Smart Farming Market, By Agriculture Type (Precision Farming, Livestock Monitoring, Fish Farming, Smart Greenhouse, Others), Service (System Integration and Consulting, Support and Maintenance, Connectivity Services, Managed Services, Professional Services), Offering, Application and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Smart Farming Market size was estimated at USD 14.5 billion in 2023 and is projected to reach USD 30.6 billion in 2030 at a CAGR of 11.2% during the forecast period 2023-2030.
Smart farming refers to the utilization of one or more technologies in the agricultural process to enhance efficiency and effectiveness. It embodies an innovative and sophisticated approach towards farming in order to attain maximum output and minimize human labor. Advanced technology encompasses the utilization of hardware, service, and software in the agricultural process, including techniques such as irrigation management, crop scouting, harvesting, and seeding.
the adoption of IoT and artificial intelligence by farmers has facilitated crop field monitoring and irrigation automation. This innovation has provided farmers with cost-effective and optimal solutions, reducing the need for manual intervention and consequently boosting the growth of the smart farming market. Smart farming is undergoing a rapid transformation from both a service and product standpoint. The transformation, which includes changes to business models, technological disruptions, and organizational changes, presents a challenging yet exciting opportunity. As a result, the value sales of the global smart farming market are increasing due to the ongoing technology revolution in smart farming.
On the other hand, Fragmented agriculture industry may hamper the market growth to some extent.
The eruption of the COVID-19 pandemic has led to extensive disturbance in the worldwide supply chain, thereby resulting in a dearth of food and a rise in inflation. It has become imperative to implement appropriate measures to reinforce the food supply chain and to prepare for any exigency that may arise in the future. The inclination towards digital farming is growing, with the identification of digitization as a potential panacea to tackle food shortages. Despite the substantial strength of global crop production, the distribution of food and livestock has been severely hit owing to the breakdown of the supply chain triggered by the COVID-19 pandemic.
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. The employment of smart farming techniques is gaining momentum globally due to its ability to enhance the yield per unit of farmland, thereby achieving optimal quantity, quality, and financial gains. This technology facilitates informed decision-making, curtails waste, and augments operational efficiency. The smart farming market is driven by the assimilation of current technologies such as variable rate technology (VRT), data management software, mapping software, yield mapping software, and GPS in agricultural products. The utilization of these methods results in increased land fertility and profitability, heightened productivity, reduced farming costs, and promoted sustainable agriculture. Nevertheless, the high cost of developing modern agricultural equipment and the disaggregated nature of the agriculture industry is likely to impede smart farming market expansion. Effective decision-making through the management of extensive data and environmental considerations are also crucial factors to be taken into account. These factors have led to the expansion of the market and increased demand for Smart Farming Market solutions.
North America to Dominate the Market