Smart Farming Market: Global Industry Insights, Trends, Drivers, Size, Share, Key Players and Forecast to 2024
The global smart farming market is expected to grow from USD 7,256.65 million 2017 to USD 15,436.67 million by the end of 2024 at a Compound Annual Growth Rate (CAGR) of 11.39%.
“Increasing adoption of IoT and AI by farmers and growers is one of the factors largely attributing to the growth of smart farming market globally”
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The factors attributing to the growth of the market are increasing adoption of iot and ai by farmers and growers, demand for climate-smart farming for higher crop yield owing to increasing population, government support to adopt modern agricultural techniques, efficient farming by livestock monitoring and disease detection, and rapidly increasing dairy farm size. However, some factors such as high initial investment, and farmers with limited technical knowledge may hinder the market growth. The global smart farming market is expected to showcase the opportunities such as potential opportunities in developing countries, blockchain to secure agriculture value chain, and integration of smartphones with hardware devices and software applications. In the near future, the market may face the possible challenges in the growth due to data management and data aggregation issues, and lack of awareness and infrastructure in emerging economies. However, the key players in the market are putting regressive efforts to provide innovative offerings and benchmark strategies in the global smart farming market market.“Hardware: The highest growing offering for the global smart farming market”
On the basis of offering, the global smart farming market is studied across Hardware, Services, and Software. Among all these offering, the Hardware is projected to hold the largest market share while the Services has the potential to grow the market with the highest CAGR in the forecast period.“Precision Farming: The highest growing type for the global smart farming market”
On the basis of type, the global smart farming market is studied across Fish Farm Monitoring, Livestock Monitoring, Precision Farming, and Smart Greenhouse. Among all these type, the Precision Farming is projected to hold the largest market share while the Livestock Monitoring has the potential to grow the market with the highest CAGR in the forecast period.“Europe, Middle East & Africa: The highest growing geography for the global smart farming market”
On the basis of geography, the global smart farming market is studied across Americas, (United States, Brazil, Canada, Mexico, and Argentina) Europe, Middle East & Africa, (United Kingdom, Germany, France, Saudi Arabia, United Arab Emirates, Italy, and Russia) and Asia-Pacific (China, Japan, India, and Australia). Among all these geography, the Asia-Pacific is showing the maximum growth in the near future with the highest CAGR while the Europe, Middle East & Africa is dominating the market with highest market size.
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“AG Leader Technology: The potential growing player for the global smart farming market”
The key players:
- AG Leader Technology
- Agco, Agjunction
- Amaizz, Cainthus
- Crop Metrics
- Dairy Master
- Deere & Company
- GEA Group
- Raven Industries
- Sst Development Group
- Teejet Technologies
- The Climate Corporation
- Topcon Positioning Systems
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The report provides insights on the following pointers:
- Market Penetration: Provides comprehensive information on sulfuric acid offered by the key players in the global smart farming market.
- Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and new product developments in the global smart farming market.
- Market Development: Provides in-depth information about lucrative emerging markets and analyzes the markets for the global smart farming market.
- Market Diversification: Provides detailed information about new products launches, untapped geographies, recent developments, and investments in the global smart farming market.
- Competitive Assessment & Intelligence: Provides exhaustive assessment of market shares, strategies, products, and manufacturing capabilities of the leading players in the global smart farming market.