Smart Farming Market Size, Trends & Growth (2021-2027) | UnivDatos
The Smart Farming Market is expected to register a CAGR of around 10% over the period of 2021-2027. The smart farming market is expected to grow significantly during the forecast period. This is because of the benefits as smart farming helps the farmers to get better results out of their crops and ensures high returns for the farming business if used to its complete potential. Also, it helps the farmers battle the negative effects of external factors like weather, smart farming software also provides data about the number of fertilizers that are required in the field for a particular crop.
The smart farming market witnessed a decline in 2020 owing to the spread of COVID-19. The outbreak adversely impacted the supply chain of the smart farming market, as some of the prominent players are based in China and the US, and these countries were the worst affected countries in the pandemic in the first half of 2020.
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Based on type, the smart farming market is segmented into precision farming, livestock monitoring, aquaculture, and greenhouse. The precision farming segment grabbed the major market share and dominated the market in 2020. This is mainly because of the constantly improving software and hardware technologies such as sensors, robotics, automation, and others in the agriculture industry.
Based on components, the market is segmented into solutions and services. The solutions segment is expected to dominate the market and is expected to retain that dominance during the forecast period. The smart farming solution helps in enhancing yield production by monitoring water quality, air quality, nutrient & mineral quality, and others.
For a better understanding of the market adoption of smart farming, the report is analyzed based on different regions including North America (US, Canada, and Rest of North America); Europe (Germany, UK, France, Spain, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, Australia, Rest of Asia-Pacific); and Rest of World. North America transpires to be the dominant market when it comes to revenue generated by developing the technology used in smart farming. Also, owing to extensive adoption of smart farming solutions, high ICT investment among government organizations, and high demand for linked solutions across the region. The expanding government initiatives and favorable rules for the advancement of the agriculture sector are credited with the rise of the smart farming market in the North American area. Furthermore, the government of this region is offering subsidies and tax breaks to encourage the growth of the smart farming sector. All these reasons are propelling the smart farming market in North America to new heights.
Smart farming Market Segmentation
Market Insight, by Type
- Precision Farming
- Livestock Monitoring
- Others
Market Insight, by Component
- Solutions
- Services
Market Insight, by Region
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
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- Afimilk Agricultural Cooperative Ltd.
- AgJunction Inc.
- AGCO Corporation
- AgEagle Aerial Systems Inc.
- Deere & Company
- DeLaval Inc.
- LumiGrow Inc.
- Raven Industries Inc.
- Topcun Positioning Systems Inc.
- Trimble Inc.
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