The Smart Farming Market is estimated to be worth USD 13.9 billion in 2020 and is projected to reach USD 22.3 billion by 2025; it is expected to grow at a CAGR of 9.8% from 2020 to 2025.
Smart Farming is a new concept that refers to managing farms using modern Information and Communication Technologies to increase the quantity and quality of products while optimizing the human labor required further use of Sensors: soil, water, light, humidity, temperature management.
Major players Included in the smart farming are John Deere, raven industries, AGCO, Ag leader technology, DICKEY-john, Auroras, Farmers edge, Iteris, Trimble, PrecisionHawk and Precision Planting.
The UN projects that the world's population will reach 9.7 billion by 2050, causing global agricultural production to rise 69% between 2010 and 2050. To meet this demand, farmers and agricultural companies are turning to the Internet of Things for analytics and greater production capabilities. The IoT is set to push the future of farming to the next level. Smart agriculture is already becoming more commonplace among farmers, and high tech farming is quickly becoming the standard thanks to agricultural drones and sensors.
Deere & Company announced on Oct 2020 further commitment to Farm Rescue, a nonprofit partner, by hosting a virtual country music benefit on Dec. 9 at 8 p.m. EST. Since its inception in 2005, Farm Rescue has helped hundreds of farmers suffering from major illness, injury or natural disaster to plant, hay or harvest their crop. Among the U.S. population of 330 million, there are 3.4 million farmers—just one percent of the population. Those few rise to the challenge of providing food for each of us every day. On average, each farm feeds 166 people, so even one missed planting season or one missed harvest due to an unexpected event has a ripple effect.
Sept 2020- Raven Industries, Inc., the leader in precision agriculture solutions, debuts its autonomous platform, Dot®, for the first time today at Farm Progress Virtual Experience, one of the largest public farm shows in the United States. The autonomous platform is compatible with a variety of implements, including New Leader’s NL5000 G5™ Crop Nutrient Applicator, which will be shown with the demo. New Leader is a strategic implement partner that will accelerate early adoption for Raven Autonomy. Because of the company’s industry-leading technology, Raven was asked by Farm Progress to offer a close-up look at autonomous machinery in action.
The AGCO Agriculture Foundation (AAF), Nov 2020 a private foundation based in Liechtenstein committed to food security and sustainable agricultural development, today announced a new partnership with Self Help Africa (SHA) to implement a sustainable poultry production project that will contribute to enhanced food, skills, income and nutrition security of smallholder farming communities in Chongwe District of the Republic of Zambia. The poultry industry in Zambia is mostly dominated by small-scale farmers who depend on poultry as a social safety net, especially vulnerable households. Given the growing demand for poultry protein and global commitment towards improvement of animal welfare, it is pivotal to develop tailored projects and initiatives that address key issues and provide sustainable solutions to hunger and nutrition among marginalized farming communities.
Report gives clear understanding of market segmentation and new opportunities and challenges towards the vendors. Asia-pacific has huge advantages if smart farming in coming decade.
Smart farming market segmented By Agriculture Type is Precision Farming, Precision Forestry, Livestock Monitoring and Smart Greenhouse. By application it has been Irrigation Monitoring, Yield Monitoring, Crop Scouting, Field Mapping, Weather Tracking & Monitoring, Inventory Management and Farm Labor Management. By region it has included North America, Europe, ASPAC and Middle East & Africa. After covid-19, Asia Pacific is expected to grow at the highest CAGR of 13.80% over the forecast period. Agriculture and associated business in the Asia Pacific region are likely to spur owing to the rising demand for food and other dairy products. Owing to the growing population in the countries such as India, China, and other Asian countries the demand for food products has increased considerably.
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