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Smart Farming Market Growth, Opportunity and Future Outlook 2023-2031
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Factors Influencing the Market
The rising penetration of advanced technologies such as VRT and guidance will drive the growth of the smart farming market during the forecast period. VRT and guidance technology can efficiently increase productivity and decline the need for labor. Remote sensing, GPS, GIS, etc., can significantly contribute to farms. Thus, all of these factors will drive the growth of the global smart farming market during the study period.
The growing global population and increasing demand for food are projected to benefit the smart farming market during the projected period.
Some of the causes that restrict agriculture include the depletion of natural resources and environmental degradation. Moreover, the fact that smart farming can substantially help improve the nutrition and protection of crops. Moreover, the growing trend of urban farming will bring lucrative growth opportunities for the smart farming market during the study period.
On the flip side, a lack of technological knowledge may limit the growth of the smart farming market during the study period.
COVID-19 Impact Analysis
The COVID-19 pandemic brought along significant disruption to the global supply chain of the smart agriculture industry. The pandemic also affected the lives of people, resulting in increased food shortages and inflation. Necessary measures were taken by the governments and private organizations to strengthen the food supply chain and prepare for such a crisis in the future. Moreover, it also emphasized the significance of carrying out agricultural operations remotely. Thus, the range of smart farming practices is expected to increase in the coming years, and the COVID-19 pandemic is forecast to have a long-term positive impact on the overall industry.
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Regional Analysis
North America is forecast to hold the largest share in the smart farming market during the study period, owing to the growing contribution of countries like the United States and Canada. Further, the rising implementation of farming technologies is expected to have a potential impact on the global smart farming market. The demand for smart technologies like steering systems, guided systems, sensors, display devices, farm management software, etc., is expected to increase in the coming years. Further, the growing demand for productive outcomes and early adoption of advanced technology will substantially boost the growth of the smart farming market during the study period.
Competitors in the Market
• Deere & Company (US)
• Argus Control Systems Ltd. (Canada)
• Agribotix LLC (U.S.)
• Autonomous Solutions, Inc. (U.S.)
• CNH Industrial (UK)
• CLAAS (Germany)
• CropZilla Software, Inc. (U.S.)
• Raven Industries (US)
• AgJunction (US)
• The Climate Corporation (US)
• Other Prominent Players
Market Segmentation
The global smart farming market segmentation focuses on Type, Offerings, and Region.
By Type
• Smart Farming
• Livestock Monitoring
• Smart Greenhouse, Others
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By Offerings
• Hardware-Sensors
• GPS
• Yield Monitors
• Software
• Services
By Regional Outlook
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
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● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America
Table of Content
Chapter 1: Global Smart Farming Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Smart Farming market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Smart Farming Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Smart Farming market Size Forecast (2023-2031).
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