DUBLIN--(BUSINESS WIRE)--The "Smart Farming - Global Market Outlook (2017-2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Smart Farming Market accounted for $5.77 billion in 2017 and is expected to reach $18.81 billion by 2026 growing at a CAGR of 14% during the forecast period.
The increasing demand for food production, and rising population and shortage of agricultural lands are key driving factors for the smart farming market.
Furthermore, growing implementation of advanced technologies in farming for maximum profitability and production, availability of low-cost cloud services, increasing need for remote monitoring services, increasing focus on farm efficiency and productivity, reduction in cost of sensors, rising governments' support towards smart farming, government's support to adopt modern agricultural techniques and rising adoption of big data & IoT in smart farming are some of the factors boosting the market growth.
However, high initial capital investment, Lack of Standardization and increasing level of e-waste are expected to hamper the market growth.
Hardware offerings segment dominated the global market with largest share owing to its extensive usage in smart farming to reduce input and augment output productivity of crop yields. The hardware offerings include automation and control systems, and sensing and monitoring systems. Automation and control systems such as Global Positioning System (GPS) receivers, guidance and steering devices, and Variable Rate Technology (VRT) devices form a major part of the smart farming market.
However, software offerings segment is expected to grow with a high CAGR during the forecast period 2017 to 2026. Fish farming applications are projected to grow at the highest CAGR during the forecast period due to implementation of smart technologies.
- Deere & Company
- Raven Industries
- GEA Group AG
- The Climate Corporation
- AG Leader Technology
- Topcon Positioning Systems, Inc
- Boumatic LLC.
- Agjunction, Inc.
- Trimble, Inc
- Agco Corporation
- Delaval Corporation
- Aururas S.R.L
- Grownetics Inc.
- Semiosbio Technologies Inc.
- Sst Development Group, Inc
- Precision Planting, Inc.
For more information about this report visit https://www.researchandmarkets.com/research/52j6m6/smart_farming?w=4