New York, United States, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Smart agriculture focuses on implementing advanced technology in agriculture. Wi-Fi, 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. “The global smart farming market size 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),” quoted by the Research Manager at Straits Research P. Ltd.
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Key Drivers
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.
Growth 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 hardware segment leads in the smart farming market share, followed by the services segment
- 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 on solutions, the market is divided into hardware systems, software, and services.
- North America is the most advanced region in agricultural technologies.
Competitive Analysis
The global smart farming market’s major key players are Ag Leader Technology, AGCO Corporation, CNH Industrial, Deere & Company, Hexagon Agriculture, Kubota Corporation, Afimilk Ltd., Allflex USA Inc., Nedap N.V., General Hydroponics, Osram Licht AG, AKVA Group ASA, Eruvaka Technologies, Naïo Technologies, and DJI Innovations.
Market News
- 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.
Global Smart Farming Market: Segmentation
By Application
- Precision Agriculture
- Livestock Monitoring and Management
- Indoor Farming
- Aquaculture
By Solution
- Hardware Systems
- Software
- Services
By Regions
- North America
- Europe
- Asia-Pacific
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