Key Findings of the Global Smart Farming Market | Technavio

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LONDON–()–The global smart farming market is expected to grow at a CAGR of more than 12% from 2017-2021, according to a new market research report by Technavio.

Global smart farming market segmentation by product and application

Technavio’s report on the global smart farming market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by product which includes automation and control systems, and smart agriculture equipment and machinery. As projected in 2016, around 58% of the market share originated from automation and control systems.

Based on application, the global smart farming market has been segmented into soil and crop management, fleet management, storage and irrigation management, and indoor farming. As of 2016, 40% of the market share came from soil and crop management.

“Soil management is essential in farming and gardening for maintaining crop health. The right amount of humidity is essential to the soil and crops, as extremely high or low levels can affect the crops in a negative way. Therefore, smart farming techniques are used for detecting the weather condition of a place; future forecasts help farmers in taking predictive actions. These techniques are also used for detecting insects in crops,” says Sushmit Chakraborty, a lead analyst at Technavio for automation research.

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Smart farming market: competitive vendor landscape

The leading players that deliver hardware and software solutions are the major players in the global smart farming market. Many well-established players are emphasizing on expanding to different geographical regions, and are also giving importance to developing cost-effective products for end-users. Several vendors are focused on developing products that deliver cutting-edge technology so that they can get a competitive edge over other vendors present in the market.

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Other topics covered in the report:

Market drivers:

  • Availability of low-cost cloud services encourages farmers to adopt smart farming
  • Smart farming helps in increasing the overall yield

Market challenges:

  • High initial investment in smart farming technology
  • Increasing level of e-waste

Market trends:

  • Big data in smart farming
  • IoT in smart farming

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Brad Bennett

Brad Bennett

Brad grew up in a small town in northern Iowa. He studied chemistry in college, graduated, and married his wife one month later. They were then blessed with two baby boys within the first four years of marriage. Having babies gave their family a desire to return to the old paths – to nourish their family with traditional, homegrown foods; rid their home of toxic chemicals and petroleum products; and give their boys a chance to know a simple, sustainable way of life. They are currently building a homestead from scratch on two little acres in central Texas. There’s a lot to be done to become somewhat self-sufficient, but they are debt-free and get to spend their days living this simple, good life together with their five young children.
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