Global Smart Farming Market 2021

Market Overview

The global smart farming market experienced significant growth in recent years and is projected to continue its upward trajectory. Valued at $15.06 billion in 2022, it is expected to reach $33.0 billion by 2027, with a compound annual growth rate (CAGR) of 16.99% during the forecast period. This growth can be attributed to the increasing adoption of Internet of Things (IoT) and artificial intelligence (AI), the digitalization of agricultural operations, and the growing reliance on advanced technologies to enhance agricultural production worldwide.

The term smart farming is often used interchangeably with precision agriculture or the use of digital technologies in agriculture. However, true smart farming is about utilizing data-driven actions to make informed decisions. Without data, farming activities cannot be considered smart. While there are numerous possibilities with digital technologies, smart farming is currently limited to certain applications, such as irrigation in countries like India. Furthermore, despite the broad range of potential applications, smart farming has faced significant limitations, primarily due to a lack of funding. This constraint is expected to persist in the future. Adoption of smart farming technologies has been predominantly observed among large-scale farmers who have the resources to deploy these high-cost technologies. Conversely, small-scale farmers are more inclined to stick with traditional farming methods due to the hefty investment required for precision farming. Although expensive, investments in smart farming technologies are necessary to overcome the challenges of modern agriculture and remain relevant. Recognizing this, companies in the smart farming industry have started developing affordable solutions to drive the adoption of smart farming forward.

Product Type

Market Report

No. of Pages


Release Date

March 2023

Base Year


Forecast Period

2022 -2027

Market Size

USD 12.8 billion in 2020

Market Segments

Application, Product Type, Region



No. of Companies Mentioned


The smart farming market is in a growth phase, driven by the increasing adoption of automated machinery, equipment, sensors, navigation systems, robots, and autonomous vehicles. Sensors are particularly crucial hardware components used in modern agricultural operations.

Smart farming encompasses the utilization of emerging technologies in agriculture and livestock, leveraging the advancements of the fourth industrial revolution to increase production volume and quality while minimizing environmental impact. The implementation of these technologies in agriculture and livestock holds the potential to enhance global food security.

Smart farming technologies offer a range of benefits, including increased efficiency and productivity, water conservation, cost reduction, pest detection, animal health improvement, sustainability enhancement, and more. Moreover, smart farming enables farmers to gain better insights into critical factors such as water availability, topography, orientation, vegetation, and soil types.

The COVID-19 pandemic has slowed down research and development activities due to funding challenges, suspended manufacturing operations, and disruptions in the supply chain of components and raw materials. However, the pandemic has also had a positive impact on the adoption of smart farming technologies. Farmers, facing a shortage of labor, have increasingly embraced autonomous vehicles, robots, software solutions, and sensors, leading to a surge in demand for smart farming solutions globally.

Market Segmentation

The market is segmented based on various factors, including application, product type, and region.

Segmentation by Application
Precision Farming
Livestock Monitoring and Management

Segmentation by Product Type

Segmentation by Region
North America – U.S., Canada, and Mexico
Europe – Germany, France, Italy, Spain, Netherlands, Greece, Ukraine, Belgium, Switzerland, and Rest-of-Europe
Asia-Pacific – India, Japan, Australia and New Zealand, Thailand, South Korea, and Rest-of-Asia-Pacific
Middle East and Africa – Israel, South Africa, Turkey, and Rest-of-Middle East and Africa
South America – Brazil, Rest-of-South America

The application segment of the global smart farming market is projected to be primarily led by precision farming applications. The growth of this segment on a global scale can be attributed to the increasing utilization of precision farming applications such as precision irrigation, yield monitoring & forecasting, precision spraying, precision planting, and other related practices. This trend is expected to drive the overall growth of the smart farming market.

Following precision farming, the livestock monitoring and management segment holds the second-largest share in the smart farming market. This can be attributed to the growing awareness and demand for tracking and monitoring the health of livestock worldwide. The need for effective management and optimization of livestock resources has propelled the growth of this segment.

In terms of market share, the hardware segment is estimated to capture the largest portion during the period from 2022 to 2027. The hardware equipment is increasingly being utilized in various farming operations. Additionally, the rising adoption of intelligent or autonomous vehicles integrated with sensors, navigation systems, and computer vision technologies is expected to drive the expansion of the smart farming market. The integration of hardware and software technologies is further anticipated to enhance farm productivity and efficiency, thereby driving market growth in the foreseeable future.

North America emerged as the dominant region in the smart farming market in 2021 and is expected to maintain its dominance throughout the forecast period. The growth in this region can be attributed to the increasing research and development activities and widespread adoption of digital technologies in agriculture.

Competitive Landscape

The selection of profiled companies is based on inputs acquired from primary experts and an analysis of factors such as the company’s coverage, product portfolio, and market penetration.

The leading players in the top segment include manufacturers of precision farming and livestock monitoring & management technologies, as well as providers of smart aquaculture solutions globally.

Key companies profiled in this report include Ag Leader Technology, AGCO Corporation, CNH Industrial N.V., Deere & Company, Hexagon Agriculture, Kubota Corporation, Climate LLC, Trimble Inc., BASF SE, CropX inc., Connecterra B.V., Naio Technologies, DJI, Signify Holding, Osram Licht AG, Afimilk Ltd., Allflex USA Inc., Nedap N.V., Cargill, Incorporated, GEA Group Ag, AKVA Group ASA, Eruvaka Technologies, AquaManager.

Recent Industry Developments

In January 2022, Hexagon Agriculture introduced a new technology called HxGN AgrOn planting assistant, aimed at enhancing accuracy in shovel planting. This innovative solution is applicable to various crops, including palm oil, coffee, banana, and citrus.

In October 2022, Trimble Inc. unveiled new agriculture displays, namely Trimble GFX-1060 and GFX-1260, designed for precision agriculture applications. These cutting-edge displays offer superior performance and connectivity for in-field operations.

In June 2022, BASF completed the acquisition of Horta S.r.l., an Italian company specializing in digital farming solutions. Horta has earned recognition as a leading developer of highly innovative agronomic Decision Support Systems (DSS) for crops such as grapes, tomatoes, cereals, and olives.

In August 2022, CropX Inc. launched a continuous nitrogen leaching monitoring feature for its farm management system. This significant advancement allows for the tracking of nitrogen movement and salt levels in the soil.

Key Questions Answered

What is the projected value of the global smart farming market during the period 2022-2027?

What are the anticipated future scenarios and revenue generation for different types of products, including hardware and software, in the smart farming market?

What are the expected future scenarios and revenue generation for different application segments in the smart farming market, such as precision farming, livestock monitoring and management, aquaculture, and others?

Which region serves as the largest market for the global smart farming market?

What are the predicted future scenarios and revenue generation for different regions and countries in the global smart farming market, including North America, Europe, the U.K., China, Asia-Pacific, South America, and the Middle East and Africa?

Based on recent developments, product offerings, and regional presence, what is the competitive strength of key players in the global smart farming market?

What are the adoption scenarios, associated opportunities, and challenges in the global smart farming market?

What are the market dynamics of the global smart farming market?

Original price was: USD 5,500.Current price is: USD 3,300.

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Global Smart Farming Market 2021

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