Smart Agriculture Market Size, Share, & Trends Analysis Report By Type (Precision farming, Livestock Monitoring, Smart greenhouse, and Others), By Application, By Offering, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the smart agriculture market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for smart agriculture market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of smart agriculture market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Smart Agriculture Market Categorization:

The smart agriculture market was categorized into four segments, namely type (Precision farming, Livestock monitoring, Smart greenhouse), offerings (Hardware, Software, Services), application (Precision farming application, Livestock monitoring application, Smart greenhouse application), and region (North America, Europe, Asia Pacific, South America, Middle East & Africa).

Segment Market Methodology:

The smart agriculture market was segmented into type, offerings, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The smart agriculture market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fifteen countries, namely, the U.S.; Canada; Mexico; the UK.; Germany; France; Netherlands, Russia; China; India; Japan; Singapore; Australia; Brazil; Turkey.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Smart agriculture market companies & financials:

The smart agriculture market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Ag Leader Technology, Ag Leader Technology is an American technology business focused on agriculture. Precision farming involves the creation and production of agricultural goods. It provides a wide range of options based on technologies used in precision farming. Additionally, the firm offers data management tools, such as SMS and AgFiniti, for precision farming. Displays, guiding and steering systems, seed command systems, and yield monitoring systems are some of the products it offers. It offers solutions for managing data, planting, applying, harvesting, and managing water. Ag Leader Technology has its headquarters in the United States and was established in 1992. The corporation is privately held and has a vast global dealer network.

• AGCO Corporation, Farming equipment manufacturer AGCO Corporation is headquartered in the U.S. and offers a variety of goods to help farmers. Self-propelled sprayers, hay tools, combine harvesters, tractors, and implements for fodder are among the products offered by the firm. In the New York Stock Exchange, AGCO Corporation is listed under the ticker symbol NYSE: AGCO. Grains, oilseeds, cotton, dairy, cattle, forages, poultry, coffee, barley, rice, sugarcane, and palm oil are all produced with the help of AGCO Corporation's network of sales, manufacturing, assembly, distribution, and administrative facilities. Core brands including Fendt, Challenger, Massey Ferguson, and Valtra are used to market the company's goods. Sunflower, AGCO Parts, AGCO Power, AGCO Trader, Fella, Fuse, Gleaner, and White Planters are some of the company's other brands. Tractors, Combines, Application Equipment, Grains Storage, Seed Processing, Protein Production Equipment, Replacement Parts, and Other Machinery are the six categories into which the firm divides its activities. The whole lineup of AGCO's utility tractor line consists of both two-wheel and all-wheel drivetrain models.

• AgJunction, Inc., AgJunction, Inc. is a technology business established in the U.S. that works with agriculture. It is engaged in the creation and production of agricultural goods needed for precision farming. Precision agricultural software and hardware are provided by the firm. It has many patents related to technologies used in precision farming. Precision navigation and machine control systems and tools, aerial application solutions, and so forth are some of its main product offerings. It also provides a framework for precise data management for application control and guiding systems.

• AgEagle Aerial Systems Inc., AgEagle Aerial Systems Inc. is in the business of manufacturing and running cutting-edge drone systems and solutions. In addition, the firm offers farming professionals aerial imagery-based data analytics solutions and advanced fixed-wing drones. Furthermore, the business's cutting-edge data collection and analytics technology has processed more than two million acres of 53 distinct crop varieties, assessed data from more than 50 nations, and created more than 11,000 harvest reports for its clients. Drone Manufacturing, Drone Solutions, and Agriculture Solutions are the three key emphasis areas on which the firm bases its aims. Leading businesses in the agriculture sector are served by the company's production of cutting-edge drones, sensors, and data analytics systems. The company designs, develops, fabricates, assembles, and evaluates commercial drones for its clients through drone manufacturing. The business is a top supplier of tailored drone solutions, giving it a unique platform and an edge over rivals in the drone market.

• Autonomous Solutions, Inc., Based in the United States, Autonomous Solutions, Inc. is an OEM independent manufacturer of automation technologies. The business creates and produces unmanned vehicles and related parts for use in the mining, agricultural, automotive, and military industries. The platforms that the corporation offers include Forge, NAV, VANTAGE, and MOBIUS. It provides the SAE AS-4 protocol-based robotics software solution Mobius Command for unmanned vehicles. Applications for Mobius Command may be found in a wide range of sectors, including mining, construction, agriculture, automobile testing, and the military. The corporation expands its product line through a variety of inorganic growth tactics, including periodic mergers and acquisitions.

• Argus Control Systems Ltd., A Canadian business, Argus Control Systems Ltd. is one of the subsidiaries of Controlled Environment Ltd. The organization supplies automated control systems to the aquaculture, horticulture, and other biotechnology sectors. Multi-feed Nutrient Injection Systems, Line Voltage Interfacing Equipment, and Argus Systems are among the products that the firm offers. To enable thorough monitoring and equipment automation, the Argus System consists of hardware modules and software programs. Regional resellers, authorized installers, and system integrators are the channels by which Argus Control Systems Ltd. distributes its goods. But among North American companies, this one has the most installations. Bioscience research, commercial horticulture, cannabis production, aquaculture and aquaponics, forest seeding, and greenhouse vegetable and ornamental plant production are just a few of the industrial uses for its products. The organization provides on-site services, emergency help, troubleshooting assistance, and remote support.

• BouMatic Robotic B.V., BouMatic Robotic B.V. is a manufacturer of dairying systems and agricultural equipment. The company offers dairy equipment replacement parts, milking parlors, milk chilling devices, cow healthcare items, hoof care products, and equipment for managing herds. The firm also sells dairy robot systems, milk harvest systems, cow traffic systems, and automation systems. Distributors are used by it to market its goods. Training and maintenance are among the services that the organization offers.

• CropMetrics, CropMetrics is a commercial firm established in the U.S. that offers agronomic goods and services. Focusing on irrigation applications, it develops and supplies precision agriculture systems. Moreover, the business creates and markets formula-based management packages that include expert data processing, customized agronomic software, wireless VRT compatibility, and training and advice for GIS software. To enhance irrigation facilities and irrigation management, it creates and designs innovative products and solutions. The U.S.-based company CropMetrics was founded in the year 2009. Creating precise irrigation systems is its area of expertise. With agro-based merchants, crop advisors, and well-known providers of precision agricultural technologies, it has solid ties. A prominent provider of soil and agricultural analytics, CropX, purchased CropMetrics in January 2020.

• CLAAS KGaA mbH, With its headquarters in Germany, CLAAS KGaA mbh produces agricultural equipment. Forage harvesting equipment, telehandlers, square bladers, tractors, combines, and transplanters are among the products offered by the firm. In addition to filters, the firm offers shear bars, chains, ball bearings, spring tines, lubricants, workshop supplies, bale calculators, knife grinders, and batteries as part of their crop packing products.

• CropZilla, CropZilla is a new farm management software firm established in the United States. The software provided by the firm enables cultivators to schedule the acquisition of a range of inputs, including fuels, seeds, fertilizers, and crop protection items. Digital models of farms are created by CropZilla Software, Inc. to improve operations based on cost and timeliness. Additionally, the program aids in maximizing the utilization of personnel and farm equipment. Furthermore, it is anticipated that the "what-if" scenarios would assist farmers in maximizing revenues following the season.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Smart Agriculture Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2017 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Smart Agriculture Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.