Dublin, Jan. 16, 2025 (GLOBE NEWSWIRE) — The “Smart Farming Market – A Global and Regional Analysis: Focus on Application, Hardware, Software, and Region – Analysis and Forecast, 2024-2034” report has been added to ResearchAndMarkets.com’s offering.
The global smart farming market is projected to reach $117.20 billion by 2034 from $17.40 billion in 2023, growing at a CAGR of 19.09% during the forecast period 2024-2034
The smart farming market is set for substantial growth, driven by the increasing adoption of advanced technologies and a focus on sustainable agricultural practices. Key factors fueling this expansion include rising global food demand, the need to optimize resource efficiency, and the integration of IoT, AI, and robotics in farming operations.
The smart farming market represents a transformative shift in agriculture, integrating cutting-edge technologies such as IoT, artificial intelligence, big data analytics, and robotics to optimize farming operations. This market addresses the pressing global need for sustainable food production by enabling precision agriculture, improving resource efficiency, and enhancing productivity. Smart farming solutions offer real-time monitoring, predictive analytics, and automation, facilitating better decision-making and minimizing waste.
This market addresses the dual challenge of meeting rising food demands while ensuring sustainable resource use. Precision farming, enabled by real-time monitoring and predictive analytics, has transformed traditional practices, reduced waste, and enhanced yields. Growing awareness of sustainable agriculture and supportive government policies have been accelerating adoption. As the agricultural sector increasingly integrates innovative solutions, the smart farming market has been emerging as a cornerstone for achieving efficiency, sustainability, and resilience in global food production.
North America is set to lead the smart farming market, driven by the region advanced technological infrastructure and strong focus on sustainable agricultural practices. The widespread adoption of precision farming techniques, supported by cutting-edge technologies such as IoT, AI, and robotics, has positioned North America at the forefront of the industry.
Additionally, robust government initiatives and funding for smart agriculture solutions, coupled with the presence of major market players, have been fueling growth. Rising awareness of resource-efficient farming and the increasing need to address food security challenges further boost adoption. As innovation continues and sustainable practices gain momentum, North America is expected to maintain its leadership in shaping the future of the smart farming market.
Precision Farming or Precision Agriculture to Lead the Market (by Application)
Precision farming or precision agriculture, is set to dominate the smart farming market due to its pivotal role in enhancing crop productivity and optimizing resource utilization. It minimizes environmental impact while maximizing yields by enabling precise management of inputs such as water, fertilizers, and pesticides. Growing regulatory frameworks and guidelines from governments and agricultural organizations worldwide have been fostering the adoption of precision farming technologies to meet sustainability and efficiency objectives.
Additionally, increasing awareness of food security and sustainable agricultural practices drives the demand for these solutions. As resource management challenges intensify and supportive policies expand, precision farming is expected to remain a cornerstone of agricultural innovation, driving sustainable food production and modernizing farming practices globally.
Hardware to Lead the Market (by Product Type)
Hardware is anticipated to lead the smart farming market by product type, driven by its critical role in enhancing precision and efficiency in agricultural operations. Key hardware components, including sensors, drones, GPS systems, and automated machinery, are essential for real-time monitoring and optimization of farm activities.
These devices enable data-driven decision-making, improving productivity and sustainability in farming practices. The integration of advanced technologies such as IoT and AI into agriculture further accelerates the adoption of smart farming hardware. With a growing emphasis on resource efficiency and ongoing technological advancements, the demand for hardware is projected to remain robust, solidifying its position as a cornerstone of modern agricultural transformation.
How can this report add value to an organization?
Product/Innovation Strategy: This report provides a comprehensive product/innovation strategy for the smart farming market, identifying opportunities for market entry, technology adoption, and sustainable growth. It offers actionable insights, helping organizations to meet environmental standards, gain a competitive edge, and capitalize on the increasing demand for eco-friendly solutions in various industries.
Growth/Marketing Strategy: This report offers a comprehensive growth and marketing strategy designed specifically for the smart farming market. It presents a targeted approach to identifying specialized market segments, establishing a competitive advantage, and implementing creative marketing initiatives aimed at optimizing market share and financial performance. By harnessing these strategic recommendations, organizations can elevate their market presence, seize emerging prospects, and efficiently propel revenue expansion.
Competitive Strategy: This report crafts a strong competitive strategy tailored to the smart farming market. It evaluates market rivals, suggests methods to stand out, and offers guidance for maintaining a competitive edge. By adhering to these strategic directives, companies can position themselves effectively in the face of market competition, ensuring sustained prosperity and profitability.
Recent developments in the smart farming market:
- In July 2024, ioCrops introduced the HERMAI Spray Robot and HERMAI Transport Robot. The Spray Robot automates pest control tasks, including monitoring, targeted control, and digital record management, reducing costs. The transport robot supports automation by monitoring harvest quantities and transporting crops, decreasing harvest time by about 10%.
- In January 2024, Ag Leader Technology, Deere & Company, and Kinze Manufacturing collaborated to facilitate technology integration, enabling farmers to integrate Kinze Manufacturing and Ag Leader Technology planting and display products with Deere & Company’s Operations Centre. By focusing on in-cab technology enhancements, the company continues to emphasize a farmer-centric approach, adding value to operators and enhancing farm management efficiency.
Key Market Players and Competition Synopsis
- Ag Leader Technology
- AGCO Corporation
- CNH Industrial N.V.
- Deere & Company
- Hexagon AB
- KUBOTA Corporation
- Climate LLC
- BASF
- CropX inc.
- Connecterra B.V.
- Naio Technologies
- DJI
- Signify Holding
- ams-OSRAM AG
- Afimilk Ltd.
- Allflex
- Nedap N.V.
- Cargill, Incorporated
- GEA Group Aktiengesellschaft
- AKVA group ASA
- Eruvaka Technologies Pvt. Ltd
- AquaManager
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 230 |
| Forecast Period | 2024 – 2034 |
| Estimated Market Value (USD) in 2024 | $20.42 Billion |
| Forecasted Market Value (USD) by 2034 | $117.2 Billion |
| Compound Annual Growth Rate | 19.0% |
| Regions Covered | Global |
Key Topics Covered:
1 Market: Industry Outlook
1.1 Trends: Current and Future Impact Assessment
1.1.1 5G: The Future of Smart Farming
1.1.2 LoRa Wide Area Network (LoRaWAN)
1.2 Supply Chain Overview
1.2.1 Value Chain Analysis
1.2.2 Pricing Analysis
1.3 Regulatory Landscape
1.4 Research and Development Review
1.4.1 Patent Filing Trend (by Country and Company)
1.5 Start-Up Landscape
1.5.1 Key Start-Ups in Ecosystem, 2023
1.5.1.1 Farm Management Software, Sensing Technologies, and IoT Solutions
1.5.1.2 Farm Robotics, Automation, and Additional Equipment
1.5.1.3 Innovative Farming Systems
1.5.2 Funding Analysis, 2023
1.6 Stakeholder Analysis
1.6.1 Use Case
1.6.2 End User and Buying Criteria
1.7 Impact Analysis for Key Global Events
1.8 Market Dynamics Overview
1.8.1 Market Drivers
1.8.1.1 Increasing Need for Sustainable Agricultural Practices
1.8.1.2 Growing Adoption of Precision Agriculture
1.8.2 Market Challenges
1.8.2.1 Lack of Technical Expertise among Farmers
1.8.2.2 Rising Concern over Data Security with Increasing Cyber Attacks
1.8.3 Market Opportunities
1.8.3.1 Increasing Investment in Agriculture Technology Start-Ups
1.8.3.2 Securing the Agriculture Value Chain with Blockchain
2 Application
2.1 Application Segmentation
2.2 Application Summary
2.3 Smart Farming Market (by Application)
2.3.1 Precision Farming or Precision Agriculture
2.3.1.1 Precision Irrigation
2.3.1.2 Yield Monitoring and Crop Scouting or Forecasting
2.3.1.3 Precision Planting
2.3.1.4 Precision Spraying
2.3.1.5 Precision Fertilization
2.3.1.6 Farm Management
2.3.1.7 Other
2.3.2 Livestock Monitoring and Management
2.3.2.1 Milk Harvesting
2.3.2.2 Animal Health Monitoring and Comfort
2.3.2.3 Feeding Management
2.3.2.4 Livestock Tracking
2.3.2.5 Other
2.3.3 Aquaculture
2.3.3.1 Feed Management
2.3.3.2 Aquatic Species Tracking and Navigation
2.3.3.3 Water Quality Management
2.3.3.4 Other
2.3.4 Others
3 Products
3.1 Product Segmentation
3.2 Product Summary
3.3 Smart Farming Market (by Product)
3.3.1 Hardware
3.3.1.1 Displays/Yield Monitors
3.3.1.2 Flow and Application Rate Control Valves
3.3.1.3 Farm Computers and Mobile Devices & Laptops
3.3.1.4 Agricultural Sensors
3.3.1.5 Guidance and Steering Systems
3.3.1.6 Other
3.3.2 Software
3.3.2.1 Farm Operation Management
3.3.2.2 Hardware Control Application
3.3.2.3 Data and Predictive Analytics
4 Regions
5 Markets – Competitive Benchmarking & Company Profiles
5.1 Next Frontiers
5.2 Geographic Assessment
5.3 Company Profiles
5.3.1 Overview
5.3.2 Top Products/Product Portfolio
5.3.3 Top Competitors
5.3.4 Target Customers
5.3.5 Key Personnel
5.3.6 Analyst View
For more information about this report visit https://www.researchandmarkets.com/r/uw5c63
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- Global Smart Farming Market
