Smart Farming Market Revenue Share Study Analysis Report

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Smart Farming Market Size, Share & Trends Analysis Report By Application (Precision Farming, Livestock Monitoring & Management, Aquaculture) And Product Type (Hardware, Software, And Services)- Market Outlook And Industry Analysis 2031"

The global smart farming market is estimated to reach over USD 13.80 billion by 2024-2031, exhibiting a CAGR of 15.19% during the forecast period.

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During the forecast period, the main drivers of demand will be the growing automation of commercial greenhouses and the growing application of the controlled environment agriculture (CEA) concept in greenhouses to maintain ideal growth conditions and increase production. Commercial greenhouses were developed because growers realized the possible advantages of growing plants in a greenhouse. Growers are now using LED grow lights instead of more conventional lighting systems since they are easier to incorporate into a CEA setup.

Despite their high cost, LED growth lights are an excellent option for indoor farming because of their long-term advantages in energy efficiency. Innovative technologies are used in "smart agriculture" to assist farmers in producing crops more effectively. Two key drivers driving the global smart agriculture market forward are adopting new technologies and accelerating technical advancements.

List of Prominent Players in the Smart Farming Market:
• 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 Dynamics:
Drivers-

Governments in both emerging and established nations are always attempting to expand the global smart agriculture market. The governments of such regions are substantially investing in R&D operations to support the development of the smart agriculture business. Furthermore, market participants are conducting research in order to put new items into the market. As a result, increasing R&D activities will drive the growth of the worldwide smart agriculture market over the forecast period.

Challenges:

The information and data gathered through smart agriculture software, and solutions are highly confidential and critical. The data collected by smart agriculture instruments assist farmers in making more informed decisions. As a result, this information must be appropriately controlled. However, there are no strong data management standards or guidelines. As a result, growing worries over data management are posing a significant impediment to the growth of the worldwide smart agriculture industry.

Regional Trends:

The North American smart farming market is expected to register a major market share in terms of revenue and is projected to boost at a high CAGR in the near future. The growing government initiatives and advantageous guidelines for agricultural improvement are associated with the rise of the North American smart agriculture business.

Furthermore, this region's government is providing subsidies and tax incentives to support the expansion of the smart agriculture sector. All of these factors are propelling the North American smart agriculture industry to new heights. Additionally, increasing government initiatives for the agriculture industry are propelling the Asia-Pacific smart agriculture market forward.

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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.

Segmentation of Smart Farming Market-
By Application-

• Precision Farming
o Yield Monitoring and Crop Scouting or Forecasting
o Precision Planting
o Precision Spraying
o Precision Fertilization
o Precision Irrigation
o Farm Management
o Others
• Livestock Monitoring & Management
• Aquaculture
• Others

By Product-
• Hardware
• Software
o Software Type
 Farm Operation Management Software
 Hardware Control Application Software
 Data and Predictive Analytics Software
o Deployment Type
 On-Premises
 Cloud-Based
• Services

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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