The smart agriculture market is projected to grow from USD 13.7 billion in 2020 to USD 22.0 billion by 2025; it is expected to grow at a CAGR of 9.8% from 2020 to 2025. The rising pressure on the food supply system owing to the rapidly growing population, the surging use of modern technologies in agricultural products, the growing income levels and demand for protein-rich aqua food, the increasing focus of farmers on livestock monitoring and disease detection, and the increasing emphasis on reducing the management cost by adopting advanced livestock monitoring products are the major factors contributing to the growth of the smart agriculture market.
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Based on the Offering, the smart agriculture market has been segmented into hardware, software, and services. The hardware segment held the largest share of the smart agriculture market in 2020. The growing adoption of new technologies and modern smart agricultural devices is expected to drive the growth of the smart agriculture market for hardware during the forecast period.
Based on farm size, the smart agriculture market has been segmented into small, medium-sized, and large farms. In medium sized farms, the use of technology is witnessed at the highest rate due to the presence of a large number of such farms across the world. Other factors for the higher penetration of technology in medium- and large-sized farms include higher return on investment (RoI), flexibility in the integration of software tools in hardware equipment, and a huge saving on the labor costs with the use of automated tools.
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Among all regions, the Americas is likely to account for a major share of smart agriculture market in 2020, and a similar trend is likely to be observed during the forecast period as it is home to several major players in the smart agriculture market such as Deere & Company (US), Trimble (US), and Topcon Positioning Systems (US). These companies have contributed to the growth of the smart agriculture market by launching innovative products and services, as well as by spending extensively on the R&D of smart agriculture solutions.
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