Smart Farming Market by Offering (Hardware, Software, and Services), Application (Indoor Farming, Outdoor Farming, Livestock Farming, and Feeding)-Analysis & Forecast 2019-2030
Report ID : 187 | Published Date : May 2020 | Pages : 160 | Region : Global | Report Code : ICT-14
Smart Farming Market Overview and Introduction
Smart farming is a management system that uses combination of advanced technologies into existing farming practices to increase the quantity & quality of agriculture products. Users can greatly increase the crop yields by precisely monitoring variations with the help of GPS, soil scanning, data management, and the IoT, which helps to adapt strategies accordingly. It makes farming more connected and intelligent and therefore, helps to reduce the overall costs and increase control over the production. This further helps to reduce wastage in farming activities.
The global smart farming market is driven by factors, such as increasing adoption of the Internet of Things (IoT) & data analytics software in agriculture. Moreover, increasing focus on monitoring to prevent crops & livestock from diseases is another factor driving the market growth. Furthermore, growing demand for agriculture products and government initiatives towards the adoption of modern farming techniques are also contributing market growth globally. However, high cost of smart farming equipment’s, limited knowledge of users, and highly fragmented agriculture industry in most countries are affecting the global smart farming market growth adversely.
The global smart farming market can be segmented into offering, application, and regions.
Smart Farming Market By Offering
Based on offering, the global smart farming market can be segmented into hardware, software, and services. The hardware segment accounted for the largest market share and is expected to show consistent dominance in the coming years. However, the services segment is anticipated to witness the highest CAGR during the forecast period. This growth can be attributed to the increased outsourcing of monitoring equipment and data storage & access services.
Smart Farming Market By Application
Based on application, the market can be segmented into indoor farming, outdoor farming, livestock farming, feeding, and others. The indoor farming application is anticipated to grow at the highest CAGR during the forecast period. The increasing popularity of the Internet of Things (IOTs) and rising awareness regarding its advantages are propelling the growth of indoor farming applications globally.
Smart Farming Market By Region
Based on region, the global smart farming market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). Europe dominated the smart farming market and is expected to grow at the highest CAGR followed by North America. Technological advancements, the presence of large farm areas in the region, and governments’ promoting the adoption of smart farming are some of the factors driving market growth in Europe.
Smart Farming Market Prominent Players
Some of the prominent players present 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.