Latest News- Smart Farming Market: Soil and crop management is expected to lead the Application segment during 2024-2028

The Smart Farming Market is being driven by Availability of low-cost cloud services encourages farmers to adopt smart farming

The Smart Farming Market is expected to grow at a CAGR of 17.61% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 9909.2 million. In the agriculture sector, the integration of big data in smart farming is generating significant business opportunities. Advancements in wireless communication technology are enhancing agricultural productivity, enabling real-time monitoring and analysis of crop growth conditions. Functional safety and efficient repair and maintenance of farming equipment are further driving crop production levels. The implementation of GPS trackers and sensors facilitates granular data collection on soil conditions, wind patterns, fertilizer requirements, water availability, and pesticide needs. This data is transmitted to farmers, allowing them to make informed decisions and optimize their farming operations, resulting in increased efficiency and profitability. The global adoption rate of big data in smart farming is on the rise, making it a promising business trend in the agriculture industry. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Soil and crop management
  • Fleet management
  • Storage and irrigation management
  • Indoor farming
• Product
  • Automation and control systems
  • Smart agriculture equipment and machinery
• Geography
  • North America
    • US
  • Europe
    • Germany
    • France
  • APAC
    • China
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Availability of low-cost cloud services encourages farmers to adopt smart farming
• Smart farming helps in increasing the overall yield
• Need to monitor the weather and climatic changes in agriculture

However, the market also witnesses some limitations, which are as follows:

• High initial investment in smart farming technology
• Increasing level of e-waste
• Lack of technically skilled labor

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Market Scope in Smart Farming Market Research Report

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Research Analysis Overview

The Smart Farming Market is experiencing significant growth due to the integration of advanced technologies in agriculture. This market includes solutions for Smart Water Management, Supply Chain Management, Logistics, Supervisory Control, Agriculture Asset Management, Network Management, Professional Services, Managed Services, Connectivity Services, Maintenance, and Consulting. These solutions are often cloud-based or web-based, providing farmers with real-time access to data through online dashboards, PDF reports, and historical data. Smart farming practices incorporate Machine-to-Machine communication, mobile technology, agricultural robots, infrastructural health sensors, GPS, RFID, livestock biometrics, LED grow lights, and Controlled Environment Agriculture in commercial greenhouses. Prospera Technologies, for instance, offers dynamic solutions that use AI and computer vision to optimize crop yields and reduce water usage. System integration is crucial to ensure seamless communication between various farming technologies and systems. Overall, these innovations contribute to more efficient, sustainable, and profitable farming operations.

Market Research Overview

The global agricultural and farm machinery market encompasses businesses engaged in the manufacturing of agricultural and farm machinery, as well as associated components. This sector comprises a diverse range of equipment, including agricultural tractors, haying machinery, harvesting machinery, planting machinery, livestock machinery, spraying machinery, tillage machinery, and irrigation systems. According to Technavio, the market size is determined by the revenues generated by these manufacturers. Market expansion will be fueled by an escalating number of new product launches from industry players, who are continually broadening their offerings to cater to evolving agricultural demands.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/