The smart farming market research report examines the key questions around the implications of COVID-19 and provides a recovery analysis and outlook for the market in focus. The market has witnessed a neutral impact due to the COVID-19 situation. The research analysts at Technavio expects the smart farming market to recover and grow by USD 2.17 billion during the forecast period, accelerating at a CAGR of almost 9%.
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Technavio has announced its latest market research report titled Global Smart Farming Market 2020-2024 (Graphic: Business Wire)
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Smart Farming Market Segmentation Analysis by Product
- Automation and control systems
- Smart agriculture equipment and machinery
The automation and control systems is the leading segment in the smart farming market. The growth of automation and control systems is attributed to their capability to display real-time and accurate data to help farmers learn about the condition of crops.
Smart Farming Market Regional Analysis
- The report covers regional analysis for APAC (India, China, Japan, and South Korea), Europe (Germany, France, UK, Italy), North America (US, Canada, Mexico), South America (Brazil, Argentina, Columbia), and MEA ( UAE, Saudi Arabia, Iran).
- 38% of the growth will originate from the North American region.
- Factors such as the rapid adoption of smart farming tools and techniques will significantly drive smart farming market growth in this region over the forecast period.
- The US is the key market for smart farming in North America.
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Smart Farming Market: Key Market Drivers
Smart farming market is expected to be driven by the availability of low-cost cloud services. Currently, farming applications are increasingly moving to the cloud system, with farmers aiming at benefits in terms of better data access, availability of information, synchronization in different farming activities, and storage of valuable information. In smart farming, sensors and other monitoring tools are of great importance as they collect information about the soil, crop health, and environmental conditions that might affect the crops. The vast amount of information generated by these monitoring devices is collected in the cloud so that farmers can get easy access to the information they need. Moreover, with the prices of cloud-based solutions coming down, it will become easier for a majority of small- and medium-scale farm owners to deploy smart farming and reap the benefits in terms of overall productivity and crop yield.
Need to Monitor Weather and Clinatic Changes in Agriculture will be a Key Market Trend
The yield and quality of crops are highly dependent on climatic conditions, which have seen drastic changes due to global warming and the rise in population. These changes are indicated by the increased intensity of heatwaves, storms, cyclones, melting of icebergs, and other extreme climatic events. They adversely affect the sowing and harvesting pattern and yield. Most of the tropical countries are facing either an increased density of drought or scarcity of water. In such conditions, farmers face a huge loss as they have to sell their products at a very low cost. However, with the help of innovative smart farming software and hardware techniques, farmers can predict the climatic conditions, weather, and humidity level of the soil. This eases the overall farming process and reduces wastage. Thus, it is highly beneficial to adopt smart farming solutions that can accurately relay timely information related to multiple aspects of agriculture. Therefore, the frequently changing weather conditions will drive the adoption of smart farming.
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Smart Farming Market 2020-2024 : Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist smart farming market growth during the next five years
- Estimation of the smart farming market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the smart farming market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of smart farming market vendors
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- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Automation and control systems – Market size and forecast 2019-2024
- Smart agriculture equipment and machinery – Market size and forecast 2019-2024
- Market opportunity by Product
Market Segmentation by Application
- Market segments
- Comparison by Application
- Soil and crop management – Market size and forecast 2019-2024
- Fleet management – Market size and forecast 2019-2024
- Storage and irrigation management – Market size and forecast 2019-2024
- Indoor farming – Market size and forecast 2019-2024
- Market opportunity by Application
- Geographic segmentation
- Geographic comparison
- North America – Market size and forecast 2019-2024
- Europe – Market size and forecast 2019-2024
- APAC – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
- Landscape disruption
- Competitive scenario
- Vendors covered
- Market positioning of vendors
- Ag Leader Technology
- AGCO Corp.
- Bayer AG
- Deere & Co.
- Farmers Edge Inc.
- Raven Industries Inc.
- Robert Bosch GmbH
- Telit Communications Plc
- Trimble Inc.
- TSI Inc.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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