Global Agriculture Technologies Market – Industry Trends and Forecast to 2031

Agriculture Technologies Market Analysis and Size

The agriculture technologies market encompasses many innovations aimed at improving farming practices. End users range from smallholder farmers to large-scale agricultural enterprises, as well as agricultural service providers, research institutions, and governments. These technologies include precision agriculture tools, crop monitoring systems, drone technology, biotechnology, and more, designed to enhance efficiency, productivity, and sustainability in food production.               

Data Bridge Market Research analyses that the global agriculture technologies market, which was USD 23.23 billion in 2023, is expected to reach USD 62.76 billion by 2031 and is expected to undergo a CAGR of 13.23% during the forecast period 2024-2031. “Hardware” dominates the agriculture technologies market's offering segment due to improved customer service or supplier relationships. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Report Scope and Market Segmentation

Market Definition

Agricultural technologies are used in hardware or machines that are used in the farming process. These technologies make machinery work in the same way humans and animals do for farming. It has brought a revolutionary change in modern farming on the global level. Agricultural technology is used to produce machinery employed in agriculture and make food products.            

Agriculture Technologies Market Dynamics

Drivers

• Government Support and Policies Promoting Agri-Tech Solutions

Government support and policies are crucial in driving the agriculture technology market forward. For instance, subsidies and grants for adopting precision farming technologies incentivize farmers to invest in tools like GPS-guided tractors and drones for crop monitoring. Additionally, regulatory frameworks promoting sustainable practices encourage the adoption of environmentally friendly solutions such as precision irrigation systems and biopesticides. Such initiatives enhance productivity and efficiency and contribute to achieving broader sustainability goals in agriculture.

• Increasing Global Food Demand and Population Growth

As the world population increases, the pressure on agricultural systems intensifies, necessitating innovative solutions to enhance productivity. For instance, advancements in biotechnology have led to the development of high-yield crop varieties capable of thriving in diverse environments, thereby boosting food production. Additionally, precision agriculture technologies enable farmers to optimize resource utilization and maximize yields, addressing the challenge of feeding a growing population sustainably.

Opportunities

• Integration of AI and Machine Learning for Predictive Analytics

Integrating AI and machine learning presents a significant opportunity in the agriculture technology market, particularly for predictive analytics. By leveraging vast data, these technologies can forecast various agricultural outcomes, such as crop yields, weather patterns, and pest outbreaks. For instance, predictive analytics can help farmers make informed decisions about planting schedules, irrigation management, and disease control strategies. Furthermore, AI-powered systems can optimize resource allocation and enhance overall farm efficiency, ultimately leading to improved productivity and sustainability in agriculture.

• Collaboration with Agri-Food Startups for Disruptive Innovations

Collaborating with agri-food startups offers a unique opportunity for disruptive innovations in the agriculture technology market. These startups often bring fresh perspectives and cutting-edge technologies to address existing challenges in the industry. By partnering with them, established agriculture companies can access novel solutions ranging from precision agriculture tools to sustainable farming practices. For instance, collaborations might lead to the development of innovative farming techniques like vertical farming or alternative protein sources. Such partnerships foster creativity and accelerate the adoption of transformative technologies, driving growth and competitiveness in the agriculture sector.

Restraints/Challenges

• Limited Access to Technology in Rural and Remote Areas

Rural and remote areas often lack infrastructure, such as internet connectivity and electricity, which hinders the adoption of advanced agricultural solutions. As a result, farmers in such areas may miss the benefits of precision agriculture tools, data-driven decision-making, and other innovations, exacerbating disparities in productivity and income between rural and urban farming communities.

• High Initial Investment Costs for Technology Adoption

Implementing advanced technologies such as precision agriculture tools and automated machinery requires significant upfront capital, which may deter small-scale farmers and enterprises with limited financial resources. This barrier to entry slows the adoption rate of transformative technologies, impeding progress toward more sustainable and efficient farming practices on a broader scale.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In October 2018, the Watson decision platform for agriculture to be driven by IBM Corporation, which will integrate data and artificial intelligence within farming. This will help the food producers and their suppliers to manage their raw materials and finished products easily

Agriculture Technologies Market Scope

The market is segmented on the basis of offering, agricultural type, and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Offering

• Hardware
• Software
• Services

Agricultural Type

• Precision Farming
• Livestock Monitoring
• Others

Application

• Fish Farming
• Smart Green House
• Precision Farming Applications
• Livestock Monitoring Applications
• Others

Agriculture Technologies Market Regional Analysis/Insights

The market is analysed and market size insights and trends are provided by country, offering, agricultural type, and application as referenced above.

The countries covered in the market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa.

Europe will dominate the agriculture technologies market due to the growth of agricultural technology, which can be attributed to increased start-up activity in farming and food innovations, high adoption rates of agricultural technology, and crowdfunding for various indoor agrarian initiatives.

Asia-Pacific is expected to witness the highest growth rate due to population growth, disposable income, and the deployment of various technologies in the food and agriculture industries.   

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Agriculture Technologies Market Share Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.

Some of the major players operating in the market are

• Deere & Company (U.S.)
• Briggs & Stratton (U.S.)
• Husqvarna Group (Sweden)
• Mahindra&Mahindra Ltd. (India)
• AGCO Corporation (U.S.)
• Sonalika (India)
• Raven Industries, Inc. (U.S.)
• AgJunction LLC (U.S.)
• Kimberley Ag (U.S.)
• TeeJet Technologies (U.S.)
• TOPCON CORPORATION (Japan)
• DICKEY-john (U.S.)
• Robert Bosch Power Tools GmbH (Germany)
• American Honda Motor Co., Inc. (U.S.)
• KUBOTA Corporation (Japan)
• Andreas STIHL India (India)
• Fiskars Group (Finland)
• Yamaha Motor Corporation (Japan)
• Bucher Industries AG (Switzerland)
• DJI (China)
• EXEL Industries (India)
• H&H Farm Machine Co. (U.S.)

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