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Global $34.1 Bn Smart Farming Market Analysis & Forecasts to 2026: Growing Demand for Precision Agriculture and Data Analytics

·6-min read

Dublin, Jan. 14, 2022 (GLOBE NEWSWIRE) -- The "Global Smart Farming Market - A Global and Regional Analysis: Focus on Solution, Application, Adoption Framework and Country-Wise Analysis, Startup Analysis, Patent Analysis, Value Chain - Analysis and Forecast, 2020-2026" report has been added to ResearchAndMarkets.com's offering.

The smart farming market is expected to reach $34.1 billion by 2026, with a CAGR of 18.5% during the forecast period 2021-2026

High growth in the market is expected to be driven by the growing demand for precision agriculture and data analytics, which will further increase the demand for other digital technologies.

How This Report Can Add Value

The report highlights not only the growing opportunities contemplated by the quantitative information but also reflects upon the grey areas or shortcomings of the market analysis through GAP analysis performed to create an adoption framework for the smart farming market.

This framework also focuses on factors and remedies to overcome gaps. The report also analyses the impact of key external business factors. The report also covers startup analysis which reflects upon the future market potential of the market.

Market by Product: Analysis and Forecast: The segment gives a brief overview of the product portfolio of different companies and the market presence of different products existing in the market.

For instance, the market was segmented into various solution types such as hardware, software, and services. All these segments are further segmented into subsegments. For instance, the hardware segment is sub-segmented into automation and control systems, sensing and navigation systems, and indoor farming equipment, among others.

Market by Application: Analysis and Forecast: The segment gives a brief overview of the market status of different applications of the product and key players offering products in those applications. The market by application is segmented into precision agriculture, livestock monitoring and management, indoor farming, and aquaculture, among others.

These applications are further segmented into various sub-segments. For instance, precision agriculture is segmented into precision irrigation, yield monitoring and forecasting, variable rate application, crop scouting, and record keeping, among others.

Smart Farming

To address the escalating demand for food from the limited farmlands and labor, established agriculture machinery developers and technology vendors are introducing innovative solutions in the farming arena. These solutions focus on assisting farmers in filling the supply-demand gap by ensuring high yield, increased profit, and protection of the environment.

Smart farming is the approach of using information technology (IT), digital technologies, precision algorithms, and sensors to ensure optimum utilization of resources to achieve high crop yields and reduced operational costs. Smart farming agriculture technologies comprise specialized equipment, software, and information technology (IT) services. Apart from the growing demand for food, several other microeconomic factors are expected to contribute to the growth of the smart farming market.

Smart farming involves the use of technologies and various methods to obtain and analyze necessary data to increase the efficiency of agricultural operations. The increased development of communication technologies, such as the expansion of internet services, is also influencing the adoption of digital technologies in agricultural practices.

In the current situation, it can be concluded that smart farming technologies are currently at a growing stage of adoption and are yet to be widely adopted globally.

Impact of COVID-19 on Smart Farming

The pandemic negatively impacted the smart farming market in 2020. Due to a global lockdown, manufacturing units were shut down, and the supply chain was shut. This has affected the supply side of the market as many companies were not able to fulfill orders during the period.

Similarly, due to lockdown measures, agriculture production also took a toll. Since food production was crucial during the time, only bare minimum operations were allowed in many parts of the world. This has slowed down the adoption of digital technologies, thus slowing down the market's growth in 2020.

Market Segmentation

Smart Farming Market by Application

The smart farming market by application is majorly driven by precision agriculture applications, including precision irrigation, yield monitoring and forecasting, variable rate application, crop scouting, and record keeping, among others. This is followed by livestock monitoring and management applications.

As the global population increases exponentially, the total supply of food must be increased; otherwise, food shortage could lead to serious socio-political issues. Precision agriculture methods help significantly increase agriculture efficiency, which would significantly impact overall production yield. Increased yield applying the same number of resources will help tackle food security issues and reduce waste during production.

Smart Farming Market by Solution

The smart farming market by solution is dominated by the hardware segment, followed by the services segment. The hardware segment includes automation and control systems, sensing and navigation systems, and indoor farming equipment, among others.

A wide range of hardware systems is available for applications such as automating and controlling the farm machinery, sensing analytical data, navigating farm equipment with precise sowing and harvesting requirements and controlling and maintaining the desired climatic conditions in indoor farming facilities.

Sensor technology is the most common type of hardware component that is developed and commercialized worldwide. Sensors are also a crucial part of -based farming solutions, which is expected to boost hardware solutions in the smart farming market.

Industry Outlook

Market Trends

Current Trends

  • Increasing Adoption of Precision Agriculture

  • Increasing Deployment of Autonomous Equipment, Drones, and Robots

  • Increased Awareness of Climate Smart Agriculture

  • Adoption of Farm to Fork Strategy

  • Increased Penetration of Information and Communication Technology (ICT) in Agriculture

Ecosystem/Ongoing Programs

  • Consortiums and Associations

  • Regulatory Bodies

  • Government Programs

Business Dynamics

Business Drivers

  • Economic Drivers

  • Growing Population

  • Decreasing Workforce in Agriculture

  • Rapid Urbanization

  • Surging Use of Modern Technologies in Agriculture

  • Growing Emphasis on Sustainability

Business Challenges

  • Lack of Compatible Infrastructure

  • Reluctance to Change Due to Large Capital Investments

  • Cyber Security Challenges

Business Strategies

  • Product Development and Innovation

  • Market Development

Corporate Strategies

  • Mergers and Acquisitions

  • Partnerships, Joint Ventures, Collaborations, and Alliances

Business Opportunities

  • Increasing Market Opportunities in Developing Countries

  • Increased Cloud Security

  • Securing the Agriculture Value Chain with Blockchain

  • Impact of 3D Printing on Farming

Start-Up Landscape

  • Key Start-Ups in the Ecosystem

  • Funding Analysis

  • Major Investors

  • Funding (by Technology)

Key Market Players

  • Ag Leader Technology

  • AGCO Corporation

  • CNH Industrial

  • Deere & Company

  • Hexagon Agriculture

  • Kubota Corporation

  • Afimilk Ltd.

  • Allflex USA Inc.

  • Nedap N.V.

  • General Hydroponics

  • Osram Licht AG

  • AKVA Group ASA

  • Eruvaka Technologies

  • Naio Technologies

  • DJI Innovations

Market Report Coverage - Smart Farming

Global Smart Farming Market by Application

Precision Agriculture

  • Precision Irrigation

  • Yield Monitoring and Forecasting

  • Variable Rate Application

  • Crop Scouting

  • Record Keeping

Livestock Monitoring and Management

  • Milk Harvesting

  • Animal Health Monitoring and Comfort

  • Feeding Management

  • Heat Stress and Fertility Monitoring

Indoor Farming

  • HVAC Management

  • Lighting Management

  • Plant Development Monitoring

Aquaculture

  • Feed Management

  • Aquatic Species Tracking and Navigation

  • Water Quality Management

Global Smart Farming Market by Solution

Hardware Systems

Automation and Control Systems

  • Displays/Yield Monitors

  • Flow and Application Rate Control Valves

  • Handheld Computers/Mobile Devices

  • Agricultural Cameras

Sensing and Navigation Systems

  • Sensing Systems

  • GPS/GNSS Systems

  • Guidance and Steering Systems

  • RFID Tags and Readers

Indoor Farming Equipment

  • Climate Control Systems

  • LED Grow Lights

Software

  • On-Cloud Delivery Model

  • On-Premise Delivery Model

Services

  • Integration and Deployment

  • Maintenance and Support

Demand Analysis Global Smart Farming Market (by Solution)

Patent Analysis

  • Patent Analysis (by Solution Type)

  • Patent Analysis (by Application)

  • Patent Analysis (by Patent Office)

  • Patent Analysis (by Organization)

Adoption Analysis

  • Trends in Agriculture Industry

  • Gap Analysis

  • Adoption Scenarios

Technology Roadmap

  • Timeline of Agricultural Evolution

For more information about this report visit https://www.researchandmarkets.com/r/2tq3ks

CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900


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