Research Nester assesses the growth of global smart farms market which is anticipated to be on account of the growing population all around the globe, hence further leading to an increase in demand for food.
New York – October 10, 2022 - Research Nester’s recent market research analysis on “Smart Farms Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global smart farms market in terms of market segmentation by technology, application, and by region.
Growing Adoption of Smartphones in Agriculture to Boost Growth of Global Smart Farms Market
The global smart farms market is estimated to grow on account of growing adoption of smartphones in agriculture. The growing use of smartphones in agriculture is assisting in the acceptance of several software and hardware applications in the farming industry. An increase in smartphone use is also a result of telecom carriers' stronger involvement in the agricultural industry, which allows for the creation of broad links between various users to deliver value-added services to potential customers. As a result, there is an increase in revenue for the market for smart agriculture. 97% of respondents in a survey of 576 farming households reported having a mobile phone. More than 22% of users find information on buying and selling items, 24% of users find information about farming and animals, and 17% of users find alerts.
Some of the major growth factors and challenges that are associated with the growth of the global smart farms market are:
- Rise in Demand for Food Supply
- Surge in Government Initiatives to Promote Smart Faming
Challenges:
A few instances of automated agricultural equipment that is significantly more expensive than traditional farming equipment are tractors, weeding robots, robot-assisted irrigation systems, tillers, and harvesters. In contrast, the high maintenance costs of contemporary vehicles prevent small farmers from using cutting-edge digital agricultural solutions. The expense of maintaining the sensors, software, hardware, and cameras in these vehicles limits the market's potential. Farmers must also invest extensively in mechanized and technologically advanced vehicles to increase profitability and agricultural productivity, although doing so requires them to make a higher initial expenditure. Farmers in countries such as India, China, and Brazil experience problems as a result of the high initial cost of smart agricultural technologies.
By technology, the global market from smart farms is segmented into indoor vertical farming, automated farming, livestock farming, modern greenhouse, precision farming, and others. Out of these segments, the precision farming segment is anticipated to hold the largest market revenue of USD 35,573.9 Million by the end of 2035. Further, in the year 2022, the segment generated revenue of USD 6,617.4 Million. Growing deforestation which is further boosting the need for climate smart agriculture (CSA) is the major factor estimated to boost the growth of the segment.
By region, the North America smart farms market is estimated to garner the highest revenue of USD 29,418.5 Million by the end of 2035. Further, in the year 2022, the market is this region generated revenue of USD 6,129.6 Million. Increasing number of US-based market suppliers and significant technological investment made by North American farmers are the major factors estimated to boost the growth of the market in this region.
This report also provides the existing competitive scenario of some of the key players of the global smart farms market which includes company profiling of Ag Leader Technology, AGCO Corporation, AgJunction LLC, Autonomous Solutions, Inc., Argus Embedded Systems Pvt. Ltd, CropMetrics, Deere & Company, DeLaval, Trimble Inc., Topcon, and others.
