Smart Farming Market Analysis and Forecast for Precision Farming Livestock Management and Aquaculture Solutions

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Smart Farming Market Size, Share & Trends Analysis Report By Application (Precision Farming, Livestock Monitoring & Management, Aquaculture) And Product Type (Hardware, Software, And Services)- Market Outlook And Industry Analysis 2034"

The global smart farming market is estimated to reach over 22.8 billion by the year 2034, exhibiting a CAGR of 17.2% during the forecast period.

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The primary drivers of demand during the forecast period include the growing automation of commercial greenhouses and the increased adoption of controlled environment agriculture (CEA) practices to optimize yield and maintain ideal growing conditions. Growers are increasingly recognizing the advantages of greenhouse cultivation, which has led to the expansion of commercial greenhouses.

Farmers are transitioning from traditional lighting systems to LED grow lights, which are seamlessly integrated into CEA environments. Although LED grow lights entail a higher initial investment, their energy efficiency over the long term makes them an attractive option for indoor farming. Additionally, the rise of smart agriculture, driven by innovative technologies that enable more efficient crop production, is another significant factor propelling the global smart agriculture market. Technological advancements and the growing adoption of new technologies are key elements contributing to the market's growth.

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

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Market Dynamics:
Drivers:
Governments in both developed and emerging economies are actively working to foster the growth of the global smart agriculture market. These governments are significantly investing in research and development (R&D) initiatives to support the advancement of the smart agriculture sector. Moreover, industry participants are also investing in R&D to introduce new products to the market. Consequently, the increasing focus on R&D activities is expected to drive substantial growth in the global smart agriculture market during the forecast period.

Challenges:
The data collected through smart agriculture software and solutions is highly sensitive and critical to decision-making processes for farmers. Given the importance of this data, it requires stringent management and protection. However, the lack of standardized data management protocols and guidelines presents a major challenge to the market. Concerns surrounding data security and management are posing significant barriers to the continued growth of the global smart agriculture industry.

Regional Trends:
The North American smart agriculture market is anticipated to capture a significant market share in terms of revenue and is projected to experience a high compound annual growth rate (CAGR) in the coming years. The region's growth is driven by increased government initiatives and favorable policies aimed at advancing agricultural practices. Additionally, government subsidies and tax incentives are playing a critical role in supporting the expansion of the smart agriculture sector in North America. Furthermore, government efforts to improve the agricultural industry are also stimulating growth in the Asia-Pacific smart agriculture market.

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Recent Developments:
• In March 2021, DeLaval introduced the RC700 and RC550 robot collectors for solid flooring with the purpose of improving cow comfort. They are capable of handling any manure intake technology.

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

Read Overview Report- https://www.insightaceanalytic.com/report/smart-farming-market/1660

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.