Smart Farming Market – Global Industry Analysis and Forecast (2023-2029)

Smart Farming Market reached a value of US $ 12.01 Mn. in 2022. Natural Gas is one of the dominating segment of the Global Smart Farming Market.
Smart Farming Market Overview:
The Smart Farming is also called the 3rd Green Revolution, it is the smart way to modernize the agriculture sector by adopting smart technologies, such as IoT solutions, satellites, sensors, geo-positioning systems, drones, and location-based services. Smart farming refers to using modern information and communication technologies to manage farming activities in order to enhance the number and quality of goods by reducing the amount of direct human work required.

Farming is one of the vital factors in economic growth, in 2022, the farming sector accounted for 4% of global gross domestic product (GDP) and in some of the developing countries from The Middle East, accounted for more than 25% of GDP.To know about the Research Methodology :- Request Free Sample Report

2022 is considered as a base year to forecast the market from 2023 to 2029. 2022’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2029. 2020 is a year of exception and analyzed especially with the impact of lockdown by region.
Smart Farming market future insights:
Maximize Market Research group expected that at the end of the forecast period, there are more than 20 Million agricultural sensors are expected to installed across the globe. During the forecast period, the average farm with the aid of smart technology is expected to generate half a million data points per day, resulting in farmers improving yields and increasing profits across the globe.
Smart Farming Market Dynamics:
The smart Farming market across the globe is showing a northward direction growth, thanks to the growing use of artificial intelligence, analytics, sensors, and other emerging technologies for farming to increase yields, along with improving the efficiency of water and other essentials, and shape sustainability for crop cultivation. Farming, forestry, and land use for environmental protection purposes are responsible for nearly 25% of greenhouse gas emissions. Modification in the farming sector is part of the solution to climate change. Advanced technology and advanced machinery have boosted the scale, speed, and productivity of farm tools, resulting in the highly efficient cultivation of land. In addition, seed, irrigation, and fertilizers improvisation, helping farmers to increase yields of crops across the globe.

The world's rising population is creating an increase in the demand for more food and crops. As a result, farmers are increasingly depending on modern technologies such as big data, cloud-based data services, livestock biometrics, agricultural robotics, GPS, and the Internet of Things to reduce manual labor, enhance resource usage, and boost crop yield. In U.S. and U.K., farmers started spraying fertilizers for ailing large verities crops with the help of drones. It is estimated that drones can spray fertilizer 40 to 60 times faster than manual hands. As a result, drones have become an important tool for farmers to survey their lands, perform field analysis, and generate real-time data. These factors are boosting the Smart Farming market growth across the globe.

The Decrease of Farming land across the globe as there is a significant increase in urbanization along with increased usage of advanced technologies in agriculture is expected to provide great opportunities for the key players in the smart farming market. Current market trends in the smart farming market include increased demand for smart technology in the agriculture business, increased automation of commercial greenhouses, and increased application of Controlled Environmental Agriculture principles in greenhouses.

Key Technologies driving the smart farming market demand:

The UN projected that the world's population is expected to reach 9.7 Million by 2050, which is expected to increase global farming production to rise 69% up to 2050. To meet this demand, farmers and farming companies are moving towards advanced technologies, such as the Internet of Things, Biometrics, sensors, and robots for analytics and greater production capabilities.
Smart Farming Market Segment Analysis:
Based on the Farming Type, the Smart Farming Market is segmented into Precision Farming, Livestock Monitoring, Smart Greenhouse, and Others. The Precision Farming type segment held the largest market share accounting for 48% in 2022. The segment growth is attributed to the growing adoption of smart technology to increase farm efficiency and productivity of yield. The implementation of precision farming tools is making agriculture more profitable, which gaining more attention from major companies to make a huge investment in the farming sector. By implementing Smart Technology, such as computer vision and AI solutions for precision agriculture, farmers are able to manage yield, and eliminate irregularities in the crop's well-being, along with surge productivity by 40%.

The Livestock Monitoring segment is expected to witness significant growth at a CAGR of 9.1% during the forecast period. Livestock Monitoring helps the farmers by tracking the real-time monitoring of health, production, and welfare of livestock to enhance yields. The increasing size of farms and rising technological advancements are boosting the product demand for livestock monitoring management.

Based on the Application, the Smart Farming Market is segmented into Irrigation Management, Yield Monitoring, Crop Scouting, Field Mapping, Weather tracking and forecasting, Inventory Management, and Farm Labor Management. The Yield Monitoring segment held the largest market share, accounting for 45.1 % in 2022. The segment growth is attributed to the growing demand for monitoring crop yield growth and decreasing wastage by providing timely required water and fertilizers with another essential.

The Irrigation Management segment is expected to witness rapid growth at a CAGR of 8.7% during the forecast period. Irrigation Management offers solutions and systems to effectively utilize water by finding the irrigation inputs need to yield in farm fields. Today, 3200 million people live in farming areas with considerable water shortages of whom 1200 million people live in areas with very high water constraints, as a result, there is a growing need for irrigation management, which is fueling the segment growth during the forecast period.
Regional Insights:
North America region held the largest market share accounted for 44.3% in 2022, and is expected to grow at a CAGR of 9.81% during the forecast period. Growing government initiatives to increase the agriculture industry in the region is primarily driving the regional smart farming market growth over the forecast period. Wide Area Augmentation System (WAAS), with a 66% of market penetration, a satellite-based device, is the most popular technology used for farming purposes in the North America region.

In U.S., Gross cash farm income is annual income before expenses, which includes cash receipts, farm-related income, and Government farm program payments. The Gross Cash Farm Income is estimated at US$ 486000 million in 2022 as compared to US$ 347000 million in 2001, with the increase across time largely because of higher cash receipts.

Asia Pacific region is expected to witness significant growth at a CAGR of xx% during the forecast period. This region's growth is attributed to the adoption rate of smart farming techniques, such as smart irrigation controllers along with AI-based land analytics services, in countries like China and India are driving the market growth in the Asia Pacific region. For instance, in India, According to the Federation of Indian Chambers of Commerce & Industry (FICCI), there are around 450 agritech startups, which are growing at a rate of 25% yearly. Agritech startups are consist of precision-based sowing techniques, which is increasing more than 50% rate of sowing seeds.

The objective of the report is to present a comprehensive analysis of the Smart Farming Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Smart Farming Market dynamic, structure by analyzing the market segments and projecting the Smart Farming Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Smart Farming Market make the report investor’s guide.
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Global Smart Farming Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 12.01 Mn.


Forecast Period 2023 to 2029 CAGR:
11.02%
Market Size in 2029:
US $ 24.97 Mn.


 Segments Covered:
by Farming Type
Precision Farming
Livestock Monitoring
Smart Greenhouse
Others


by Offering
Hardware
Software
Services


by Application
Irrigation Management
Yield Monitoring
Crop Scouting
Field Mapping
Weather tracking and forecasting
Inventory Management
Farm Labor Management



Smart Farming Market by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players
1. John Deere
2. Trimble
3. Topcon Positioning Systems
4. DeLaval
5. AKVA
6. Antelliq
7. Afimilk
8. InnovaSea Systems
9. Heliospectra
10. LumiGroW
11. InnovaSea Systems
12. ABACO
13. Treemetrics
14. Raven Industries
15. AG Leader Technology
16. The Climate Corporation
Frequently Asked Questions:
1. Which region has the largest share in Global Smart Farming Market?
Ans: Asia Pacific region held the highest share in 2022.

2. What is the growth rate of Global Smart Farming Market?
Ans: The Global Smart Farming Market is expected to grow at a CAGR of 11.02% during forecast period 2023-2029.

3. What is scope of the Global Smart Farming market report?
Ans: Global Smart Farming Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Smart Farming market?
Ans: The important key players in the Global Smart Farming Market are – , John Deere, Trimble, Topcon Positioning Systems, DeLaval, AKVA, Antelliq, Afimilk, InnovaSea Systems, Heliospectra, LumiGroW, InnovaSea Systems, ABACO, Treemetrics, Raven Industries, AG Leader Technology, and The Climate Corporation

5. What is the study period of this market?
Ans: The Global Smart Farming Market is studied from 2022 to 2029.