Global Smart Farming Market Grows at a Staggering CAGR of 18.40%

Introduction

Smart agriculture focuses on implementing advanced technology in agriculture. WiFi, Zigbee, additional wireless sensors, and low-power wide-area network technology help farmers harvest, purchase, plant, and inventory control. Organic farming, including greenhouse and vertical farming, has benefited from advanced technology. IoT and AI in greenhouses eliminate crop monitoring. It offers cost-effective, optimal solutions with minimal manual intervention, boosting the smart agriculture market.

Smart agriculture is transforming its services and products. The business model transformation, technological disruptions, and organizational changes are exciting but challenging. Intelligent sensors, robotic automation, modern biology, digital data, and several large incumbents have acknowledged the need to adopt smart agriculture are some hardware and software innovations enabling a new way of farming. Due to the smart agriculture technology revolution, the global smart agriculture market is growing.

Market Dynamics

Growing Dependency of Agriculture on Modern Technology and Increasing Use of IoT Drives the Global Market

Precision farming, also called "smart agriculture," can generate high returns for the agricultural industry. This type of farming helps farmers combat the adverse effects of nature on crops by collecting geospatial data on the soil, livestock, and plants. Precision farming helps reduce waste by providing information on irrigation water, liquid fertilizers, nutrients, herbicides, and pesticides. Innovative agricultural tools are implemented to increase business efficiency by automating processes and improving output by reducing farming costs. Business-minded farmers are adopting precision and smart agriculture tools to boost crop yields and profit margins.

The rapidly expanding adoption of Internet of Things (IoT) technology in agriculture enables farmers to better monitor the growth of their crops by providing them with real-time support via IoT applications. In addition, the elimination of pesticides and fertilizers in precision farming techniques brought about by adopting IoT-based devices in the agricultural sector led to further improvements in crop or soil health.

Adoption of AI-based Precision Farming Solutions Creates Tremendous Opportunities

AI-based applications and tools assist farmers in carrying out controlled and accurate farming by providing them with the necessary information or guidance regarding using fertilizers, water management, crop rotation, pest control, soil type, optimal planting, and nutrition management. Tools based on AI are used for pest control in agricultural settings. Using satellite imagery and AI algorithms to compare it to historical data, it can check if any insects have arrived on the farm and what species they are. AI is also used in weather forecasting to assist farmers in making decisions about what type of crop to grow and monitoring soil quality and nutrition levels. Precision farming techniques based on artificial intelligence assist farmers in keeping track of the health of their crops, resulting in a higher-quality harvest.

Regional Analysis

North America is the most advanced region in agricultural technologies.North American countries are far ahead of the rest of the world in adopting digital technologies that go beyond traditional farm machinery and services for more efficient crop production. Farming practices that are more sustainable and profitable are gradually transforming the global agricultural industry. North America has been an early adopter of newer technologies to meet rising food demand.

Key Highlights

• The global smart farming market was valued at USD 14.65 billion in 2021. It is projected to reach USD 66.8 billion by 2030, registering a CAGR of 18.40% during the forecast period (2022–2030).
• Based on application, the market is segmented into precision agriculture, livestock monitoring and management, indoor farming, and aquaculture.The application segment of the smart farming market is driven by precision agriculture applications such as precision irrigation, yield monitoring and forecasting, variable rate application, crop scouting, and recordkeeping.
• Based onsolutions, the market is divided into hardware systems, software, and services.The hardware segment leads the smart farming market, followed by the services segment.
• North America is the most advanced region in agricultural technologies.

Competitive Players

1. Ag Leader Technology
2. AGCO Corporation
3. CNH Industrial
4. Deere & Company
5. Hexagon Agriculture
6. Kubota Corporation
7. Afimilk Ltd.
8. Allflex USA Inc.
9. Nedap N.V.
10. General Hydroponics
11. Osram Licht AG
12. AKVA Group ASA
13. Eruvaka Technologies
14. Naïo Technologies
15. DJI Innovations

Recent Developments

Recent Developments

• February 2022- Ag Leader Added Nozzle-By-Nozzle Control–RightSpo– to Its Full-Farm Lineup. Ag Leader grew its full-farm solution lineup with the newest addition to its DirectCommand application product line, trusted by farmers for nearly two decades.
• February 2022- Patriot took the next step forward in spray technology and connectivity in Australia. The Case, IH Patriot sprayer, has been a fixture of many farming operations for over two decades. Australian customers are about to be introduced to the latest Case IH application technology, the new Patriot 50 series.
• January 2022- New Hexagon technology ensured precision in planting with excavators Launch of HxGN AgrOn Planting Assistant is focused on the forest market. Still, it can also be adapted to enhance operations on other crop types such as palm oil, citrus, and coffee.

Segmentation

1. By Application
   1. Precision Agriculture
   2. Livestock Monitoring and Management
   3. Indoor Farming
   4. Yield Monitoring
   5. Field Mapping
   6. Crop Scouting
   7. Weather Tracking and Forecasting
   8. Irrigation Management
   9. Farm Labor Management
   10. Financial Management
   11. Feeding Management
   12. Milk Harvesting
   13. Breeding Management
   14. Fish Tracking and Fleet Navigation
   15. Water Quality Management
   16. HVAC Management
   17. Aquaculture
   18. Smart Greenhouse
2. By Solution
   1. Hardware Systems
   2. Software
   3. Services
   4. Network Management
   5. Agriculture Asset Management
   6. Supervisory Control and Data Acquisition
   7. Logistics and Supply Chain Management
   8. Smart Water Management
   9. Others
3. By Software
   1. Web Based
   2. Cloud Based
4. By Service
   1. System Integration and Consulting
   2. Support and Maintenance
   3. Connectivity Services
   4. Managed Services
   5. Professional Services