It also provides market CAGR, revenue value, volume, and forecast. Furthermore, the research study categorizes the market by volume, revenue, and price history to the projected size and trend analysis by identifying the opportunities and gaps. Moreover, the report also offers a regional breakdown covering vital regions like North America, South America, Asia Pacific, Middle East, and Africa.
Smart Farming Market Overview
The global Smart Farming Market size was estimated at USD 14.5 billion in 2023 and is projected to reach USD 30.6 billion in 2030 at a CAGR of 11.2% during the forecast period 2023-2030.
Smart farming refers to the utilization of one or more technologies in the agricultural process to enhance efficiency and effectiveness. It embodies an innovative and sophisticated approach towards farming in order to attain maximum output and minimize human labour. Advanced technology encompasses the utilization of hardware, service, and software in the agricultural process, including techniques such as irrigation management, crop scouting, harvesting, and seeding.
the adoption of IoT and artificial intelligence by farmers has facilitated crop field monitoring and irrigation automation. This innovation has provided farmers with cost-effective and optimal solutions, reducing the need for manual intervention and consequently boosting the growth of the smart farming market. Smart farming is undergoing a rapid transformation from both a service and product standpoint. The transformation, which includes changes to business models, technological disruptions, and organizational changes, presents a challenging yet exciting opportunity. As a result, the value sales of the global smart farming market are increasing due to the ongoing technology revolution in smart farming.
On the other hand, Fragmented agriculture industry may hamper the market growth to some extent.
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The eruption of the COVID-19 pandemic has led to extensive disturbance in the worldwide supply chain, thereby resulting in a dearth of food and a rise in inflation. It has become imperative to implement appropriate measures to reinforce the food supply chain and to prepare for any exigency that may arise in the future. The inclination towards digital farming is growing, with the identification of digitization as a potential panacea to tackle food shortages. Despite the substantial strength of global crop production, the distribution of food and livestock has been severely hit owing to the breakdown of the supply chain triggered by the COVID-19 pandemic.
Delvens Industry Expert's Standpoint
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. The employment of smart farming techniques is gaining momentum globally due to its ability to enhance the yield per unit of farmland, thereby achieving optimal quantity, quality, and financial gains. This technology facilitates informed decision-making, curtails waste, and augments operational efficiency. The smart farming market is driven by the assimilation of current technologies such as variable rate technology (VRT), data management software, mapping software, yield mapping software, and GPS in agricultural products. The utilization of these methods results in increased land fertility and profitability, heightened productivity, reduced farming costs, and promoted sustainable agriculture. Nevertheless, the high cost of developing modern agricultural equipment and the disaggregated nature of the agriculture industry is likely to impede smart farming market expansion. Effective decision-making through the management of extensive data and environmental considerations are also crucial factors to be taken into account. These factors have led to the expansion of the market and increased demand for Smart Farming Market solutions.
Key Findings
• The Agriculture Type segment is further fragmented into Precision Farming, Livestock Monitoring, Fish Farming, Smart Greenhouse, Others. The segment of Livestock Monitoring, which pertains to the monitoring of the health and well-being of animals, has been observed to constitute the largest agricultural type segment in the market under consideration. This can be attributed to the increase in awareness and consciousness amongst individuals and organizations with respect to the importance of ensuring the optimal health and welfare of animals.
• The Application type segment is further bifurcated into Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking and Forecasting, Irrigation Management, Farm Labor Management, Financial Management, Feeding Management, Milk Harvesting, Breeding Management, Fish Tracking and Fleet Navigation, Water Quality Management, HVAC Management, Others. The yield monitoring is the largest market during the forecast period. This is attributable to the growing demand for monitoring crop growth and reducing overall wastage by providing timely required water and minerals.
• The Offering segment is further bifurcated into hardware, software and services. Services to account for a larger market size during the forecast period. The proliferation and implementation of precision feeding systems, field and livestock monitoring systems, and robotic systems in agricultural settings have resulted in an upswing in the need for specialized services for intelligent farming. Furthermore, the escalating necessity to educate farm laborers on how to utilize sophisticated hardware solutions, extend the lifespan of smart agriculture hardware, and implement these solutions in farms of varying sizes is fueling the expansion of maintenance and support, as well as connectivity and assisted professional services.
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period because of the gradual deployment of smart agriculture services within the region.
Smart Farming Market Regional Analysis
North America to Dominate the Market
• North America is estimated to account for the largest market share during the forecast period because of the gradual deployment of smart agriculture services within the region.
• Moreover, the strong presence of the key providers of smart farming technologies is expected to boost the North American market growth.
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Smart Farming Market Competitive Landscape
• Ag Leader Technology
• AgEagle Aerial Systems Inc.
• AgJunction
• AgriData Incorporated.
• Aker Solutions
• Auroras s.r.l.
• Ceres Imaging, Inc
• Conservis
• CropX inc.
• Deere & Company.
• Dickey-John.
• Farmers Edge Inc
• Gamaya
• Granular, Inc.
• Grownetics, Inc.
• Iteris, Inc.
• Mothive
• Raven Industries, Inc.
• Reed Business Information Ltd
• The Climate Corporation
• Topcon Corporation
• Trimble Inc.
Smart Farming Market Recent Developments
• In July 2023, Deere & Company announced the acquisition of Smart Apply, Inc. The company planned to leverage Smart Apply’s precision spraying to assist growers address the challenges associated with input costs, labor, regulatory requirements, and environmental goals.
• In April 2023, AGCO Corporation announced a strategic collaboration with Hexagon, for the expansion of AGCO’s factory-fit and aftermarket guidance offerings. The new guidance system was planned to be commercialized as Fuse Guide on Valtra and Massey Ferguson tractors.
Smart Farming Market Reasons to Acquire
• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for the Smart Farming Market to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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Frequently Asked Questions
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