POST Online Media Lite Edition


Smart farming market isexpected to reach $34.1 billion

Christian Fernsby |
The smart farming market by application is majorly driven by precision agriculture applications, including precision irrigation, yield monitoring and forecasting, variable rate application, crop scouting, and record keeping, among others.

Article continues below

This is followed by livestock monitoring and management applications. announced the release of the report "Global Smart Farming Market A Global and Regional Analysis: Focus on Solution, Application, Adoption Framework and Country Wise Analysis, Startup Analysis, Patent Analysis, Value Chain Analysis and Forecast, 2020 2026".

As the global population increases exponentially, the total supply of food must be increased; otherwise, food shortage could lead to serious socio political issues.Precision agriculture methods help significantly increase agriculture efficiency, which would significantly impact overall production yield.

Increased yield applying the same number of resources will help tackle food security issues and reduce waste during production.

The smart farming market by solution is dominated by the hardware segment, followed by the services segment.

The hardware segment includes automation and control systems, sensing and navigation systems, and indoor farming equipment, among others.

A wide range of hardware systems is available for applications such as automating and controlling the farm machinery, sensing analytical data, navigating farm equipment with precise sowing and harvesting requirements and controlling and maintaining the desired climatic conditions in indoor farming facilities.

Sensor technology is the most common type of hardware component that is developed and commercialized worldwide.

Sensors are also a crucial part of farming solutions, which is expected to boost hardware solutions in the smart farming market.

North America is the leading region in agricultural technologies in terms of market adoption and development.

North American countries are far ahead of the different regions, looking to implement various digital technologies beyond conventional farm machinery and services for efficient crop production.

Smart farming is gradually transforming the global agricultural industry by making farming practices more sustainable and profitable.

While the introduction of newer technologies has been on the rise to meet the growing food demand, North America has been one of the early adopters of the same.

Moreover, it serves as one of the most important regions for the smart farming industry as leading original equipment manufacturers (OEMs) generate their major share of the revenue from this region.

With the rise in urban population and an all year round demand for agricultural produce, indoor farming is massively adopted in the region to meet the requirement.

Henceforth, the region has also been a major contributor to the indoor farming segment of the market.

What to read next

Arla says dairy farming is good for land, watchdog doesn't agree
Hundred organisations opposes industrial ocean fish farming
British Columbia: Legislation to protect farmland now in force