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The smart farming market size is forecast to increase by USD 9.91 billion, at a CAGR of 17.61% between 2024 and 2028. The smart farming market is experiencing significant growth, driven by several key trends and factors. One major trend is the availability of low-cost cloud services, which encourages farmers to adopt smart farming technologies. Big data plays a crucial role in smart farming, enabling farmers to make informed decisions based on real-time data. However, the high initial investment in smart farming technology remains a challenge for many farmers. Despite this, the benefits of increased efficiency, productivity, and sustainability are leading to increased adoption of smart farming solutions. The market is expected to continue growing as technology becomes more accessible and affordable, and as farmers recognize the long-term economic and environmental advantages of implementing smart farming practices.
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The market is experiencing significant growth due to the adoption of advanced technologies in Commercial greenhouses and Controlled Environment Agriculture. LED grow lights are revolutionizing agriculture by providing optimal light conditions for plant growth. Livestock biometrics, RFID, GPS, Infrastructural health sensors, Agricultural robots, and Mobile technology are transforming livestock farming and improving productivity. Smart agricultural practices, such as PDF reports with historical data and online dashboards, enable farmers to make data-driven decisions. Prospera Technologies offer Web-Based and Cloud-Based solutions for System Integration, Consulting, Maintenance, Connectivity Services, Managed Services, Professional Services, Network Management, Agriculture Asset Management, Supervisory Control, Logistics, and Supply Chain Management. Smart Water Management is another crucial aspect of Smart Farming, ensuring efficient irrigation and water usage. These technologies and practices are driving the dynamics of the Smart Farming Market.
Availability of low-cost cloud services encourages farmers to adopt smart farming is notably driving market growth. The Milk Sustainability Center highlights the significance of cloud-based farming solutions in today's agriculture sector. With an emphasis on data accessibility and synchronization, smart farming is revolutionizing the industry. Sensors and monitoring tools play a pivotal role in collecting valuable information about soil conditions, crop health, and environmental factors. This data is then transferred to the cloud for easy access and analysis by farmers. Despite the benefits, the cost of cloud systems for agriculture remains a concern.
Nonetheless, the adoption of these technologies is expected to increase due to their potential to enhance farming efficiency and productivity. The Work Planner is a useful tool for farmers to plan and manage their farming activities effectively in the cloud system. Thus, such factors are driving the growth of the market during the forecast period.
Big data in smart farming is the key trend in the market. The integration of big data in smart farming is revolutionizing the agricultural sector by enhancing crop production levels. Advanced wireless communication technology is facilitating real-time data collection from the field, enabling farmers to make informed decisions regarding soil conditions, wind patterns, fertilizer requirements, water availability, and pesticide applications. This data-driven approach is gaining traction worldwide, with the use of GPS trackers and sensors providing granular information to farmers.
Further, the Milk Sustainability Center and other research organizations are actively promoting the adoption of smart farming technologies to ensure milk production sustainability. Work Planner tools are also facilitating efficient farm management by optimizing resource utilization and scheduling tasks effectively. Overall, the implementation of big data in smart farming is fostering precision agriculture and contributing to increased productivity and sustainability in the agricultural industry. Thus, such trends will shape the growth of the market during the forecast period.
High initial investment in smart farming technology is the major challenge that affects the growth of the market. The implementation of advanced farming technologies, including smart tools and techniques, is gaining traction globally. However, the financial investment required for these innovations poses a significant challenge for farmers in various regions. Some farmers face difficulties in acquiring, implementing, and updating the technology due to its high cost. Software integration is another expensive aspect, necessitating substantial initial investments.
Moreover, the expenses for data analytics tools and related training add to the overall financial burden. These high costs discourage farmers from transitioning from conventional farming methods to smart farming. The cost for these tools and services varies among vendors, contingent upon the specific technologies being adopted. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovatorâs stage to the laggardâs stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Ag Leader Technology - The company offers smart farming solutions for growers seeking a cost-effective GPS receiver designed for general mapping and AutoSwath functions.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Soil and crop management segment is estimated to witness significant growth during the forecast period. Smart Farming Market: Leveraging Technology for Efficient Agricultural Management The Smart Farming Market is revolutionizing the agricultural sector through advanced technologies such as tracking, inventory management, farm labor management, water, fertilizer management, HVAC management, milk harvesting, breeding management, feeding management, animal comfort management, and more. Deere and Prospera Technologies are key players in this market, offering web-based and cloud-based solutions for system integration, consulting, maintenance, connectivity services, managed services, professional services, network management, agriculture asset management, supervisory control, logistics, and supply chain management.
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The Soil and crop management segment was the largest segment and was valued at USD 2.43 billion in 2018. Smart Water Management, weather tracking, irrigation management, farm labor management, fish tracking, fleet navigation, water quality management, HVAC management, and IoT sensors are essential components of smart farming. Big data analytics, AI algorithms, and AGCO Corporation are also making significant strides in this domain. The implementation of these technologies in rural areas is transforming agriculture, enabling real-time monitoring and optimization of resources, reducing wastage, and increasing productivity.
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North America is estimated to contribute 44% to the growth of the global market during the forecast period. Technavioâs analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Smart Farming Market refers to the use of advanced technologies to optimize farming operations and enhance agricultural productivity. Key components of this market include tracking and managing inventory for water, fertilizer, and feed; labor management for farm workers and livestock; and HVAC management for greenhouses. Deere and Prospera Technologies are major players in this field, offering web- and cloud-based systems for system integration, consulting, maintenance, connectivity services, managed services, and professional services. Agriculture asset management, supervisory control, logistics, and supply chain management are also crucial aspects. Smart Water Management involves IoT sensors, AI algorithms, and weather tracking for Irrigation Management and Water Quality Management. AGCO Corporation and other industry leaders leverage big data analytics to improve Rural areas' farming practices, focusing on Farm Labour Management, Fish Tracking, Fleet Navigation, and HVAC Management.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Smart Agriculture Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, UK, China, Canada, India - Size and Forecast
Smart Farming Market by Product, Application, and Geography - Forecast and Analysis
Precision Agriculture Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, Germany, UK, Australia - Size and Forecast
Smart farming is revolutionizing the agricultural sector by integrating advanced technologies such as commercial greenhouses, controlled environment agriculture, LED grow lights, livestock biometrics, RFID, GPS, infrastructural health sensors, agricultural robots, mobile technology, machine-to-machine communication, and more. These technologies enable smart agricultural practices, enhancing productivity and efficiency. PDF reports and online dashboards provide historical data and real-time insights, allowing farmers to make informed decisions based on dynamics in their fields. Wi-Fi technology, Zigbee technology, and RF technology facilitate seamless communication between hardware and software control systems. Precision farming, a key aspect of smart farming, employs technologies like GPS, variable rate technology, and drones for yield monitoring, crop scouting, field mapping, and weather forecasting.
Moreover, horticulture and fish farming also benefit from these innovations, with hardware such as sensing devices, RFID tags, readers, milking robots, guidance systems, and driverless tractors. Software and automation control systems enable farmers to monitor their farms remotely using mobile devices. Technologies like machine-to-machine communication and driverless tractors further streamline operations, reducing labor costs and increasing overall efficiency. In conclusion, the smart farming market is a thriving sector driven by the integration of various advanced technologies. These innovations are transforming agriculture, making it more productive, efficient, and sustainable.
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Industry Scope |
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Report Coverage |
Details |
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Page number |
167 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 17.61% |
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Market growth 2024-2028 |
USD 9.91 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
13.4 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 44% |
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Key countries |
US, China, France, Germany, and Australia |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Ag Leader Technology, AGCO Corp., Auroras Srl, Bacancy Technology Pvt. Ltd., Bayer AG, CNH Industrial N.V., Cropin Technology Solutions Pvt. Ltd., Cultyvate, Deere and Co., Digital Matter, DTN LLC, Farmers Edge Inc., Gamaya, Kubota Corp., PrecisionHawk Inc., Robert Bosch GmbH, Telit Cinterion, Topcon Positioning Systems Inc., Trimble Inc., and TSI Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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