Rising investment in digital technologies by the farmers, increasing seed or series funding in agritech startups, etc., are some of the prominent reasons that are contributing to the growth of the Smart Farming Market. Farmers are likely to witness immense pressure in increasing crop production, either by making more land available to grow crops or by adopting newer techniques, such as smart farming and vertical farming. Shift from traditional farming to digital farming as traditional farming techniques witness several barriers, such as climate change and high labor costs. These disadvantages can be overcome with the use of technologies such as indoor farming, which creates a nature-like condition to help farmers meet the swelling food demand. Additionally, the changing preference of consumers toward healthier and fresh foods is expected to drive market growth during the forecast period.
The Smart farming market is likely to showcase a robust growth of around 10% during the forecast period (2021-2027).
Market Overview
The smart farming market is expected to grow significantly during the forecast period. Smart farming helps the farmers to get better results out of their crops and also ensures high returns for the farming business if used to its complete potential. It also helps the farmers battle the negative effects of external factors like weather. The smart farming software also provides data about the number of fertilizers that are required in the field for a particular crop. This software helps to increase the overall efficiency and reduced various unnecessary costs.
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COVID-19 Impact
The smart farming market observed a decline in 2020 owing to the spread of COVID-19. The outbreak had adversely impacted the supply chain of the smart farming market, as some of the important players are based in China and the US, and these countries were the worst affected countries in the pandemic in the first half of 2020. Companies were the most impacted at the end of the second quarter (June) of 2020 as major parts of Europe and North America were under complete lockdown during this period.
The smart farming market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By type, the market is primarily segmented into:
- Precision farming
- Livestock monitoring
- Others
Based on type, the smart farming market is segmented into precision farming, livestock monitoring, and others. Precision farming held the majority of the smart farming market in 2020. This is mainly because of the constantly improving software and hardware technologies such as sensors, robotics, automation, and others in the agriculture industry.
By Component, the market is segmented into:
- Solutions
- Services
Based on the component, the market is segmented into solutions and services. The solutions segment dominated the market in 2020 and is expected to retain that dominance during the forecast period. The smart farming solution helps in enhancing yield production by monitoring water quality, air quality, nutrient & mineral quality, and others.
Smart farming market Geographical Segmentation Includes:
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- Rest of the World
For a better understanding of the market adoption of the smart farming market, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America) Europe (Germany, France, United Kingdom, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America is expected to witness the highest CAGR during the forecast period on account of a growing population and increasing budgets for research and development in countries like the USA and Canada.
The major players targeting the market include:
- Afimilk Agricultural Cooperative Ltd.
- AgJunction Inc.
- AGCO Corporation
- AgEagle Aerial Systems Inc.
- Deere & Company
- DeLaval Inc.
- LumiGrow Inc.
- Raven Industries Inc.
- Topcun Positioning Systems Inc.
- Trimble Inc.
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Smart farming market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the smart farming market?
- Which factors are influencing the smart farming market over the forecast period?
- What are the global challenges, threats, and risks in the smart farming market?
- Which factors are propelling and restraining the smart farming market?
- What are the demanding global regions of the smart farming market?
- What will be the market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by the companies?
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