Smart Farms Market Analysis

Technology (Indoor Vertical Farming, Automated Farming, Livestock Farming, Modern Greenhouses, Precision Farming)

By the end of 2036, the precision farming segment in the smart farms market is anticipated to garner the largest revenue of USD 35.57 billion. The segment is further expected to grow at a CAGR of 13.91% during the forecast period. Precision farming entails extremely precise, accurate, and optimum agricultural production. It enables improved productivity, more effective resource use, and minimal environmental impact all at once. For instance, according to the U.S. Wheat Associates, farmers using precision technology experienced an increase of 4% in crop production, an increase of 7% in fertilizer placement efficiency, a reduction of 9% in herbicide and pesticide use, and a reduction of 6% in fossil fuel use. A focused pesticide application with AI-assisted analysis, targeting only areas that need attention instead of a blanket application, is the best illustration of a precision farming approach. These technologies allow farmers to collect and analyze data on a plethora of factors including weather, soil conditions, and crop growth to make more informed decisions about planting, irrigation, and fertilizer use.

Application (Livestock Monitoring & Management, Indoor Farming, Aquaculture)

Smart farms market from the livestock monitoring and management segment is expected to grow at the fastest CAGR of 14% during the upcoming years. Smart farming technologies can be used to monitor and manage livestock in a variety of ways.  Smart farming technologies, such as farm management software, and digital farming can also be used to control and automate the delivery of feed, water, and veterinary care to animals. By using IoT technologies like geofencing, RFID, and sensors, farmers can collect and analyze a wide range of data that can be used to improve efficiency, reduce costs, and optimize animal health and welfare. Furthermore, the livestock monitoring and management segment is predicted to grow in the context of preventing disease outbreaks by early detection. This leads to a more sustainable way of farming that also considers animal well-being. For instance, Telit, a Cinterion brand, provides IoT-enabled management apps to monitor livestock health, reproductive cycle, and location.

Our in-depth analysis of the global market includes the following segments: