Press release
Smart Farming Market is projected to reach USD 13.50 billion by 2023, at a CAGR of 12.39%
Smart Farming Market
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Summary
HTF Announces the Publication of its Research Report – Global Smart Farming Market 2019-2023
Smart Farming Market is estimated to be worth USD 7.53 billion in 2018 and is projected to reach USD 13.50 billion by 2023, at a CAGR of 12.39% during the forecast period (2019-2023).
HTF recognizes the following companies as the key players in the global smart farming market: AGCO, Ag Leader Technology, DICKEY-john, John Deere, and Raven Industries.
Other Prominent Vendors in the market are: Auroras, Farmers Edge, Iteris, PrecisionHawk, Precision Planting, and Trimble.
Commenting on the report, an analyst from HTF’s team said: “One trend in the market is big data in smart farming. Big data in smart farming is giving rise to a lot of opportunities in the agriculture industry. Improvement in wireless communication in the agricultural field is leading to growth in production level. Moreover, improvements in functional safety, and repair and maintenance of equipment in the field are giving rise to a crop production level.”
According to the report, one driver in the market is availability of low-cost cloud services encourages farmers to adopt smart farming. Currently, farming applications are increasingly moving to the cloud system, with farmers aiming at benefits in terms of better data access, availability of information, synchronization in different farming activities, and storage of valuable information. In smart farming, sensors and other monitoring tools are of great importance as they collect information about the soil, crop health, and environmental conditions that might affect the crops. The vast amount of information generated by these monitoring devices is collected in the cloud so that farmers can get easy access to the information they need.
Further, the report states that one challenge in the market is high initial investment in smart farming technology. The adoption of smart farming tools and techniques in both hardware and software is growing worldwide. However, investment in these tools is a major concern in many places. Some farmers find it difficult to afford, implement, and upgrade the technology of the tools. Moreover, software integration is expensive and requires high initial investment. The charges for other data analytics tools and training are also high, which adds to the overall cost incurred by farmers.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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Table of Contents
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: RESEARCH METHODOLOGY
PART 04: INTRODUCTION
• Market outline
• Market ecosystem
PART 05: MARKET LANDSCAPE
• Market characteristics
• Market segmentation analysis
PART 06: MARKET SIZING
• Market definition
• Market sizing 2016
• Market size and forecast 2016-2021
• Five forces analysis
PART 07: MARKET SEGMENTATION BY PRODUCT
• Segmentation by product
• Comparison by product
• Automation and control systems – Market size and forecast 2016-2021
• Smart agriculture equipment and machinery – Market size and forecast 2016-2021
• Market opportunity by product
PART 08: MARKET SEGMENTATION BY APPLICATION
• Segmentation by application
• Comparison by application
• Soil and crop management – Market size and forecast 2016-2021
• Fleet management – Market size and fore
....Continued
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