERS: SMART AGRICULTURE MARKET, BY REGION, 2019–2022 (USD MILLION)151
TABLE 47OTHERS: SMART AGRICULTURE MARKET, BY REGION, 2023–2028 (USD MILLION)151
8SMART AGRICULTURE MARKET, BY OFFERING152
8.1INTRODUCTION153
FIGURE 57SMART AGRICULTURE MARKET, BY OFFERING153
TABLE 48SMART AGRICULTURE MARKET, BY OFFERING, 2019–2022 (USD MILLION)153
FIGURE 58SERVICES SEGMENT TO WITNESS HIGHEST CAGR FROM 2023 TO 2028153
TABLE 49SMART AGRICULTURE MARKET, BY OFFERING, 2023–2028 (USD MILLION)154
8.2HARDWARE154
8.2.1PRECISION FARMING HARDWARE154
8.2.1.1Growing availability of precision farming tools154
TABLE 50PRECISION FARMING: SMART AGRICULTURE MARKET, BY OFFERING, 2019–2022 (USD MILLION)155
TABLE 51PRECISION FARMING: SMART AGRICULTURE MARKET, BY OFFERING, 2023–2028 (USD MILLION)155
TABLE 52PRECISION FARMING HARDWARE: SMART AGRICULTURE MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION)155
TABLE 53PRECISION FARMING HARDWARE: SMART AGRICULTURE MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION)155
8.2.1.2Automation and control systems156
TABLE 54AUTOMATION AND CONTROL SYSTEMS: SMART AGRICULTURE MARKET, BY DEVICE TYPE, 2019–2022 (USD MILLION)156
FIGURE 59DRONES TO ACCOUNT FOR LARGEST SHARE OF AUTOMATION AND CONTROL SYSTEMS MARKET FROM 2023 TO 2028157
TABLE 55AUTOMATION AND CONTROL SYSTEMS: SMART AGRICULTURE MARKET, BY DEVICE TYPE, 2023–2028 (USD MILLION)157
8.2.1.2.1Drones/UAVs158
8.2.1.2.1.1Provide more accurate data useful in VRT applications158
8.2.1.2.2Irrigation controllers159
8.2.1.2.2.1Improve water efficiency, reduce energy consumption, and maximize crop productivity159
8.2.1.2.3GPS/GNSS devices159
8.2.1.2.3.1Help farmers work in poor visibility conditions159
8.2.1.2.4Flow and application control devices160
8.2.1.2.4.1Eliminate overlap and double coverage, saving inputs and promoting efficiency160
8.2.1.2.5Guidance and steering systems160
8.2.1.2.5.1Reduce overlap and inward drift160
8.2.1.2.6Handheld mobile devices/handheld computers161
8.2.1.2.6.1Allow collection of field records, soil nutrient data, and soil moisture information161
8.2.1.2.7Displays161
8.2.1.2.7.1Allow farmers to view farm-related information in real time161
8.2.1.2.8Others161
8.2.1.3Sensing and monitoring devices162
TABLE 56SENSING AND MONITORING DEVICES: SMART AGRICULTURE MARKET, BY DEVICE TYPE, 2019–2022 (USD MILLION)162
TABLE 57SENSING AND MONITORING DEVICES: SMART AGRICULTURE MARKET, BY DEVICE TYPE, 2023–2028 (USD MILLION)162
8.2.1.3.1Yield monitors162
8.2.1.3.1.1To hold largest market share during forecast period162
8.2.1.3.2Soil sensors163
8.2.1.3.2.1Provide real-time data on various soil properties163
8.2.1.3.3Nutrient sensors163
8.2.1.3.3.1Measure levels of essential plant nutrients163
8.2.1.3.4Moisture sensors164
8.2.1.3.4.1Manage irrigation systems more efficiently164
8.2.1.3.5Temperature sensors164
8.2.1.3.5.1Help farmers make sowing decisions and check soil sustainability for planting164
8.2.1.4Water sensors165
8.2.1.4.1Assist farmers in determining most efficient and effective times to water crops165
8.2.1.5Climate sensors165
8.2.1.5.1Help monitor and record climate changes165
8.2.1.6Others165
8.2.2LIVESTOCK MONITORING HARDWARE165
8.2.2.1Enable efficient resource management, livestock tracking, and devising and managing feeding and milking plans165
TABLE 58LIVESTOCK MONITORING: SMART AGRICULTURE MARKET, BY OFFERING, 2019–2022 (USD MILLION)165
TABLE 59LIVESTOCK MONITORING: SMART AGRICULTURE MARKET, BY OFFERING, 2023–2028 (USD MILLION)166
TABLE 60LIVESTOCK MONITORING HARDWARE: SMART AGRICULTURE MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION)166
FIGURE 60RFID TAGS AND READERS TO CAPTURE LARGEST SHARE OF LIVESTOCK MONITORING HARDWARE MARKET DURING FORECAST PERIOD166
TABLE 61LIVESTOCK MONITORING HARDWARE: SMART AGRICULTURE MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION)167
TABLE 62LIVESTOCK MONITORING HARDWARE: SMART AGRICULTURE MARKET, BY HARDWARE TYPE, 2019–2022 (MILLION UNITS)167
TABLE 63LIVESTOCK MONITORING HARDWARE: SMART AGRICULTURE MARKET, BY HARDWARE TYPE, 2023–2028 (MILLION UNITS)167
8.2.2.2RFID tags and readers168
8.2.2.2.1Help track and monitor livestock, crops, and farm assets' location and health168
8.2.2.3Sensors168
8.2.2.3.1Help improve livestock monitoring applications168
8.2.2.4Transmitters and mounting equipment168
8.2.2.4.1Used to send wireless video and audio signals from barn to livestock owner’s house168
8.2.2.5GPS169
8.2.2.5.1Aids in animal management169
8.2.2.6Others169
8.2.3PRECISION FORESTRY HARDWARE169
8.2.3.1Help optimize efficiency and accuracy of forest management operations169
TABLE 64PRECISION FORESTRY: SMART AGRICULTURE MARKET, BY OFFERING, 2019–2022 (USD MILLION)170
FIGURE 61HARDWARE SEGMENT TO LEAD PRECISION FORESTRY APPLICATIONS IN SMART AGRICULTURE MARKET IN 2023170
TABLE 65PRECISION FORESTRY: SMART AGRICULTURE MARKET, BY OFFERING, 2023–2028 (USD MILLION)170
TABLE 66PRECISION FORESTRY HARDWARE: SMART AGRICULTURE MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION)171
TABLE 67PRECISION FORESTRY HARDWARE: SMART AGRICULTURE MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION)171
8.2.3.2Harvesters and forwarders172
8.2.3.2.1Play crucial role in precision forestry operations172
8.2.3.3UAVs/drones172
8.2.3.3.1Used for planting trees and reducing associated costs172
8.2.3.4GPS173
8.2.3.4.1Used for site-specific tree management with high precision173
8.2.3.5Cameras173
8.2.3.5.1Help users monitor trees in forests173
8.2.3.6Sensors and RFID tags173
8.2.3.6.1Help prevent illegal cutting and smuggling of trees173
8.2.3.7Variable rate controllers174
8.2.3.7.1Beneficial in application of herbicides and fertilizers174
8.2.3.8Others174
8.2.4PRECISION AQUACULTURE HARDWARE174
8.2.4.1Enable effective management of aquaculture farms174
TABLE 68PRECISION AQUACULTURE: SMART AGRICULTURE MARKET, BY OFFERING, 2019–2022 (USD MILLION)174
TABLE 69PRECISION AQUACULTURE: SMART AGRICULTURE MARKET, BY OFFERING, 2023–2028 (USD MILLION)175
TABLE 70PRECISION AQUACULTURE HARDWARE: SMART AGRICULTURE MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION)175
FIGURE 62MONITORING DEVICES TO LEAD PRECISION AQUACULTURE HARDWARE MARKET FROM 2023 TO 2028175
TABLE 71PRECISION AQUACULTURE HARDWARE: SMART AGRICULTURE MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION)176
8.2.4.2Monitoring devices176
8.2.4.2.1Help increase aquatic farm efficiency and productivity176
8.2.4.2.2Temperature and environmental monitoring devices177
8.2.4.2.2.1Ensure water temperature remains within optimal range for aquatic species177
8.2.4.2.3pH and dissolved oxygen sensors177
8.2.4.2.3.1Ensure good health and growth of aquaculture species177
8.2.4.2.4Others177
8.2.4.3Camera systems178
8.2.4.3.1Used to monitor feeding response, feeding rate, and fish behavior178
8.2.4.4Control systems178
8.2.4.4.1Provide comprehensive control over aquaculture operations178
8.2.4.5Others178
8.2.5SMART GREENHOUSE HARDWARE178
8.2.5.1Improve plant growth, increase yields, and reduce waste178
TABLE 72SMART GREENHOUSE: SMART AGRICULTURE MARKET, BY OFFERING, 2019–2022 (USD MILLION)179
TABLE 73SMART GREENHOUSE: SMART AGRICULTURE MARKET, BY OFFERING, 2023–2028 (USD MILLION)179
TABLE 74SMART GREENHOUSE HARDWARE: SMART AGRICULTURE MARKET, BY HARDWARE TYPE, 2019–2022 (USD MILLION)179
TABLE 75SMART GREENHOUSE HARDWARE: SMART AGRICULTURE MARKET, BY HARDWARE TYPE, 2023–2028 (USD MILLION)180
8.2.5.2HVAC systems180
8.2.5.2.1Provide improved indoor environment in smart greenhouses180
8.2.5.3LED grow lights181
8.2.5.3.1Used as supplemental lighting source where natural sunlight is insufficient for plant growth181
8.2.5.4Irrigation systems181
8.2.5.4.1Help in proper and timely watering of each zone in greenhouses181
8.2.5.5Material handling equipment181
8.2.5.5.1Used for mechanization of greenhouses181
8.2.5.6Valves and pumps182
8.2.5.6.1Help maintain an optimal flow of water in greenhouses182
8.2.5.7Control systems182
8.2.5.7.1Help ease heating and cooling operations182
8.2.5.8Sensors and cameras182
8.2.5.8.1Provide quantitative information to guide farm owners182
8.2.6OTHERS183
TABLE 76OTHERS: SMART AGRICULTURE MARKET, BY OFFERING, 2019–2022 (USD MILLION)183
TABLE 77OTHERS: SMART AGRICULTURE MARKET, BY OFFERING, 2023–2028 (USD MILLION)183
8.3SOFTWARE183
TABLE 78PRECISION FARMING SOFTWARE: SMART AGRICULTURE MARKET, BY DEPLOYMENT TYPE, 2019–2022 (USD MILLION)184
TABLE 79PRECISION FARMING SOFTWARE: SMART AGRICULTURE MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION)184
TABLE 80LIVESTOCK MONITORING SOFTWARE: SMART AGRICULTURE MARKET, BY DEPLOYMENT TYPE, 2019–2022 (USD MILLION)184
TABLE 81LIVESTOCK MONITORING SOFTWARE: SMART AGRICULTURE MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION)185
TABLE 82PRECISION AQUACULTURE SOFTWARE: SMART AGRICULTURE MARKET, BY DEPLOYMENT TYPE, 2019–2022 (USD MILLION)185
TABLE 83PRECISION AQUACULTURE SOFTWARE: SMART AGRICULTURE MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION)185
TABLE 84PRECISION FORESTRY SOFTWARE: SMART AGRICULTURE MARKET, BY DEPLOYMENT TYPE, 2019–2022 (USD MILLION)185
TABLE 85PRECISION FORESTRY SOFTWARE: SMART AGRICULTURE MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION)186
TABLE 86SMART GREENHOUSE SOFTWARE: SMART AGRICULTURE MARKET, BY DEPLOYMENT TYPE, 2019–2022 (USD MILLION)186
TABLE 87SMART GREENHOUSE SOFTWARE: SMART AGRICULTURE MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION)186
TABLE 88OTHER SOFTWARE: SMART AGRICULTURE MARKET, BY DEPLOYMENT TYPE, 2019–2022 (USD MILLION)186
TABLE 89OTHER SOFTWARE: SMART AGRICULTURE MARKET, BY DEPLOYMENT TYPE, 2023–2028 (USD MILLION)187
8.3.1ON-PREMISES SOFTWARE187
8.3.1.1Offer lower cost of ownership187
8.3.2ON-CLOUD187
8.3.2.1Provide shared processing of resources and data to users187
8.3.2.2Software-as-a-Service (SaaS)188
8.3.2.2.1Allow users to connect to cloud-based applications over internet188
8.3.2.3Platform-as-a-Service (PaaS)188
8.3.2.3.1Help organizations to reduce upfront costs188
8.3.3AI & DATA ANALYTICS188
8.3.3.1Help improve harvest quality and accuracy188
8.3.3.2Farm management software189
8.3.3.2.1Used to optimize and manage farm operations and production activities189
8.4SERVICES189
TABLE 90PRECISION FARMING SERVICES: SMART AGRICULTURE MARKET, BY TYPE, 2019–2022 (USD MILLION)189
TABLE 91PRECISION FARMING SERVICES: SMART AGRICULTURE MARKET, BY TYPE, 2023–2028 (USD MILLION)189
TABLE 92LIVESTOCK MONITORING SERVICES: SMART AGRICULTURE MARKET, BY TYPE, 2019–2022 (USD MILLION)190
TABLE 93LIVESTOCK MONITORING SERVICES: SMART AGRICULTURE MARKET, BY TYPE, 2023–2028 (USD MILLION)190
TABLE 94PRECISION AQUACULTURE SERVICES: SMART AGRICULTURE MARKET, BY TYPE, 2019–2022 (USD MILLION)190
TABLE 95PRECISION AQUACULTURE SERVICES: SMART AGRICULTURE MARKET, BY TYPE, 2023–2028 (USD MILLION)191
TABLE 96SMART GREENHOUSE SERVICES: SMART AGRICULTURE MARKET, BY TYPE, 2019–2022 (USD MILLION)191
TABLE 97SMART GREENHOUSE SERVICES: SMART AGRICULTURE MARKET, BY TYPE, 2023–2028 (USD MILLION)191
TABLE 98OTHER SERVICES: SMART AGRICULTURE MARKET, BY TYPE, 2019–2022 (USD MILLION)192
TABLE 99OTHER SERVICES: SMART AGRICULTURE MARKET, BY TYPE, 2023–2028 (USD MILLION)192
8.4.1SYSTEM INTEGRATION AND CONSULTING SERVICES192
8.4.1.1Involved in troubleshooting and diagnosing farm management issues192
8.4.2MANAGED SERVICES193
8.4.2.1Provide suggestions to farmers to enhance production193
8.4.2.2Farm operation services193
8.4.2.2.1Help generate records and integrate unstructured data193
8.4.2.3Data services193
8.4.2.3.1Provide common platform to meet demand and supply requirements193
8.4.2.4Analytics services193
8.4.2.4.1Provide right calls and alerts on farming operations193
8.4.3CONNECTIVITY SERVICES194
8.4.3.1Ensure proper communication between devices and end users194
8.4.4ASSISTED PROFESSIONAL SERVICES194
8.4.4.1Help improve and implement standards of projects194
8.4.4.2Supply chain management services194
8.4.4.2.1Help mitigate frequent hardware system failures194
8.4.4.3Climate information services195
8.4.4.3.1Help plan farming activities better195
8.4.4.4Others195
8.4.5MAINTENANCE AND SUPPORT SERVICES195
8.4.5.1Ensure farm operations run smoothly and efficiently195
8.4.5.2Installation and deployment services196
8.4.5.2.1Ensure optimal machine performance196
9SMART AGRICULTURE MARKET, BY FARM SIZE197
9.1INTRODUCTION198
FIGURE 63SMART AGRICULTURE MARKET, BY FARM SIZE198
TABLE 100SMART AGRICULTURE MARKET, BY FARM SIZE, 2019–2022 (USD MILLION)198
FIGURE 64MEDIUM-SIZED FARMS TO CAPTURE LARGEST SHARE OF SMART AGRICULTURE MARKET DURING FORECASAT PERIOD198
TABLE 101SMART AGRICULTURE MARKET, BY FARM SIZE, 2023–2028 (USD MILLION)199
9.2LARGE FARMS199
9.2.1HEAVILY RELY ON HIRED LABOR TO MANAGE THEIR OPERATIONS199
TABLE 102LARGE FARMS: SMART AGRICULTURE MARKET, BY REGION, 2019–2022 (USD MILLION)200
FIGURE 65AMERICAS EXPECTED TO LEAD SMART AGRICULTURE MARKET FOR LARGE FARMS FROM 2023 TO 2028200
TABLE 103LARGE FARMS: SMART AGRICULTURE MARKET, BY REGION, 2023–2028 (USD MILLION)200
9.3MEDIUM-SIZED FARMS201
9.3.1POTENTIAL TO LOWER LABOR COSTS AND IMPROVE PRODUCTIVITY201
TABLE 104MEDIUM-SIZED FARMS: SMART AGRICULTURE MARKET, BY REGION, 2019–2022 (USD MILLION)201
FIGURE 66ASIA PACIFIC TO REGISTER FASTEST GROWTH RATE FOR MEDIUM-SIZED FARMS FROM 2023 TO 2028201
TABLE 105MEDIUM-SIZED FARMS: SMART AGRICULTURE MARKET, BY REGION, 2023–2028 (USD MILLION)202
9.4SMALL FARMS202
9.4.1SMALL FARMS TO RECORD HIGHEST GROWTH RATE DURING FORECAST PERIOD202
TABLE 106SMALL FARMS: SMART AGRICULTURE MARKET, BY REGION, 2019–2022 (USD MILLION)203
FIGURE 67AMERICAS TO LEAD SMART AGRICULTURE MARKET FOR SMALL FARMS DURING FORECAST PERIOD203
TABLE 107SMALL FARMS: SMART AGRICULTURE MARKET, BY REGION, 2023–2028 (USD MILLION)203
10SMART AGRICULTURE MARKET, BY APPLICATION204
10.1INTRODUCTION205
FIGURE 68SMART AGRICULTURE MARKET, BY APPLICATION205
TABLE 108SMART AGRICULTURE MARKET, BY APPLICATION, 2019–2022 (USD MILLION)205
FIGURE 69PRECISION FARMING SEGMENT TO ACCOUNT FOR LARGEST SHARE OF SMART AGRICULTURE MARKET IN 2023205
TABLE 109SMART AGRICULTURE MARKET, BY APPLICATION, 2023–2028 (USD MILLION)206
10.2PRECISION FARMING206
10.2.1HELPS OPTIMIZE AGRICULTURAL PRODUCTION206
TABLE 110PRECISION FARMING: SMART AGRICULTURE MARKET, BY SUB-APPLICATION, 2019–2022 (USD MILLION)207
FIGURE 70YIELD MONITORING SEGMENT TO LEAD SMART AGRICULTURE MARKET FOR PRECISION FARMING APPLICATIONS FROM 2023 TO 2028207
TABLE 111PRECISION FARMING: SMART AGRICULTURE MARKET, BY SUB-APPLICATION, 2023–2028 (USD MILLION)208
10.2.2YIELD MONITORING208
10.2.2.1Helps farmers maximize their yield208
TABLE 112BENEFITS OF YIELD MONITORING209
10.2.2.2On-farm yield monitoring210
10.2.2.2.1Accurately measures quantity of crop harvested at specific locations and times210
10.2.2.3Off-farm yield monitoring210
10.2.2.3.1Beneficial for analyzing health of yield after harvesting210
10.2.3CROP SCOUTING210
10.2.3.1Critical crop management tool important for making timely decisions during harvesting210<b
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