Smart Farming Market Expected to See Prominent Growth (2024-2031) | XAG, Ag Leader Technology, Inc., AgJunction Inc.

Smart Farming Market Research Report By DataM Intelligence: A comprehensive analysis of current and emerging trends provides clarity on the dynamics of the Smart Farming market. The report employs Porter's Five Forces model to assess key factors such as the influence of suppliers and customers, risks posed by different entities, competitive intensity, and the potential of emerging entrepreneurs, offering valuable insights. Additionally, the report presents research data from various companies, including their benefits, gross margins, and strategic decisions in the global market, all conveyed through tables, charts, and infographics.

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What is the projected growth rate (CAGR) of the Global Smart Farming market from 2024 to 2031, and what is the market value expected to change by 2031?

Global Smart Farming Market reached US$ 11.12 billion in 2022 and is expected to reach US$ 22.45 billion by 2031, growing with a CAGR of 9.1% during the forecast period 2024-2031.

What is Smart Farming Market?

The smart farming market encompasses the use of advanced technologies and data-driven solutions to enhance agricultural practices and increase productivity. This includes the integration of IoT devices, drones, sensors, and AI analytics to monitor crop health, optimize resource usage, and improve decision-making. Driven by the need for sustainable agriculture and efficient food production, smart farming helps farmers reduce waste, lower costs, and maximize yields. The increasing adoption of precision agriculture techniques and growing awareness of climate change impacts are key factors propelling market growth. As technology continues to evolve, the smart farming market is expected to expand, providing innovative solutions for modern agriculture challenges.

Growth Driver

Increase in Demand for Precision Farming

Smart farming is gaining popularity as farmers embrace advanced technologies to enhance crop efficiency, reduce waste, and increase overall yields. This innovative approach provides precise information about crops, enabling farmers to better manage resources such as water, nutrients, and pesticides. By leveraging these technologies, farmers can make informed decisions that optimize their operations, leading to improved productivity and sustainability. As the benefits of smart farming become more apparent, its adoption is likely to continue growing.

Key Players:

Profiles of some of the major players in the global Smart Farming market, which include XAG, Ag Leader Technology, Inc., AgJunction Inc., Deere & Company, Afimilk Agricultural Cooperative Ltd., DeLaval, AKVA Group, Aquabyte Inc., BouMatic LLC, and InnovaSea Systems, Inc.

Industry Development:

In August 2023, Delaval introduced its state-of-the-art E-series rotary milking system. This innovative system enhances milking efficiency, streamlines workers' routines, automates the selection and sorting of cows, and reduces stress for dairy cattle.

The purpose of the report is to offer a comprehensive analysis of the market, along with insightful conclusions, statistical data, historical information, market data that has been confirmed by the industry, and predictions based on a sound methodology. By identifying and examining market segments and forecasting global market size, the study also contributes to understanding the dynamics and structure of the global Smart Farming market.

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Market Segments:

The report covers the segmentation of the market into different segments based on various classifications such as applications, end users, product types, and others. The segmentation is divided into two sections, one for development and the other for different roles, needs, and behaviours.

By Agriculture Type: Precision Farming, Livestock Monitoring, Fish Farming, Smart Greenhouse, Others.

By Offering: Hardware, Monitors, Controllers, Sensors, Software, Web Based, Cloud Based, Service, System Intergration and Consulting, Support and Maintenance, Connectivity Services, Managed Services, Professional Services.

By Solution: Network Management, Agriculture Asset Management, Smart Water Management, Logistics and Supply Chain Management, Others.

By Farm Size: Small Farms, Medium Farms, Large Farms.

By Distribution Channel: Company Stores, E-Commerce, Specialty Stores, Others.

By Application: Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking and Forecasting, Irrigation Management, Feeding Management, Milk Harvesting, Fish Tracking, Others.

By End-User: Livestock, Agriculture, Aquaculture.

Regional Break out:

☞ North America - US, Canada, Mexico

☞ Europe- Germany, Russia, UK, France, Italy, Rest of Europe

☞ Asia Pacific- China, India, Japan, Australia, Rest of Asia Pacific

☞ South America- Brazil, Argentina, Colombia, Rest of South America

☞ Middle East and Africa- Saudi Arabia, UAE, Oman, Bahrain, Qatar, Kuwait, Israel

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