According to Bis Research, The global smart farming market was estimated to be at $12.4 Billion in 2020, which is expected to grow with a CAGR of 18.5% and reach $34.1 Billion by 2026.
The term ‘Smart Farming’ has been used ambiguously. It is sometimes compared with precision agriculture and, at times, is defined as the use of digital technologies in agriculture. As per Deepak Pareek, one of the leading agtech think tanks and serial agtech entrepreneurs from India, smart farming is the capability to use data to make valuable decisions. Without data-driven actions, any farming activity cannot be termed smart. He also adds that although there is an enormous possibility with digital technologies, smart farming is limited to certain applications such as irrigation, especially in India. Another agtech leader Craig Ganssle founder of Cadre suggests that even with a wide spectrum of applications and enormous possibilities, smart farming has been restricted to a huge extent. He adds that lack of funding is a key restraint and will remain so even in the future.
Precision Agriculture Application Segment Dominates the Smart Farming Market:
The precision agriculture applications of the smart farming market have the largest share and are expected to lead the application segment during the forecast period 2021-2026. The major demand for digital transformation in crop farming is due to its largest share in total agriculture revenue. Precision agriculture has the capability to improve crop yields and decrease input needs. Thus, with the growing adoption of digital technologies and precision algorithms, the smart farming market is expected to grow at a higher pace during the forecasted period.
Asia-Pacific and Japan to Witness Fastest Growth in the Global Smart Farming Market:
Asia-Pacific and Japan is expected to register the highest growth rate during the forecast period 2021-2026. This is due to ongoing efforts to digitize every industry, which will also benefit the agricultural industry. Apart from that, the regional governments are enacting technology-friendly policies, which are expected to further put a significant impact on the market.
North America dominated the smart farming market in 2020 and is anticipated to uphold its dominance throughout the forecast period. The growth in the market is majorly driven by the increasing research and development activities and large-scale adoption of digital technologies. Furthermore, the average land sizes in North America are huge compared to other regions such as the Asia-Pacific and Japan. Thus, farmers in the U.S. and Canada have massive revenues which they could invest in technology.
Impact of COVID-19 on Smart Farming:
The pandemic negatively impacted the smart farming market in 2020. Due to a global lockdown, manufacturing units were shut down, and the supply chain was shut. This has affected the supply side of the market as many companies were not able to fulfill orders during the period. Similarly, due to lockdown measures, agriculture production also took a toll. Since food production was crucial during the time, only bare minimum operations were allowed in many parts of the world. This has slowed down the adoption of digital technologies, thus slowing down the market's growth in 2020.
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The competitive landscape for the smart farming market demonstrates an inclination toward companies adopting strategies such as product launch and development and business expansions and contracts. The major established players in the market are focusing on product launches and developments to introduce new technologies or develop further on the existing product portfolio.
Key Players of Smart Farming Market:
Deere and Co., Trimble Inc., AGCO Corporation, Raven Industries, GEA Farm Technologies, Lely, Afimilk Ltd., Allflex Inc., Vertical Farm Systems, AeroFarms, Phillips Lighting, Osram Licht AG, Harvest Automation, and AKVA Group, among others, are some of the prominent players in the smart farming market.
Key Questions Answered by This Report:
• What is the expected global smart farming market size in terms of value during the period 2020-2026?
• What is the expected future scenario and revenue generated by the different types of solutions, including hardware, software, and services?
• What is the expected future scenario and revenue generated by different application segments in the smart farming market, including precision agriculture, livestock monitoring and management, indoor farming, aquaculture, others?
• Which region is the largest market for the global smart farming market?
• What are the expected future scenario and the revenue generated by different regions and countries in the global smart farming market such as North America, Europe, the U.K., China, Asia-Pacific, and the Rest-of-the-World?
• What is the competitive strength of the key players in the global smart farming market on the basis of the analysis of their recent developments, product offerings, and regional presence?
• How are the adoption scenario, related opportunities, and challenges associated with the global smart farming market?
About BIS Research:
BIS Research (Business Intelligence and Strategy Research) is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
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