The ongoing trend of digital transformation is pushing the development of technologies, precision agriculture, artificial intelligence (AI), blockchain, digital twin, and computer vision. All these technologies play a major role in digitization efforts globally. Increased adoption of digital technologies and integration of existing processes is driving the market for smart farming.
Get More Details on Smart Farming Market at: https://bisresearch.com/industry-report/smart-farming-market.html
Lack of investments is a key challenge that could restrict the growth of the smart farming market. Many countries have already improved existing policies in lieu of smart farming methods; however, they have not created a clear plan to increase funding and investments. This can also be associated with the lack of awareness and less emphasis on the agriculture industry compared to any other sector.
The precision agriculture applications of the smart farming market have the largest share and are expected to lead the application segment during the forecast period 2021-2026. The major demand for digital transformation in crop farming is due to its largest share in total agriculture revenue. Precision agriculture has the capability to improve crop yields and decrease input needs. Thus, with the growing adoption of digital technologies and precision algorithms, the smart farming market is expected to grow at a higher pace during the forecasted period.
Asia-Pacific and Japan is expected to register the highest growth rate during the forecast period 2021-2026. This is due to ongoing efforts to digitize every industry, which will also benefit the agricultural industry. Apart from that, the regional governments are enacting technology-friendly policies, which are expected to further put a significant impact on the market.
Request the Sample Report at: https://bisresearch.com/requestsample?id=1173&type=download
North America dominated the smart farming market in 2020 and is anticipated to uphold its dominance throughout the forecast period. The growth in the market is majorly driven by the increasing research and development activities and large-scale adoption of digital technologies. Furthermore, the average land sizes in North America are huge compared to other regions such as the Asia-Pacific and Japan. Thus, farmers in the U.S. and Canada have massive revenues which they could invest in technology. On the other hand, in developing countries, due to smaller farm sizes and overpopulation, farmers generate fewer profits margins which are eventually redeployed into the operations, limiting any possibilities of investments. Also, the ongoing trend for digital transformation is putting a significant impact on the market growth.
The competitive landscape for the smart farming market demonstrates an inclination toward companies adopting strategies such as product launch and development and business expansions and contracts. The major established players in the market are focusing on product launches and developments to introduce new technologies or develop further on the existing product portfolio. Deere and Co., Trimble Inc., AGCO Corporation, Raven Industries, GEA Farm Technologies, Lely, Afimilk Ltd., Allflex Inc., Vertical Farm Systems, AeroFarms, Phillips Lighting, Osram Licht AG, Harvest Automation, and AKVA Group, among others, are some of the prominent players in the smart farming market.
The global smart farming market has a huge potential, and it is also positively impacted by a positive outlook toward digitization. However, the market currently needs inter-organizational collaboration as well as involving farmers in the development process so that products and solutions can be designed and developed to address the challenges being faced by the farmers and the industry. As per industry experts, smart farming solutions operators have somehow failed to create value for the farmers, especially in developing nations. Thus, application-oriented solutions are needed from the key players rather than technology-centric solutions.
