Smart Farming : Market Size, Manufacturers, Types, Regions and Applications And Segmentations Research Report Forecast by 2031

The Global Smart Farming Market Size is estimated to be $3.92 billion in 2022 and will grow to $13.80 billion by 2031, with a compound annual growth rate (CAGR) of 15.19% during the forecast period of 2023-2031.

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The primary factors that are expected to drive demand during the projected period are the increasing automation of commercial greenhouses and the increased use of the controlled environment agriculture (CEA) concept in greenhouses to achieve a higher yield and maintain optimal growth conditions. The prospective advantages of greenhouse cultivation have been acknowledged by growers, which has led to the establishment of commercial greenhouses.

Cultivators have abandoned traditional lighting systems in favor of LED grow lights, which are easily integrated into a CEA configuration. LED growth lights are an exceptional option for indoor cultivation due to their long-term energy efficiency advantages despite their high cost. Innovative technologies are employed in smart agriculture to assist producers in more efficient crop cultivation. The global smart agriculture market is being driven by two primary factors: the adoption of new technologies and the advancement of technology.

List of Prominent Players in the Smart Farming Market:

• Trimble Inc.
• Yara International ASA
• 365FarmNet
• FarmFacts
• Hexagon Agriculture
• Intellias
• Kubota Corporation
• OneSoil
• Proagrica (LexisNexis Risk Solutions Group)
• Signify Holding
• Agroptima S.L.
• AquaManager
• Ag Leader Technology
• AgriCircle
• AGRIVI
• Climate LLC (Bayer AG)
• CNH Industrial N.V.
• Augment
• BASF SE
• Cargill, Incorporated
• Connecterra B.V.
• CropX, Inc.
• Deere & Company
• Ec2ce
• Syngenta AG
• Topcon Corporation

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Market Dynamics:

Drivers-

Governments in established and emerging nations are constantly expanding the global smart agriculture market. These regions are making substantial investments in research and development operations to facilitate the growth of the smart agriculture industry. Additionally, market participants are researching to introduce new products to the market. Subsequently, the global smart agriculture market will expand during the forecast period due to the expansion of research and development initiatives.

Challenges:

Information and data collected through intelligent agriculture software and solutions are of the utmost importance and confidentiality. The data accumulated by bright agriculture instruments aid farmers in making more informed decisions. Subsequently, this data must be adequately managed. Nevertheless, there are no robust data management standards or guidelines. Consequently, the global smart agriculture industry is experiencing a substantial impediment to growth due to the increasing concerns regarding data management.

Regional Trends:

The North American smart farming market is anticipated to gain a significant market share in terms of revenue and to expand at a high compound annual growth rate shortly. The North American intelligent agriculture industry is characterized by expanding government initiatives and implementing advantageous agricultural enhancement guidelines. Additionally, the government of this region is offering tax incentives and subsidies to encourage the growth of the innovative agriculture sector. The North American intelligent agriculture industry is being propelled to new heights by all these factors. Furthermore, the Asia-Pacific smart agriculture market is being driven by the expansion of government initiatives in the agriculture sector.

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Recent Developments:

• In March 2021, DeLaval introduced the RC700 and RC550 robot collectors for solid flooring with the objective of enhancing the comfort of cows. They have the capacity to manage any type of manure intake technology.

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