The global smart agriculture market is anticipated to grow at a CAGR of 11.5% during the forecast period (2024-2031). The growing agriculture industry of India is anticipated to offer lucrative opportunity to the growth of the global smart agriculture market. Agriculture accounted for almost 17.8% of India’s Gross Value Added (GVA) in 2019–20. According to the World Bank’s collection of development indicators, employment rate in the Indian agriculture sector stood at 41.5% in 2020. Smart farming has emerged to be the need of the hour for the Indian agriculture sector. It is much more efficient than the traditional methods of farming. The small and marginal farmers of India find it challenging to integrate digital and physical infrastructures which hamper their revenue growth. Agro-based start-ups can reach out to the farmers and help them gain access to such viable and cost-effective solutions.
According to the Ministry of Agriculture, the government is taking various smart agriculture initiatives such as:
- Crop yield prediction model using artificial intelligence (AI): In 2018, the National Institution for Transforming India (NITI Aayog) partnered with IBM for developing a crop yield prediction model using AI. This helps in providing real-time advisory to farmers.
- AI sensors for smart farming: The Indian government has partnered with Microsoft for empowering small-holder farmers in India. The partnership seeks to increase the income of the farmers through greater crop yield and superior price control using AI sensors. The partnership would help boost the adoption of AI in farming.
- Drones for monitoring soil and crop health: The government has launched a project, Sensor-based Smart Agriculture (SENSAGRI), involving six institutes. In this project, drones would be used for smooth scouting over land fields, for collecting precious information and transferring the data to farmers on a real-time basis. The project would be funded by institutes such as Ministry of Communication and Information Technology (MCIT), Department of Electronics and Information Technology (DEITY), Information Technology Research Academy (ITRA) and Indian Council of Agricultural Research (ICAR).
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Market Coverage
- The market number available for – 2022-2031
- Base year- 2023
- Forecast period- 2024-2031
Segment Covered-
- By Offering
- By Type
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- including AGCO Corp., Topcon Positioning Systems, Inc., Ag Leader Technology, CropX, and AgJunction, Inc. among others.
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Smart Agriculture Market Report Segment
By Offering
- Hardware
- Software
- Services
By Type
- Precision Farming
- Livestock Monitoring
- Smart Greenhouse
- Other Type
Smart Agriculture Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- Ag Leader Technology
- AGCO Corp.
- AgEagle Aerial Systems Inc.
- AgJunction, Inc.
- Argus Control Systems Ltd.
- Autonomous Solutions, Inc.
- BouMatic Robotic B.V.
- CLAAS KGaA
- CropMetrics LLC
- Deere & Company, Inc.
- DeLaval Inc.
- DroneDeploy, Inc.
- Farmers Edge Inc.
- Gamaya
- GEA Group
- Granular, Inc.
- Grownetics, Inc.
- Raven Industries, Inc.
- Topcon Positioning Systems, Inc.
- Trimble Inc.
- TSI Inc. (DICKEY-john)
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