Smart Farming Market is anticipated to grow at a CAGR of 15.82% from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Smart Farming Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global smart farming market is estimated to be over US$ 7.5 billion in 2019. The market is anticipated to grow at a CAGR of 15.82% from 2019 to 2030.
The growth of the global smart farming market can be attributed to factors, such as increasing adoption of Internet of Things (IoT) & data analytical software’s in farming applications. Moreover, increasing focus on monitoring of crops & livestock inoder to safeguard from diseases and improve the efficiency of farming is also propelling the market growth. The combination of technologies in farming facilitates machine-derived data and this data helps users to take decisions accordingly. It helps to eliminate the risk of loose yield and quality of production. Smart farming helps to reduce overall costs and users can monitor the production of crops and livestock on a regular basis.
Moreover, growing demand for agriculture products owing to increasing population and governments’ initiatives for the adoption of modern farming techniques in North America & Europe regions are also contributing towards the market growth.
However, high initial cost of smart farming setup and limited technical knowledge & skills of end-users are hindering market growth globally. In emerging countries, such as India and China, the agriculture industry is highly fragmented. This may turn out to be one of the major challenges for the adoption of smart farming techniques in these region.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Smart Farming Market by Offering (Hardware, Software, and Services), Application (Indoor Farming, Outdoor Farming, Livestock Farming, and Feeding)-Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/smart-farming-market/187
Europe accounted for the largest market share globally and is expected to grow at the highest CAGR followed by North America. The high adoption rate of smart farming technologies, the presence of large farm areas in the region, increasing indoor farming, and governments supporting the adoption of smart farming are the factors driving market growth.
Some of the prominent players in the smart farming market include Deere & Company, Trimble Inc., DeLaval, Ag Leader Technology, Decisive Farming, Telit, Allflex, OnFarm Systems Inc., Smartcultiva Corporation, and AKVA group, among others.
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