Dublin, Oct. 07, 2020 (GLOBE NEWSWIRE) -- The "2020 Smart Farming Market Size, Share, Outlook and Growth Opportunities Forecast to 2026: by Agriculture Type, by Offerings (Hardware, Software and Services), by Application and by Region" report has been added to ResearchAndMarkets.com's offering.
Smart Farming market is estimated to grow at a CAGR of 12.36% during the forecast period, 2020-2026.
Demand for smart technologies in the agriculture industry, increasing automation of commercial greenhouses and rise in implementation of the Controlled Environmental agriculture concepts in greenhouses are the current market trends in the smart farming market.
Smart Farming is an innovative concept of farming that uses modern technologies to improve the quantity and quality of agricultural products. The growing population of the world is triggering the demand for larger quantities of food and crops. So the increasing adoption of advanced technologies including big data, cloud based data services, livestock biometrics, agricultural robots, GPS and Internet Of Things assist the farmers to reduce their manual efforts, maximize the resource utilization and improve crop production. Besides this, the changing weather conditions and global warming effects are driving the farmers to adopt modern methods of farming to enhance their farm productivity and crop yield.
The Reduction of agricultural land due to an increase in urbanization and increased applications of technologies in agriculture provide great opportunities for the key players in the smart farming market. However, the increased prices of advanced technologies, equipment and lack of technical skills and infrastructure in developing countries inhibit smart farming market growth. Integrating the hardware devices with software applications and educating the farmers regarding the technical skills may overcome the restrains in the market.
Global Smart Farming Market News and Recent Developments
The latest news and industry developments in terms of Smart Farming developments, acquisitions, growth strategies, joint ventures and collaborations, technology launches and market expansions are included in the report.
Raven Industries awarded South Dakota State University in 2018 with $5 million for the establishment of precision agriculture facility in its campus.
AGCO Corporation acquired Precision Planting from the Monsanto's subsidiary, The Climate Corporation in 2017 to be a leader in the planting technology and strengthen as a partner for professional farmers across the world.
Report Findings
- Precision type of smart agriculture farming is expected to dominate the market during the forecast period.
- Hardware segment is likely to grow at the highest CAGR during 2020-2026.
- The weather tracking and forecasting segment is anticipated to portray the highest growth rate among different applications of smart farming.
- North America is expected to dominate the market share but Asia Pacific is likely to witness the highest growth rate over the projected period.
Key Topics Covered:
1. Table of Contents
1.1 List of Tables
1.2 List of Figures
2. Executive Summary
2.1. Market Definition & Scope
2.2. Market Segmentation
2.3. Forecast Methodology
3. Smart Farming Market Insights, 2020 - 2026
3.1. Short term and Long term trends shaping the Business Growth
3.2. Drivers and Restraints
3.3. Five Forces Analysis
4. Opportunity Analysis of Smart Farming Markets
4.1. Country-to-Country Benchmarking
4.2. Markets with Highest Investment Potential
4.3. Growth Strategies in Developed Markets
5. Smart Farming Market Analysis and Outlook - By Type
5.1. Precision Farming
5.2. Livestock Monitoring
5.3. Fish Farming
5.4. Smart Greenhouse
5.5. Others
6. Smart Farming Market Analysis and Outlook - By Offering
6.1. Hardware
6.1.1. GPS systems
6.1.2. Drones
6.1.3. Sensors
6.1.4. RFID readers
6.1.5. LED growth lights
6.2. Software
6.3. Services
7. Smart Farming Market Analysis and Outlook - By Application
7.1. Irrigation Monitoring
7.2. Yield Monitoring
7.3. Crop Scouting
7.4. Field Mapping
7.5. Weather Tracking & Monitoring
7.6. Inventory Management
7.7. Farm Labor Management
8. Smart Farming Market Analysis and Outlook - By Country
9. Company Profiles
9.1. AGCO Corporation
9.1.1. Company Snapshot
9.1.2. Financials
9.1.3. Key Financial Rates
9.1.4. SWOT Analysis
9.1.5. Recent Developments
9.2. Raven Industries Inc.
9.3. AG Leader Technology
9.4. GEA Group
9.5. Precision Planting
9.6. Deere & Company
9.7. TOPCON
9.8. Agribox LLC
9.9. SST Development Group, Inc.
9.10. Crop Metrix LLC
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