Global Smart Farming Market 2017-2021
About Smart Farming
Smart farming is the application of modern information and communication technologies (ICT) in agriculture to increase crop production. In smart farming, most modern systems are used for gaining continuous sustainability, along with achieving the best of quality, quantity, and return on investment. Smart farming uses a range of technologies that include global positioning system (GPS), sensors, controllers, light emitting diode (LED) lights, software, and so on to enhance the yield of crops.
Technavio’s analysts forecast the global smart farming market to grow at a CAGR of 12.24% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global smart farming market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Smart Farming Market 2017-2021
Technavio recognizes the following companies as the key players in the global smart farming market: AGCO, Ag Leader Technology, DICKEY-john, John Deere, and Raven Industries.
Other Prominent Vendors in the market are: Auroras, Farmers Edge, Iteris, PrecisionHawk, Precision Planting, and Trimble.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is big data in smart farming. Big data in smart farming is giving rise to a lot of opportunities in the agriculture industry. Improvement in wireless communication in the agricultural field is leading to growth in production level. Moreover, improvements in functional safety, and repair and maintenance of equipment in the field are giving rise to a crop production level.”
According to the report, one driver in the market is availability of low-cost cloud services encourages farmers to adopt smart farming. Currently, farming applications are increasingly moving to the cloud system, with farmers aiming at benefits in terms of better data access, availability of information, synchronization in different farming activities, and storage of valuable information. In smart farming, sensors and other monitoring tools are of great importance as they collect information about the soil, crop health, and environmental conditions that might affect the crops. The vast amount of information generated by these monitoring devices is collected in the cloud so that farmers can get easy access to the information they need.
Further, the report states that one challenge in the market is high initial investment in smart farming technology. The adoption of smart farming tools and techniques in both hardware and software is growing worldwide. However, investment in these tools is a major concern in many places. Some farmers find it difficult to afford, implement, and upgrade the technology of the tools. Moreover, software integration is expensive and requires high initial investment. The charges for other data analytics tools and training are also high, which adds to the overall cost incurred by farmers.
AGCO, Ag Leader Technology, DICKEY-john, John Deere, Raven Industries, Auroras, Farmers Edge, Iteris, PrecisionHawk, Precision Planting, and Trimble.