Smart Farming Market to Exhibit a Noteworthy Growth of 33.69 Billion with Excellent CAGR of 12.86% by 2029, Size, Share, Key Growth Drivers, Applications and Opportunity Analysis
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Smart Farming Market Analysis:
Smart farming is defined as application of one or more than one technology in the farming process to gain more efficiency and effectiveness. It is the advanced and innovative way of doing farming to get the maximum output and to reduce the human efforts. Advance technology includes usage of hardware, service and software to the process of farming. The technology includes irrigation management, scouting of crops, harvesting, seeding and many more.
Smart farming is being widely adopted globally as it enhances the yield per unit of farming land to acquire best in terms of quantity, quality, and financial returns. The technology assists in better decision making, reduces waste and maximizes efficiency in operations.
Some of the major players operating in the smart farming market are:
Recent Developments
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Opportunities
Furthermore, use of unmanned aerial vehicles or drones in agricultural farms and popularity of land-based recirculating aquaculture systems extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, rise in focus on integration of smartphones with agricultural hardware and software applications will further expand the market.
Important Facts about This Market Report:
Smart Farming Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Key Industry Drivers:
The use of modern technologies such as variable rate technology (VRT), data management software, mapping software, yield mapping software, and GPS in agricultural products is one of the major factors driving the growth of smart farming market. These technologies improve land fertility and profitability, maximize productivity, reduce the cost of farming and facilitate sustainable agriculture.
The availability of various sensors such as load, temperature, and vibration accelerate the market growth. The on-going technological advancements in the semiconductor industry and intense competition among various manufacturers also drive the market growth.
The increase in the concerns regarding soil erosion encouraging farmers to adopt advanced agricultural technologies further influence the market. The status of soil condition plays a crucial role in decision making regarding sustainable soil management and appropriate land use that is acquired with the help of modern agricultural solutions.
Additionally, rapid urbanization, change in lifestyle, expansion of agricultural sector, surge in investments and increase in government initiatives positively impact the smart farming research
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Challenges Faced by Smart Farming Industry
On the other hand, high cost for development of modern agricultural equipment and fragmented agriculture industry are expected to obstruct market growth. Also, management of large volumes of data for productive decision making and environmental concerns are projected to challenge the smart farming market in the forecast period of 2022-2029.
Smart Farming Market Segmentations:
By Agriculture Type
By Software
By Service
By Solution
Application
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Smart Farming Market Country Level Analysis
The countries covered in the Smart Farming market report are South Africa, Saudi Arabia, U.A.E., Egypt, Israel, the Rest of Middle East and Africa, U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Russia, Netherlands, Belgium, Switzerland, Turkey, Rest of Europe, China, Japan, India, South Korea, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina and Rest of South America. North America dominates globally due to rising demand for advanced technologies and software design and development.
The country section of the report also provides individual market-impacting factors and market regulation changes that impact the market's current and future trends. Data points like downstream and upstream value chain analysis, technical trends, porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Key Benefits of the report:
This study presents the analytical depiction of the global Smart Farming industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Smart Farming market share.
The current market is quantitatively analysed to highlight the global Smart Farming market growth scenario.
Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed Smart Farming market analysis based on competitive intensity and how the competition will take shape in the coming years.
Table of Contents:
1. Introduction
2. Market Segmentation
3. Executive Summary
4. Premium Insights
5. Global Smart Farming Market Regulations
6. Market Overview
7. Global Smart Farming Market, By Agriculture Type
8. Global Smart Farming Market, By Software
9. Global Smart Farming Market, By Service
10. Global Smart Farming Market, By Solution
11. Global Smart Farming Market, By Application
12. Global Smart Farming Market, By Region
13. Global Smart Farming Market: Company Landscape
14. SWOT Analyses
15. Company Profile
16. Questionnaires
17. Related Reports
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