Smart agriculture market to exceed $60.9 bln by 2034

The global smart agriculture market was valued at $22.9 billion in 2024 and is projected to grow from $25.9 billion in 2025 to $60.9 billion by 2034, expanding at a CAGR of 10.8% annually, according to analysts at Global Market Insights Inc.. The market’s growth is driven by major global challenges, including rising food demand due to population growth, labor shortages, and the need to adapt to climate change. Governments and industry stakeholders are implementing innovative strategies to address these issues.

By 2050, the world population is expected to exceed 9 billion, increasing food demand by 60%. Meeting this demand will require substantial improvements in agricultural productivity, where smart solutions play a crucial role. In 2024, the crop cultivation segment accounted for 61% of the market, with an expected CAGR of 10.6% from 2025 to 2034, driven by technologies such as remote sensing, precision irrigation, and real-time soil monitoring. The smart agriculture equipment segment alone was valued at $14.1 billion in 2024, with projected annual growth of 10.9%, as farmers increasingly adopt connected machinery powered by sensors, robotics, and artificial intelligence.

Leading players in the global smart agriculture market include John Deere & Company, holding a 15% market share, along with CNH Industrial, AGCO, Bayer, CLAAS Group, and Yara International, collectively accounting for 47.2% of the market. These companies are investing heavily in automation, AI, and IoT to provide comprehensive agricultural solutions that enhance precision and reduce operational costs. Strategic acquisitions, partnerships with agri-tech startups, and collaboration with regional governments are accelerating technology adoption in emerging markets, while scalable modular equipment meets the needs of both large commercial farms and smaller producers.

Tags: agricultural sector, machinery, AI