The market for agricultural technology as a service was estimated to be worth $1.498.52 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 17.37% between 2023 and 2032, to reach $7.4 billion.
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"The Global Agriculture Technology Market 2022-2032 (USD Billion)")
Some of the major factors driving the agriculture technology market growth include rising inclination towards technologies in agriculture, increasing need for monitoring livestock performance as well as health, government’s provision for the adoption of modern techniques for agriculture and increasing population & urbanization. On the other hand, deteriorating economic growth and ecological changes in several regions are some of the factors that can restraint the markets growth over the forecast period.
The global agriculture technology market has been segmented by different agriculture types, offerings, applications and geography. Further, agriculture type segment of the market has been sub-segmented into precision farming, livestock monitoring, fish farming, smart greenhouses and others (orchid, forestry & horticulture). Precision farming agriculture type led the market with highest share owing to increasing adoption of precision agriculture technologies including remote sensing, positioning systems, guidance system as well as flexible rate technology by farmers across the world.
Likewise, offerings segment has been bifurcated into hardware, software and services. Hardware division of the segment dominated market in the historical year (2017) because of the rising adoption of automation as well as remote devices, like GPS/GNSS, drones/UAVs irrigation controllers, yield monitors, guidance & steering systems and sensors. Application segment is also divided into precision farming applications, livestock monitoring applications, fish farming applications, smart greenhouse applications and others.
Geographically North America led the global agriculture technology market with highest share, as several countries in the region such as the United States and Canada are the primary adopters of agriculture technologies.
Key players in the competitive landscape of agriculture technology market across the globe include (Trimble) (US), Deere & Company (US), Raven Industries (US), AGCO (US), AgJunction (US), AG Leader Technology (US), GEA Group (Germany), DeLaval (Sweden), Precision Planting (US), Teejet Technologies (US), SST Development Group (US), Topcon Positioning Systems (US), CropMetrics (US), DICKEY-john Corporation (US), Agribotix (US), ec2ce (Spain), The Climate Corporation (US), Gamaya (Switzerland), Descartes Labs (US), Granular (US), Autonomous Tractor Corporation (US), Prospera Technologies (Israel), Decisive Farming (Canada), Autocopter Corp (US) and Hexagon Agriculture (Brazil). Some of the major players in the market adopted for several strategies including mergers, partnerships, collaborations, expansions and new product developments in order to satisfy their customer demands.
Agriculture Technology Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Study Period | 2018-2032 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2032 | $7.4 billion |
| Growth Rate | CAGR of 17.37 % during 2022-2032 |
| Segment Covered | |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Deere & Company (US), Raven Industries (US), AGCO (US), AgJunction (US), AG Leader Technology (US), GEA Group (Germany), DeLaval (Sweden), Precision Planting (US), Teejet Technologies (US), SST Development Group (US), Topcon Positioning Systems (US), CropMetrics (US), DICKEY-john Corporation (US). |
Frequently Asked Questions (FAQ) :
The North America region is estimated to hold the highest market share in the agriculture technology market.
The major players are Deere & Company (US), Raven Industries (US), AGCO (US), AgJunction (US), AG Leader Technology (US), GEA Group (Germany), DeLaval (Sweden), Precision Planting (US), Teejet Technologies (US), SST Development Group (US), Topcon Positioning Systems (US), CropMetrics (US), DICKEY-john Corporation (US).
The base year for the report is 2023 in agriculture technology market.
From the invention of ploughs, hoes and scythes to the advent of tractors, innovation has always been the heart of agriculture. Today, agriculture is tremendously impacted by digital technologies, starting with autonomous robots that pick fruit to subterranean farms and holistically assisting in transformation of the agriculture industry. The adoption rate of digital technologies in agriculture has accelerated with a vigorous pace. In the agricultural industry, there is wide spectrum of digital technologies that fall under the category of “precision agriculture” and has undergone 360 degree turn in the approaches with which farmers handle or manage their crops.
Smart technology in agriculture is used to advance and improve agricultural productivity, which basically addresses agricultural-based issues like full-filling growing food demand, and create farms that are more intelligent and connected. According to the stats, the global market value of agriculture technology across the world is estimated to attain a value of nearly 26.76 billion U.S. dollars by the end of 2020.
In developed countries most sought after smart technology is precision farming. The valuation of precision farming is anticipated to surge from nearly 730 million U.S. dollars in 2015 to approximately 2.42 billion U.S. dollars by 2020. Following the surveys accomplished on distribution of precision farming till now, North America was the key player with a market value of around 1.2 billion Euros in 2014.
The market of agriculture technology is mostly referred as smart agriculture where there is higher involvement of Internet of Things (IoT) technology and solutions which is capable of enhancing operational efficiency, minimize wastage and maximize yield with the help of real-time field data collection, development of control mechanism and data analysis. The agricultural retailers share in the United States alone that cater yield monitor data analysis was anticipated to take a leap of 58 percent in 2018 which was earlier 51 percent in 2015. Mostly, smart agriculture employs vast range of IoT-based applications like smart irrigation, precision farming, variable rate technology as well as smart greenhouses.
When profoundly future of driving is analyzed, mostly cars on the roads are seen to be driverless but with help of A.I., there will be tractors which won’t have hands on the wheel. The company called Smart Ag got inspired with the idea of driverless vehicles on the farm and has declared functional driverless tractor technology which will have fitted software called “AutoCart”. The software is basically a cloud-based platform which indicates automated Ag vehicles becoming integral part of the worldwide internet of things (IoT).
“This software application fully automates a grain cart tractor which offer farmers much needed assistance during the demanding harvest season,” Matthew J. Grassi with Precision Ag writes. “Colin Hurd, the founder and CEO of Smart Ag, said the innovative technology will allow farmers to automate their existing equipment and maximize its efficiency and capacity – regardless of manufacturer.”
Even the farmers have come forward with the cutting-edge technology. A framer named Tischler made the tractor program open source, sharing it on internet so that other farmers can download and develop additions. Recently, Tischler has won the 2018 ASTech Award for Outstanding Achievement in Agricultural Innovation.
Now, the blockchain technology is not confined with its application in cryptocurrency finance, but it has broadened its pathway to the agricultural world. Commodity traders Louis Dreyfus Co. (LDC) has successfully accomplished the first blockchain-powered agricultural trade where they sold and delivered 60,000 tons of soybeans to China. This task got accomplished with help of decentralized transactions and self-executing smart contracts.