Smart Farming Market: Current Analysis and Forecast (2021-2027)

Report Description

The Smart farming market is uplifting significantly as it helps the farmers to get better results out of their crops, and also ensures high returns for the farming business if used to its complete potential. It also helps the farmers to battle the negative effects of external factors like weather. Moreover, smart farming software also provides data on various parameters such as the number of fertilizers that are required in the field for a particular crop, etc. This software helps to increase the overall efficiency and reduced various unnecessary costs. The Global farming market is expected to grow with a CAGR of around 10% in the course of the forecast period.

Insights Presented in the Report

“Amongst type, the precision market category accounted for the majority share in the market in 2020”

Based on agriculture type, the market is segmented into precision farming, livestock monitoring, and others. Precision farming held the majority of the smart farming market in 2020. This is mainly because of the constantly improving software and hardware technologies such as sensors, robotics, automation, and others in the agriculture industry.

“Amongst component, the solutions segment is expected to witness the highest CAGR during the forecast period”

The Component market is segmented into solutions and services. The solutions segment is expected to dominate the market and is expected to retain that dominance during the forecast period. The smart farming solution helps in enhancing yield production by monitoring water quality, air quality, nutrient & mineral quality, and others.

“North America to witness significant growth during the forecast period”

North America transpires to be the dominant market when it comes to revenue generated by developing the technology used in smart farming, Also, owing to extensive adoption of smart farming solutions, high ICT investment among government organizations, and high demand for linked solutions across the region. The expanding government initiatives and favorable rules for the advancement of the agriculture sector are credited with the rise of the smart farming market in the North American area. Furthermore, the government of this region is offering subsidies and tax breaks to encourage the growth of the smart farming sector. All these reasons are propelling the smart farming market in North America to new heights.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

Global Smart Farming Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Global Smart Farming Market Analysis (2021-2027)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global smart farming market were the three major steps undertaken to create and analyze the adoption of Smart farming in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Smart farming market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the smart farming market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Smart farming market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as agriculture type, component, application, and farm size. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the smart farming market. Further, we conducted factor analysis using dependent and independent variables such as various type and component. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Smart farming market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Smart farming market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of Smart farming market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Smart farming market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Smart farming market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and component.

The main objective of the Global Smart farming Market Study

The current & future market trends of the global Smart farming market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Smart farming market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type and component.
• Define and analysis of the regulatory framework for the Smart farming market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Smart farming market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
• Company profiles of the Smart farming market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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