Global smart farming market expected to reach USD 22.45 billion by 2031, at a CAGR of 9.1%
What is the projected growth rate (CAGR) of the global Smart Farming market from 2024 to 2031? How much is the market value expected to change by 2031?
The global smart farming market is expected to reach USD 11.12 billion in 2022 and USD 22.45 billion by 2031, growing at a CAGR of 9.1% during the forecast period 2024-2031.
What is the Smart Farming Market?
Smart farming refers to the integration of advanced technology and data-driven approaches in agricultural practices to improve productivity, efficiency, and sustainability. The concept includes the use of Internet of Things (IoT) devices, sensors, drones, and artificial intelligence (AI) to monitor and manage crops, livestock, and resources in real time. Smart farming aims to optimize agricultural yields while minimizing environmental impact, reducing resource consumption, and improving decision-making through data analytics. It is an innovative approach that modernizes traditional agricultural techniques and promotes precision agriculture and sustainable agricultural practices.
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Key players:
Profiles of the key players in the global smart farming market include:
XAG, Ag Leader Technology, Inc., AgJunction Inc., Deere & Company, Afimilk Agriculture Cooperative Ltd., DeLaval, AKVA Group, Aquabyte Inc., BouMatic LLC, and InnovaSea Systems, Inc.
Market segments:
The report covers splitting the market into various segments based on various classifications such as application, end user, product type, etc. The segmentation is divided into two sections, one on development and the other on different roles, needs, and behaviors.
By Agriculture Type: Precision Agriculture, Livestock Monitoring, Fish Farming, Smart Greenhouse, Others
Offerings: Hardware, Monitors, Controllers, Sensors, Software, Web-based, Cloud-based, Services, System Integration & Consulting, Support & Maintenance, Connectivity Services, Managed Services, Professional Services
By Solution: Network Management, Agriculture Asset Management, Smart Water Management, Logistics and Supply Chain Management, Others
By farm size: small farms, medium farms, large farms
By distribution channel: Direct store, EC, specialty store, others
By Application: Yield monitoring, Field mapping, Crop survey, Weather tracking and forecasting, Irrigation management, Feed management, Milk harvesting, Fish tracking, Others
By End User: Livestock, Agriculture, Aquaculture
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