Smart Farming Market Business Opportunities and Growth Driving Factors Analysis, 2023

CITY, Country, 2020-Jun-10 — /EPR Network/ —

The global smart farming market is anticipated to rise at a staggering CAGR during the forecast period. Agriculture is undergoing constant revolutions, triggered by information and technology. For instance, use of autonomous robotic vehicles, motorized weeding and fertilizer application or modern methods for harvesting of fruits. With the development of unmanned aerial vehicles followed by autonomous flight control and advances in lightweight devices along with hyperspectral cameras helps in determining the quantity of biomass and fertilization grade of crops.

Smart farming is instrumental in minimizing the ecological footprint of farming. It minimizes site-specific application of inputs such as pesticides, fertilizers leading to precision in agriculture. Smart farming market is driven by rise in population and tremendous changes in climatic conditions. In addition, drought situations in tropical regions has triggered the use of smart farming techniques. The techniques have enabled farmers to deal with production challenges and weather challenges.

By type, the smart farming market is segmented as livestock monitoring, precision farming, smart greenhouse and fish farming. Hardware segmentation for this market comprises RFID, drones, GPS, grow lights and LED. Application services for the market involves fleet management, soil and crop management, indoor farming, storage & irrigation management.

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Geographical segmentation for smart farming market comprises North America, South America, Europe, Asia-Pacific, Middle East and Africa. European and African regions are likely to grow at a robust pace due to rise in agriculture activities by modern methods. Emphasis on food production and food quality is overall driving the market growth in these regions.

Asia-Pacific regions are likely to grow at a higher pace in the forecast period due to modern farming methods and introduction of innovative farming techniques. Use of SMART technology for food production in APAC sector followed by extensive use of digital devices for crop monitoring stimulates the market growth during the forecast period. The key players profiled in the smart farming market report are AGCO, AG Leader Technology, Dickey-John, John Deere and Raven Industries.

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