Press release
Smart Agriculture Market Poised for USD 74.03 Billion Valuation by 2034
Smart Agriculture Market
The global smart agriculture market is experiencing significant growth, projected to expand from USD 23.42 billion in 2024 to USD 74.03 billion by 2034, at a CAGR of 12.2% . This growth is fueled by the increasing adoption of precision farming, IoT devices, and AI-driven solutions aimed at enhancing crop yields and resource efficiency.
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◉ Global Smart Agriculture Market Competitive Landscape
The market is characterized by the presence of key players such as Deere & Company, AGCO Corporation, Trimble Inc., CNH Industrial NV, and Lindsay Corporation. These companies are at the forefront of innovation, offering advanced solutions in precision farming, livestock monitoring, and smart irrigation systems .
◉ Global Smart Agriculture Market Regional Demand Highlights
North America currently leads the market, accounting for 43% of the global share in 2023, driven by early adoption of cutting-edge technologies and strong government support . However, the Asia-Pacific region is witnessing the fastest growth, propelled by increasing food demand and government initiatives promoting smart agriculture practices .
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◉ Global Smart Agriculture Market Country-Specific Developments
Vietnam: Growth Opportunities in Smart Agriculture
Vietnam is embracing smart agriculture to address challenges such as labor shortages and climate change. The government's focus on modernizing agriculture through technology adoption presents significant growth opportunities in the sector.
Thailand: Trends in Precision Farming
Thailand is witnessing a surge in precision farming practices, with farmers adopting GPS-guided equipment and data analytics to optimize crop production and resource utilization.
Japan: Consolidation in Smart Farming Technologies
Japan continues to lead in smart farming technologies, with companies consolidating efforts to develop advanced solutions such as robotic harvesters and AI-driven crop monitoring systems.
South Korea: Updation of Agricultural Practices
South Korea is updating its agricultural practices by integrating vertical farming and IoT-based monitoring systems, aiming to enhance food security and sustainability.
Singapore: Opportunities in Urban Agriculture
Singapore is investing in urban agriculture technologies, including vertical farming and hydroponics, to increase local food production and reduce dependency on imports.
United States: Growth Driven by Technological Advancements
The U.S. smart agriculture market is projected to grow from USD 6.29 billion in 2023 to USD 22.80 billion by 2034, at a CAGR of 12.4%, driven by technological advancements and supportive government policies .
China: Trends in Digital Agriculture
China has launched a five-year action plan (2024-2028) to digitize its agricultural industry, aiming to enhance food production through the integration of big data, GPS, and AI technologies .
Europe: Consolidation and Innovation in AgTech
Europe is experiencing consolidation in the AgTech sector, with companies merging to develop innovative solutions that address the challenges of sustainable farming and food security.
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◉ Smart Agriculture Market Segment Analysis
by Agriculture Type
Livestock Monitoring
Fish Farming
Smart Greenhouse
Others
by Application
Livestock Application
Fish Farming Application
Smart Greenhouse Application
Others
The Precision Farming Applications segment held largest share of xx% in 2023, inside Precision Farming Applications yield monitoring segment is held largest share of xx% in 2024, owing to growing demand for agricultural growth monitoring and decreasing overall wastage by giving needed water and minerals on time.
by Offering
Software
Hardware
◉ Recent Mergers and Acquisitions
John Deere and Microsoft have partnered to enhance data analytics and decision-making capabilities for farmers .
Trimble Inc. is set to launch two new precision agriculture screens, the GFX-1060 and GFX-1260, to improve farming efficiency .
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