Global Smart Farming Market
Global Smart Farming Market was valued at US$ 6.7 Bn in 2017 and is expected to reach US$ 17.7 Bn by 2026, at a CAGR of 11.4% during a forecast period.Global Smart Farming Market, by TypeBased on application, the precision farming segment is expected to hold the largest share in the market during the forecast period. Smart agriculture tools usage is increasing in precision farming as they help to farmers to improve farm efficiency and increase their crop yields. On the basis of type, smart agriculture equipment and machinery is expected to dominate the market growth during the forecast period.
Major driving factors of the market are rising crop productivity, increasing disposable incomes of the consumers, manufacturers are investing in R&D, growing demand of precision farming for yield monitoring, rising demand for the food, and increasing awareness regarding technology and smart farming in farmers. Increasing new innovation of farm management techniques has reduced energy consumption and increasing penetration of smartphones and IoTacross the globally are also propelling the market growth. The report highlights the key drivers and restraints as well as the market opportunities of smart farming, such as increasing crop production and livestock management.
In terms of region, Asia Pacific is expected to hold the largest share in the market during the forecast period due to increasing demand for food and other dairy products as the population is increasing in this region. China and India are boosting the market due to a large number of people’s livelihood are dependent on agriculture in these countries. North America is expected to generate the highest CAGR during the forecast period.
The report includes a detailed study of Porter’s Five Forces model to analyze the different factors affecting the growth of the market. Moreover, the study also covers a market attractiveness analysis, PESTLE analysis, Value Chain Analysis, and SWOT analysis.
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Last Update : 04 August 2020
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