Global Agriculture Technologies Market 2023-2030

Global Agriculture Technologies Market 2023-2030

Global Agriculture Technologies Market Size, Share & Trends Analysis Report by Offering (Hardware, Software, and Services), by Agriculture Type (Precision Farming, Precision Aquaculture, Livestock Monitoring, Smart Greenhouse, Precision Forestry and Others), Forecast Period (2023-2030)

The global agriculture technologies market is anticipated to grow at a CAGR of 11.4% during the forecast period (2023-2030). An increase in demand for advanced tractors, AgRobots, such as -robotic harvesters and separators, automatic in-row weeders, and many more devices and technologies are being deployed in the fields to increase productivity. The growing adoption of improved, scale-appropriate and eco-friendly technologies, including new disease-resistant and climate-adjusted seeds, modern management practices, and conservation of resources using scale-appropriate new agricultural machinery is the key factor supporting the growth of the market globally. Mostly in the rural areas of Southern Asia and sub-Saharan African countries, 78.0% of whom rely on agriculture for their livelihoods. Hence, the market players are also focusing on introducing eco-friendly technologies and agriculture technologies solutions that further bolster the market growth.For instance, in June 2022, Kagome Co., Ltd. established DXAS Agricultural Technology, a joint venture in Portugal to provide farming support for processed tomatoes using AI. The new company contribute to sustainable agriculture in countries around the globe by promoting environmentally friendly and profitable farming through the integration of Kagome's agronomies and NEC's technologies.

Segmental Outlook

The global agriculture technologies market is segmented on the offering and agriculture type. Based on the offering, the market is sub-segmented into hardware, software and services. based on the agriculture type, the market is sub-segmented into precision farming, precision aquaculture, livestock monitoring, smart greenhouse, precision forestry and others (connected farming). Among the offerings, the software sub-segment is anticipated to hold a considerable share of the market owing to the increased demand for enhanced crop management software that allows farmers to monitor and track crop growth, soil health, and weather conditions in real time. This data-driven approach enables informed decision-making, leading to better crop yields and improved quality.

The Precision Farming Sub-Segment is Anticipated to Hold a Considerable Share of the Global Agriculture Technologies Market

Among the agriculture type, the precision farming sub-segment is expected to hold a considerable share of the global agriculture technologies market. The segmental growth is attributed to the growing adoption of precision farming technologies such as tractor guidance systems using a global positioning system (GPS), GPS soil and yield mapping, and variable-rate input applications (VRT)—that help farms gather information on changing field conditions to adjust production practices. Various device designs are innovative and can be easily extended to support more sensors. Companies integrated with any agriculture automation system out of the box to extend their capability into farm automation. For instance, in November 2020, Precision farming pioneer startup ‘Fasal launched plug and play IoT and sensors-based system, ‘Fasal Kranti’. The IoT device ‘Fasal Kranti’ aims to make farming more profitable and sustainable by helping the farmer make optimized data-driven decisions on the farm concerning irrigation, fertigation, disease, and pest management.

Regional Outlook

The global agriculture technologies market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to an increasing adoption of livestock biometrics, such as RFID, biometrics, and GPS to help cultivators automatically obtain information regarding livestock in real-time. The key market players include AGCO Corp., Precision Planting, Inc., Raven Industries, Topcon Positioning Systems, Inc. Trimble, Inc., and others.

The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the Global Agriculture Technologies Market

Among all regions, the Asia-Pacific regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the increasing adoption of variable rate technology and smart irrigation controllers, along with AI-based farm analytics services, which are some of the major factors propelling the growth of the market in this region. The rising demand for automation of livestock farms and aquaculture fauns in this region is further expected to boost the growth of the smart agriculture market in Asia-Pacific. In addition, the increasing livestock population and the growing demand for meat products in Asian countries, including China, Australia, India, and Japan, contribute to regional market growth.

The growth of agricultural technology can be attributed to increased start-up activity in agricultural and food innovations, high adoption rates of agricultural technology, and crowdfunding for various indoor agricultural initiatives. Asia-Pacific is expected to witness the highest growth rate for population growth, disposable income, and the deployment of various technologies in the food and agriculture industries.The key market players include COFCO Corp., New Hope Group Co Ltd., Nihon Agri, Inc., Sumitomo Corp., and others.

Market Players Outlook

The major companies serving the global agriculture technologies market include AGCO Corp., Corteva, Inc., John Deere, Syngenta AG, Trimble Inc., Yara International ASA and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in January 2023, Siemens AG collaborated with 80 Acres Farms, in the indoor farming industry. Siemens hardware and software solutions provide key technologies for 80 Acres' farm facilities and operations via Infinite Acres' Loop platform. Using innovative technology within the agriculture industry fostering sustainable, healthy, traceable, and more productive farming practices.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global agriculture technologies market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.