The Smart Farming Market is expected to reach $34.1 billion by 2026, reveals the premium market intelligence study by BIS Research. The study also highlights that the market is set to witness a CAGR of 18.5% during the forecast period from 2021 to 2026.
Agriculture is one of the most important practices that not only contribute to the economy but also is vital for existence. To address the escalating demand for food from the limited farmlands and labor, established agriculture machinery developers and technology vendors are introducing innovative solutions in the farming arena. These solutions focus on assisting farmers in filling the supply-demand gap by ensuring high yield, increased profit, and protection of the environment. Smart farming is the approach of using information technology (IT), digital technologies, precision algorithms, and sensors to ensure optimum utilization of resources to achieve high crop yields and reduced operational costs. Smart farming agriculture technologies comprise specialized equipment, software, and information technology (IT) services. Apart from the growing demand for food, several other microeconomic factors are expected to contribute to the growth of the smart farming market.
The detailed study is a compilation of 94 Market Data Tables and 54 Figures spread through 200 Pages and in-depth TOC.
USP of the Report
• The report highlights not only the growing opportunities contemplated by the quantitative information but also reflects upon the grey areas or shortcomings of the market analysis through GAP analysis performed to create an adoption framework for the smart farming market.
• This framework also focuses on factors and remedies to overcome gaps. The report also analyses the impact of key external business factors. The report also covers startup analysis which reflects upon the future market potential of the market.
Analyst’s Take on the Market
According to Rakhi Tanwar, Principal Analyst, BIS Research, “Smart farming is expected to play a significant role in the agriculture industry in coming years. The growing adoption of digital technologies has increased the efficiency of agriculture practices, which has significantly impacted the growth of the smart farming market. The market is expected to register a high growth rate during the forecasted period and may remain relevant beyond it as well. The smart farming market has also been positively affected by ongoing digitization efforts and policies laid down by various governments across the globe. Various countries are initiating public-private partnerships to promote startups and increase awareness. Smart farming addresses various agricultural challenges such as greenhouse emissions, decreased workforce, and limited productivity. This could become an opportunity for the smart farming market as organizations such the Food and Agriculture Organization (FAO) and the European Union have been trying to popularize climate-smart farming methods to tackle various sustainability-related challenges in the agriculture industry.”
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Key Companies Operating in the Market and Competition Landscape
The smart farming market is growing. The majority of the companies adopted partnership, collaboration, and joint venture strategies. This is followed by mergers and acquisitions and product development and business expansion strategies. Partnerships and collaborations allow companies to increase market potential and venture into untapped markets.
Deere and Co., Trimble Inc., AGCO Corporation, Raven Industries, GEA Farm Technologies, Lely, Afimilk Ltd., Allflex Inc., Vertical Farm Systems, AeroFarms, Phillips Lighting, Osram Licht AG, Harvest Automation, and AKVA Group, among others, are some of the prominent players in the smart farming market.
Market Segmentation of Smart Farming Market
Applications: The smart farming market by application is majorly driven by precision agriculture applications, including precision irrigation, yield monitoring, and forecasting, variable rate application, crop scouting, and record-keeping, among others. This is followed by livestock monitoring and management applications. Precision agriculture methods help significantly increase agriculture efficiency, which would significantly impact overall production yield.
Solutions: The smart farming market by solution is dominated by the hardware segment, followed by the services segment. The hardware segment includes automation and control systems, sensing and navigation systems, and indoor farming equipment, among others. A wide range of hardware systems is available for applications such as automating and controlling the farm machinery, sensing analytical data, navigating farm equipment with precise sowing and harvesting requirements, and controlling and maintaining the desired climatic conditions in indoor farming facilities. Sensor technology is the most common type of hardware component that is developed and commercialized worldwide. Sensors are also a crucial part of -based farming solutions, which is expected to boost hardware solutions in the smart farming market.
Region: North America is the leading region in agricultural technologies in terms of market adoption and development. North American countries are far ahead of the different regions, looking to implement various digital technologies beyond conventional farm machinery and services for efficient crop production. Smart farming is gradually transforming the global agricultural industry by making farming practices more sustainable and profitable. While the introduction of newer technologies has been on the rise to meet the growing food demand, North America has been one of the early adopters of the same. Additionally, it serves as one of the most important regions for the smart farming industry as leading original equipment manufacturers (OEMs) generate their major share of the revenue from this region.
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Key Questions Answered in the Report
• What is the expected global smart farming market size in terms of value during the period 2020-2026?
• What is the expected future scenario and revenue generated by the different types of solutions, including hardware, software, and services?
• What is the expected future scenario and revenue generated by different application segments in the smart farming market, including precision agriculture, livestock monitoring, and management, indoor farming, aquaculture, others?
• Which region is the largest market for the global smart farming market?
• What are the expected future scenario and the revenue generated by different regions and countries in the global smart farming market such as North America, Europe, the U.K., China, Asia-Pacific, and the Rest-of-the-World?
• What is the competitive strength of the key players in the global smart farming market on the basis of the analysis of their recent developments, product offerings, and regional presence?
• How are the adoption scenario, related opportunities, and challenges associated with the global smart farming market?
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About BIS Research
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
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