Jersey City, NJ, April 20, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Smart Farming Market Size, Share & Trends Analysis Report By Application (Precision Farming, Livestock Monitoring & Management, Aquaculture) And Product Type (Hardware, Software, And Services)- Market Outlook And Industry Analysis 2031"
The global smart farming market is estimated to reach over USD 13.80 billion by 2031, exhibiting a CAGR of 15.19% during the forecast period.
The key factors driving demand during the projected period are increasing automation of commercial greenhouses and increasing the use of the controlled environment agriculture (CEA) concept in greenhouses in order to produce a greater yield and maintain optimum growth conditions. Growers recognize the potential benefits of growing plants in a greenhouse, resulting in commercial greenhouses' development.
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Cultivators have turned away from traditional lighting systems and towards LED grow lights, which can be readily integrated into a CEA setup. Although LED growth lights are expensive, they are an excellent choice for indoor farming due to their long-term energy efficiency benefits. Smart agriculture uses innovative technologies to help farmers grow crops more efficiently. Increasing technological advances and the adoption of fresh technologies are two major factors propelling the global smart agriculture market ahead.
Recent Developments:
- In March 2021, DeLaval introduced the RC700 and RC550 robot collectors for solid flooring with the purpose of improving cow comfort. They are capable of handling any manure intake technology.
List of Prominent Players in the Smart Farming Market:
- Ag Leader Technology
- AgriCircle
- AGRIVI
- Agroptima S.L.
- AquaManager
- Augment
- BASF SE
- Cargill, Incorporated
- Climate LLC (Bayer AG)
- CNH Industrial N.V.
- Connecterra B.V.
- CropX, Inc.
- Deere & Company
- Ec2ce
- FarmFacts
- Hexagon Agriculture
- Intellias
- Kubota Corporation
- OneSoil
- Proagrica (LexisNexis Risk Solutions Group)
- Signify Holding
- Syngenta AG
- Topcon Corporation
- Trimble Inc.
- Yara International ASA
- 365FarmNet
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Smart Farming Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 3.92 Bn |
| Revenue forecast in 2031 | USD 13.80 Bn |
| Growth rate CAGR | CAGR of 15.19 % from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Application And Product Type |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers:
Governments in both emerging and established nations are always attempting to expand the global smart agriculture market. The governments of such regions are substantially investing in R&D operations to support the development of the smart agriculture business. Furthermore, market participants are conducting research in order to put new items into the market. As a result, increasing R&D activities will drive the growth of the worldwide smart agriculture market over the forecast period.
Challenges:
The information and data gathered through smart agriculture software, and solutions are highly confidential and critical. The data collected by smart agriculture instruments assist farmers in making more informed decisions. As a result, this information must be appropriately controlled. However, there are no strong data management standards or guidelines. As a result, growing worries over data management are posing a significant impediment to the growth of the worldwide smart agriculture industry.
Regional Trends:
The North American smart farming market is expected to register a major market share in terms of revenue and is projected to boost at a high CAGR in the near future. The growing government initiatives and advantageous guidelines for agricultural improvement are associated with the rise of the North American smart agriculture business. Furthermore, this region's government is providing subsidies and tax incentives to support the expansion of the smart agriculture sector. All of these factors are propelling the North American smart agriculture industry to new heights. Additionally, increasing government initiatives for the agriculture industry are propelling the Asia-Pacific smart agriculture market forward.
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Segmentation of Smart Farming Market-
By Application-
- Precision Farming
- Yield Monitoring and Crop Scouting or Forecasting
- Precision Planting
- Precision Spraying
- Precision Fertilization
- Precision Irrigation
- Farm Management
- Others
- Livestock Monitoring & Management
- Aquaculture
- Others
By Product-
- Hardware
- Software
- Software Type
- Farm Operation Management Software
- Hardware Control Application Software
- Data and Predictive Analytics Software
- Deployment Type
- On-Premises
- Cloud-Based
- Software Type
- Services
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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