The Global Smart Farming Market Size is valued at 3.92 billion in 2022 and is predicted to reach 13.80 billion by the year 2031 at a 15.19% CAGR during the forecast period for 2023-2031.
Smart farming is described as the use of one or more technologies in the farming process to increase efficiency and effectiveness. It is a cutting-edge and revolutionary method of farming that maximizes output while minimizing human work. Advancing technology comprises the application of hardware, services, and software to the farming process. Irrigation management, agricultural scouting, harvesting, sowing, and many other applications are included in the technology.
Smart farming is becoming increasingly used worldwide since it increases the yield per unit of farmed land to obtain the best quantity, quality, and financial returns. The technology aids in better decision-making, minimizes waste and increases operational efficiency. One of the primary factors driving the smart farming market growth is the incorporation of current technologies such as variable rate technology (VRT), data management software, mapping software, yield mapping software, and GPS in agricultural products. These methods increase land fertility and profitability, increase productivity, lower farming costs, and promote sustainable agriculture.
However, the high cost of developing modern agricultural equipment and the fragmented agriculture business is projected to hinder smart farming market expansion. Management of enormous amounts of data for effective decision-making, as well as environmental considerations.
Recent Developments:
- In March 2021, DeLaval introduced the RC700 and RC550 robot collectors for solid flooring with the purpose of improving cow comfort. They are capable of handling any manure intake technology.
Competitive Landscape:
Some of the Smart Farming Market players are:
- Ag Leader Technology
- AgriCircle
- AGRIVI
- Agroptima S.L.
- AquaManager
- Augment
- BASF SE
- Cargill, Incorporated
- Climate LLC (Bayer AG)
- CNH Industrial N.V.
- Connecterra B.V.
- CropX, Inc.
- Deere & Company
- Ec2ce
- FarmFacts
- Hexagon Agriculture
- Intellias
- Kubota Corporation
- OneSoil
- Proagrica (LexisNexis Risk Solutions Group)
- Signify Holding
- Syngenta AG
- Topcon Corporation
- Trimble Inc.
- Yara International ASA
- 365FarmNet
Market Segmentation:
The smart farming market is segmented on the basis of application and product type. Based on application, the market is categorized as precision farming, livestock monitoring & management, aquaculture, and others. By product, the market is segmented into hardware, software, and services.
Based On Application, The Livestock Monitoring Segment Is Accounted As A Significant Contributor In The Smart Farming Market
The livestock monitoring category is expected to hold a significant share of the global Smart Farming Market in 2021. Precision livestock monitoring enables real-time livestock health, output, and welfare monitoring to ensure optimal yields. Factors such as expanding dairy farm size and rising technical breakthroughs, such as precision livestock monitoring, have pushed market participants to focus on new product launches and significant cost reductions related to livestock monitoring management.
The Hardware Segment Witnessed Growth At A Rapid Rate
The hardware segment is projected to develop at a rapid rate in the global Smart Farming Market. The factors can be linked to dairy farmers' increased deployment of IoT- and AI-driven livestock monitoring systems, as well as their increased acceptance of new technologies and current smart agricultural gadgets.
The North America Smart Farming Market Holds A Significant Revenue Share In The Region
The North American smart farming market is expected to register the highest market share in terms of revenue in the near future. Increasing government initiatives and regulations to improve the region's agriculture business is predicted to fuel regional demand in North America over the forecast period. Many agricultural organizations have joined forces to form the North America Climate Smart Agriculture Alliance (NACSAA), a platform for teaching and equipping farmers for long-term agricultural productivity.
With increased concern for water conservation, governments in North America are aggressively providing incentives to expand the use of smart irrigation. For example, the state of California has offered a rebate on smart controllers. The Asia Pacific region is expected to rise the most during the forecast period. Although smart farming is still in its early stages in this region, rising government backing and cultivator awareness are likely to fuel regional demand during the projection period.
Smart Farming Market Report Scope:
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Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 3.92 Bn |
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Revenue forecast in 2031 |
USD 13.80 Bn |
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Growth rate CAGR |
CAGR of 15.19 % from 2023 to 2031 |
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Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
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Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Application And Product Type |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
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Competitive Landscape |
AGRIVI, Agroptima S.L., CropX, Inc., Hexagon Agriculture, Kubota Corporation, Climate LLC (Bayer AG), AgriCircle, Augmenta, Yara International ASA, Ec2ce, Ag Leader Technology, Trimble Inc., CNH Industrial N.V., BASF SE, Deere & Company, FarmFacts, OneSoil, Intellias, Proagrica (LexisNexis Risk Solutions Group), and Syngenta AG. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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