Market Overview:

The Global Smart Farms Market size was reasonably estimated to be approximately USD 16200 Million in 2023 and is poised to generate revenue of over USD 30399 Million by the end of 2030, projecting a CAGR of around 9.40% from 2023 to 2030.

Global smart farms refer to advanced farming practices that utilize modern technologies, such as the Internet of Things (IoT), sensors, drones, big data analytics, and other emerging technologies to optimize crop production, improve resource management, and reduce waste. Smart farms, also known as precision agriculture or digital farming, integrate various technologies and solutions to monitor environmental conditions, track plant growth and livestock, automate irrigation and fertilization processes, and analyze data in real-time to improve yields and reduce costs and enhance sustainability.

Top Key Players Covered in The Smart Farms Market:

• • AeroFarms (US)
  • Freight Farms (US)
  • LumiGrow (US)
  • Osram (Germany)
  • Philips Lighting (Netherlands)
  • Signify (Netherlands)
  • Ag Leader Technology (US)
  • AGCO (US)
  • Deere & Company (US)
  • Precision Planting (US)
  • Raven Industries (US)
  • Sentera (US)
  • TeeJet Technologies (US), and Other Major Players

Market Dynamics and Factors:           

Smart farming technologies offer solutions to enhance agricultural productivity, optimize resource utilization, and mitigate environmental impact. Integration of IoT devices, sensors, drones, and AI in farming operations enables real-time monitoring and decision-making, leading to improved crop yields and cost savings. Additionally, government initiatives promoting sustainable agriculture and the growing awareness of food security further propel market growth. Opportunities in the Smart Farms Market lie in the development of advanced technologies such as precision agriculture, vertical farming, and autonomous machinery. These innovations offer efficient ways to address challenges like labor shortage, climate change, and shrinking arable land. Moreover, the increasing adoption of data analytics and predictive modeling facilitates better risk management and crop planning, fostering market expansion. However, the Smart Farms Market faces restraints such as high initial investment costs, especially for small-scale farmers, and concerns regarding data privacy and cybersecurity. Additionally, the lack of awareness and technical expertise in some regions may hinder market penetration. Regulatory challenges and limited infrastructure in rural areas also pose barriers to widespread adoption. Nonetheless, with ongoing technological advancements and supportive policies, the Smart Farms Market is poised for significant growth.

The Smart Farms Market Report Highlight:

• • By Agriculture Type, Precision farming, within the Smart Farms Market, is experiencing significant growth due to its ability to enhance agricultural efficiency and productivity. By leveraging technologies like GPS, sensors, and data analytics, precision farming enables farmers to optimize inputs such as water, fertilizers, and pesticides, tailored to specific crop needs and environmental conditions.
  • By Offering, Advancements in sensor technologies and IoT devices have made precision farming more accessible and efficient, driving demand for hardware components such as soil sensors, drones, and automated irrigation systems. Additionally, the increasing adoption of smart farming practices to optimize resource usage, enhance productivity, and mitigate environmental impact further fuels the demand for hardware solutions tailored to agricultural needs, contributing to the segment's expansion.
  • By Region, North America is Expected to Dominate the Market Over the Forecast period. North America is one of the most technologically advanced regions in the world, and the agriculture sector is no exception. With the adoption of precision farming techniques, advanced analytics, and IoT-based solutions, farmers are able to monitor crop health, irrigation, and weather conditions in real time, thereby reducing crop losses and improving productivity.

Key Industry Development:

In April 2021, AGCO announced a new partnership with Solinftec, a Brazilian agtech company, to expand its precision farming capabilities. The partnership aims to integrate Solinftec's digital agriculture platform with AGCO's equipment to provide farmers with more precise insights into their operations.

The Smart Farms Market Segmentation:

By Agriculture Type           

• • Precision Farming
  • Livestock Monitoring
  • Fish Farming
  • Smart Greenhouse
  • Others

By Offering             

• • Hardware
  • Software
  • Services

By Services

• • System Integration and Consulting
  • Support and Maintenance
  • Connectivity Services
  • Managed Services
  • Professional Services

By Solution

• • Network Management
  • Agriculture Asset Management
  • Supervisory Control
  • and Data Acquisition
  • Logistics and Supply Chain Management
  • Smart Water Management
  • Others

By Application

• • Irrigation Management
  • Yield Monitoring
  • Crop Scouting
  • Field Mapping
  • Weather Tracking & Forecasting
  • Inventory Management
  • and Farm Labour Management
  • Others

For this report, AkVis Intelligence has segmented the Smart Farms Market based on region:

Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)

North America

• • The U.S.
  • Canada
  • Mexico

Eastern Europe

• • Russia
  • Bulgaria
  • The Czech Republic
  • Hungary
  • Poland
  • Romania
  • Rest of Eastern Europe

Western Europe

• • Germany
  • UK
  • France
  • Netherlands
  • Italy
  • Spain
  • Rest of Western Europe

Asia Pacific

• • China
  • India
  • Japan
  • Singapore
  • Australia
  • New-Zealand
  • Rest of APAC

Middle East & Africa

• • Turkey
  • Saudi Arabia
  • Qatar
  • UAE
  • Israel
  • South Africa

South America

• • Brazil
  • Argentina
  • Rest of SA