Advanced farming market caters to agriculture-based activities through utilization of connected and advanced information technologies for the analysis, monitoring, identifying and controlling the field operations to maximize the yield and ensure profitability. Moreover, optimum utilization of the available resources that include light, water, space, energy, and costs associated with the maintenance form the primary factors that are expected to drive overall demand.
Growing global population and increasing requirement to suffice the basic needs that include food and clothing will drive the demand for advanced farming
According to Population Reference Bureau, global population in 2018, was over 7.6 billion, which is expected to cross 9.9 billion by 2050. Moreover, the urbanization of the economically developed and emerging regions is expected to witness significant growth over the forecast period, necessitating increased demands for the agricultural produce. Advanced farming systems will increase yield production and will also result in better crop quality. This will in turn drive growth of global advanced farming market, specifically in the countries with unfavorable natural climate and densely populated that include the U.S., Western Europe, China, India, and few other economies.
Lack of proper knowledge, insufficient internet connectivity, and lack of appropriate IT infrastructure to support these technologies will continue to hamper the industry growth
China, India, Russia, Indonesia, Thailand, and Brazil are among the major global agricultural production economies. These are emerging regions wherein the rural area produce accounts for the major proportion of the country produce. Lack of appropriate knowledge of the advanced farming processes, low consumer motivation, high operational complexities, and lack of affordable internet connectivity are major challenges hindering the overall market growth. Moreover, high initial cost associated with advanced farming is expected to be one of the major factor restraining growth of the global advanced farming market during the forecast period.
Global Advanced Farming Market Taxonomy
On the basis of technology, the global advanced farming market is classified into:
On the basis of deployment mode, the global advanced farming market is classified into:
On the basis of services, the global advanced farming market is classified into:
On the basis of applications, the global advanced farming market is classified into:
On the basis of regions, the global advanced farming market is classified into:
Proliferating incorporation of advanced sensors and precision software and hardware technologies will present strong consumer inclination for increased agricultural produce
Agricultural drones for monitoring field conditions by AgEagle; advanced analytics for agronomic analysis by Aglytix; multi-sensor Vector Probe by probe AquaSpy, Virtual Optimizer (VO) water management tool that monitors soil moisture and provides virtual agronomist services by CropMetric; and API connectivity between fleet of green and yellow earth movers by John Deere are few of the major advancements in the advanced farming market. Moreover, many other major developments to enhance agricultural produce are taking place on daily basis, is expected to garner significant growth opportunities over the forecast period.
The U.S. is expected to hold dominant position in the global advanced farming market adoption rates over the forecast period
High consumer motivation towards advanced technologies, extensive government initiatives to support the agriculture from the U.S. Department of Agriculture, and high production demands is expected to drive the regional growth over the forecast period. China, India, Indonesia, and Thailand are among the most potential markets across the globe, however, lack of proper infrastructure and knowledge for the handling of these systems will continue to interfere with the growth prospects.
Global Advanced Farming Market: Key Players
Major players operating in the global advanced farming market includes, John Deere & Company, Raven Industries, Inc., AGCO Corp., AgJunction Inc., Trimble Inc., Cisco Systems, IBM Corp., Smart Fertilizer Management, Blue River Technology, Microsoft Corp., Intel Corporation, ThingWorx, and Growing Smart among others. The market is characterized by moderately fragmented share with large number of regional players dominating the regional share. Moreover, in the recent past, the market has witnessed increased emergence of startups to capitalize on the existing opportunities. For instance, The Climate Corp, Solum, Soil IQ, and SmartGardener are among the few of the players that have gained significant interests of the industry participants.