VANCOUVER – The global smart farming market is projected to reach a market size of USD 25.98 Billion by 2028 at a CAGR of 8.0%, over the forecast period, according to most recent analysis by Emergen Research.
The smart farming market is growing due to rapid adoption of IoT (Internet of Things) and rise in focus on disease detection and livestock monitoring. The adoption of livestock monitoring solutions in developing nations and increasing popularity of drone in farming contributes to the smart farming market’s revenue. Adopting modern technologies to enhance the quantity and quality of farming products will also drive the market’s growth.
IoT-based smart farming targets large-scale farming operations and adds value to new trends such as family farming and organic farming, and enables highly transparent farming. Remote sensing smart farming improves productivity, reduces waste, and provides enhanced resource management. However, high cost of deployment of smart farming equipment will hinder the smart farming market’s growth.
Governments globally are partnering with various food and beverage manufacturers, agro-processing organizations, and financial institutions to develop sustainable agriculture initiatives, which will drive the growth of the smart farming market. In November 2019, United Nations Development Programme (UNDP) announced Cultiv@te at Singapore FinTech Festival, partnering with the Government of Singapore and the private sector. Cutiv@te is a technological and innovation initiative doe sustainable agriculture.
Key Highlights of Report
- In November 2019, Topcon Positioning introduced the Topcon Agriculture Project, which combines networking, cloud infrastructure, and farmers’ data collection, as a web-based farm workflow optimization tool.
- Livestock monitoring uses IoT-enabled devices to monitor and track the health of livestock. The growing demand for enhanced dairy products owing to health awareness will drive the growth of the farming type segment.
- Smart farming software is used to manage and optimize farm production activities. The software segment is growing as it helps in data storage, record management, analyzing and monitoring farming activities, and streamline work schedules.
- The demand for farming products is growing in Asia Pacific at a rapid rate due to a surge in population. The rising pressure to enhance agricultural yields with limited resources and increasing need to protect crops from unexpected climate is driving the growth of the segment.
- Major companies operating in the global smart farming market include Deere & Company, Topcon Positioning Systems, Trimble, Inc., DeLaval, Antelliq, Heliospectra, Afimilk Ltd., InnovaSea Systems, AKVA group, and Nexus Corporation.
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. They offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.
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