Advanced Farming Market to Record an Exponential CAGR by 2024

The agriculture sector, which directly or indirectly serves about 7.5 billion people globally, is being threatened by the overexploitation of resources, increasing pollution, and climate change. This has inflicted damage to the environment, the life cycles of both plants and animals, land, and crops, which has in turn impacted the agriculture sector. Amid these concerns, advanced farming is said to radically transform the practice of farming. Advanced farming is the application of the right technology in lieu of traditional farming techniques to improve productivity, yield better crops, and minimize manual labor. Advanced farming utilizes modern technologies such as high-precision positioning (HPS) and variable-rate technology (VRT), which results in the improved monitoring of crop health while reducing wastage. Advanced farming, coupled with farming management systems (FMS) also help farmers to make informed decisions and track and monitor animal health. With a growing number of advanced farming projects, farmers can even track activities on their farm on a desktop or mobile device, even from a remote location, through training and consulting.

There are many factors driving the advanced farming market. Increasing global food demand is expected to be one of the major drivers of the market. The need for advanced farming methods amid growing land degradation is also expected to propel this market. The support programs run by government, timely initiatives from the United Nations (UN) and the Food & Agriculture Organization (FAO) is also anticipated to boost the market growth. Growing adoption of customized machinery across large farms for tillage, sowing, and plant protection and so on is also expected to further drive the market.

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There are, however, many restraints to the advanced farming market’s growth. The high initial investment associated with advanced farming is expected to be one of the major restraints. Inappropriate infrastructure development and lack of information & knowledge on modern & advanced agricultural technology are also expected to hinder the growth of the advanced farming market.

The global advanced farming market can be segmented on the basis of technology, application, services, deployment, and region. On the basis of technology, the market can be sub-segmented into variable-rate technology (VRT), automated steering systems, high-precision positioning systems (HPS), integrated electronic communication, and remote sensing. On the basis of applications the market can be segmented into forest farming, livestock farming, horticulture, fleet management, and aqua farming. On the basis of services, the market can be divided into integration services, training & consulting, and maintenance services. On the basis of deployment the market can be segmented into cloud-based and on-premise.

On the basis of geography the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. North America and Europe are expected to witness prominent growth owing to their developed economies and markets, followed by Asia Pacific and Middle East and Africa.

Some of the major players in the global advanced farming market include John Deere & Company, Raven Industries, Inc., AGCO Corp., AgJunction Inc., Trimble Inc., Cisco Systems, IBM Corp., Smart Fertilizer Management, Blue River Technology, Microsoft Corp., Intel Corporation, ThingWorx, and Growing Smart.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materia