In 2021, the global smart farming market reached a substantial size of US$ 13.1 billion. The future of agriculture holds even greater potential, with projections indicating significant growth. The market is expected to soar to an impressive US$ 22.5 billion by 2030, driven by a compelling compound annual growth rate (CAGR) of 9.6% during the forecast period from 2022 to 2030.
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Nurturing Agricultural Evolution
Smart farming harnesses cutting-edge technologies to revolutionize agriculture. The market is influenced by several key factors:
- Advanced Technologies: The adoption of technologies like Variable Rate Technology (VRT) and guidance significantly boosts productivity and reduces the need for labor, driving market growth.
- Population Growth: The ever-increasing global population and rising food demand create fertile ground for the smart farming market. Meeting these demands efficiently is a driving factor.
- Sustainable Agriculture: Smart farming aids in combating agricultural challenges, such as resource depletion and environmental degradation. It contributes to improved crop nutrition and protection, promoting sustainable agriculture practices.
- Urban Farming: The trend of urban farming offers lucrative opportunities, enabling efficient food production within cities.
Challenges and the Path Forward
While smart farming holds immense promise, a lack of technological knowledge among some stakeholders may limit market growth. Efforts to educate and train individuals in the industry will be essential to overcoming this challenge.
COVID-19 Impact
The COVID-19 pandemic disrupted global supply chains in agriculture. The crisis led to increased food shortages and inflation. In response, governments and private organizations strengthened the food supply chain and embraced remote agricultural operations. This has paved the way for the industry to grow, with the pandemic expected to have a lasting positive impact.
Regional Growth
North America is poised to be a prominent player in the smart farming market. The United States and Canada, in particular, are contributing significantly to the market’s growth. The region’s early adoption of advanced farming technologies and demand for productive outcomes drive its leadership in the smart farming landscape.
Leading Market Players
Key players in the smart farming market include:
- Deere & Company (US)
- Argus Control Systems Ltd. (Canada)
- Agribotix LLC (U.S.)
- Autonomous Solutions, Inc. (U.S.)
- CNH Industrial (UK)
- CLAAS (Germany)
- CropZilla Software, Inc. (U.S.)
- Raven Industries (US)
- AgJunction (US)
- The Climate Corporation (US)
Market Segmentation
The global smart farming market is segmented based on type, offerings, and region:
- Type:
- Smart Farming
- Livestock Monitoring
- Smart Greenhouse
- Others
- Offerings:
- Hardware – Sensors
- GPS
- Yield Monitors
- Software
- Services
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