Agriculture Technologies Market Forecasts to 2030 – Global Analysis By Offering (Software, Services, Hardware), Solution (Supervisory control and Data Acquisition, Smart Water Management, Network Management, Agriculture Asset Management, Logistics and Sup

Agriculture Technologies Market Forecasts to 2030 – Global Analysis By Offering (Software, Services, Hardware), Solution (Supervisory control and Data Acquisition, Smart Water Management, Network Management, Agriculture Asset Management, Logistics and Supply Chain Management), Application and by Geography

According to Stratistics MRC, the Global Agriculture Technologies Market is accounted for $23.65 billion in 2023 and is expected to reach $63.78 billion by 2030 growing at a CAGR of 15.2% during the forecast period. The term ""agriculture technologies,"" usually referred to as ""agtech"" or ""agricultural tech,"" refers to a broad range of creative approaches that combine biological, mechanical, and digital systems. It refers to the area which covers the creation, use, and implementation of cutting-edge agricultural technologies and solutions. These technologies are intended to improve crop production, animal management, and farm operations, as well as productivity, efficiency, sustainability, and profitability. To gather data and assess field conditions, this entails the use of sensors, GPS technology, drones, and other instruments.

Market Dynamics

Driver

Government support with new methods in farming

Sustainable agricultural methods that reduce environmental effects are becoming more and more in demand. Agriculture technology provides sustainable agriculture solutions, such as organic farming methods, integrated pest control, and soil health monitoring, which help reduce the use of chemicals, enhance resource management, and have a smaller impact on the environment. Moreover, numerous governments provide financial incentives, grants, and subsidies to promote the use of agriculture technology solutions, which further fuels the market's expansion.

Restraint

Less skilled farmer

Smallholder farmers encounter difficulties at every stage of the agricultural process, from crop planning and input acquisition to harvest, processing, and product sales. Insufficient knowledge is a major cause of many of these difficulties. Financial illiteracy and the inability to supply the information required by financial institutions for credit analysis and loan assessment may make it more difficult for smallholder farmers to get better credit facilities. This is expected to slow market expansion.

Opportunity

Increased global use of technology in agriculture

Over time, it has been thought that agricultural development practices use up natural resources more quickly than they can be replenished. The ""natural"" carrying capacity of the land is under strain to meet the demand for food and shelter brought on by the exponential expansion in the human population. It is reasonable to predict that the agro ecosystem will face increased demands as a result of the continued growth of the human population. Therefore, technology plays a vital role in agricultural and sustainable development and will continue to do so in the future.

Threat

High expenses with poor internet connection

Agriculture technology solutions frequently involve a substantial upfront investment in infrastructure, software, and hardware. Particularly for small-scale farmers who do not have the financial resources to invest in cutting-edge technologies, the high cost of adoption might be a substantial barrier. Additionally, farmers may suffer as a result of factors such as poor internet connectivity, inadequate infrastructure, and a lack of technical skills that prevent the widespread use of Agriculture technology.

Covid-19 Impact

The market for agriculture technologies has been negatively impacted by the COVID-19 epidemic in a number of ways. The investments and funding have decreased as a result of the economic uncertainties brought on by the pandemic. The amount of funding available for Agriculture technology businesses and projects has decreased as venture capital firms and investors have become more risk-averse and have turned their attention to more stable industries. This has affected the industry's rate of innovation. Furthermore, governments all around the world during epidemic focused their efforts on improving public health and reviving the economy but the financing and support for agricultural development programs, especially those using agricultural technologies, have decreased as a result of this change in priorities.

The livestock monitoring segment is expected to be the largest during the forecast period

During the forecast period, the livestock monitoring segment will projected to be the largest. Farmers may track their animals even when they are not physically present thanks to the remote monitoring features that are frequently included in livestock monitoring solutions. Farmers can quickly respond to emergencies, keep an eye on crucial events like calving or lambing, and safeguard the welfare of their livestock via mobile applications or web-based platforms. It provides enormous volumes of data that may be studied to learn more about management techniques, health patterns, and animal performance. Tools for advanced analytics and data management assist farmers in making data-driven decisions, streamlining processes, and raising output in general. Additionally, benchmarking and industry-wide research can benefit from aggregated and anonymized data from many farms.

The Software segment is expected to have the highest CAGR during the forecast period

Over the projection period, the segment for software is anticipated to have the greatest CAGR.
To optimize farming methods at the field level, agriculture software uses data from different sources, including satellite imaging, drones, sensors, and GPS. With the aid of these software programs, farmers may produce exact variable rate maps for irrigation, fertilizer application, and seeding. Precision agricultural software enables farmers to improve resource allocation, lower input costs, and increase yields by analyzing data on soil composition, moisture levels, and crop health. Moreover, these software programs increase food safety, decrease waste, increase supply chain visibility, and facilitate effective logistics management.

Region with largest share

The Europe is expected to have largest share due to the expansion of agricultural technology, which is enhanced by a surge in the number of new companies developing agricultural and food innovations, high adoption rates and crowd sourcing for various indoor agricultural projects. Moreover, the market for agricultural technologies in Europe is a rapidly growing sector that includes a wide range of cutting-edge solutions designed to increase agricultural production, efficiency, and sustainability. Additionally, European governments have promoted the adoption of cutting-edge technologies through funding initiatives, subsidies, and incentives. Therefore, these programs aim to promote technology transfer, assist research and development, and hasten the implementation of agricultural innovations in the region.

Region with highest CAGR

The Asia Pacific is projected to have the highest CAGR over the forecast period, due to the result of population increase, rising disposable income, and the use of various technologies in the agriculture and food sectors. Moreover, startups and innovation centers focused on agricultural technology are growing in the Asia-Pacific area. Hence, these firms focus on developing regionally tailored solutions that deal with the unique constraints posed by the local climate, smallholder farming, tropical crops, and other circumstances which results in the expansion of market growth.

Key players in the market

Some of the key players in Agriculture Technologies Market include AG Leader Technology, AGCO Corporation, Agjunction Inc., Certhon, Cropmetrics LLC, Deere & Company, Dickey-John Corporation, Nexus Corporation, Precision Planting, Inc., Raven Industries, SST Development Group, Inc., Teejet Technologies, Topcon Positioning Systems, Inc., Trimble, Inc.

Key Developments

In January 2023, John Deere has launched two battery-powered, walk-behind greens mowers and announced further hybrid innovations to its existing product range.

In February 2022, Deere & Company is expanding its U.S. footprint and technology operations with a new office in Austin, Texas. The new location enables Deere to further strengthen its technology capabilities and attract talent interested in solving some of the world's most pressing challenges – including feeding a growing population.

Offerings Covered
• Software
• Services
• Hardware

Solutions Covered
• Supervisory control and Data Acquisition
• Smart Water Management
• Network Management
• Agriculture Asset Management
• Logistics and Supply Chain Management

Applications Covered
• Live Stock Monitoring
• Precision Farming
• Fish Farming
• Smart Greenhouse
• Other Applications

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements