Smart Farms Market Share

North American Market Forecast

North America industry is predicted to hold largest revenue share of 42% by 2037. Factors such as the growing number of US-based market vendors and the high investment in technology by domestic farmers have contributed to this growth. In addition, key market players are aggressively establishing collaborations to support their market presence and consumer base across the globe. For instance, in February 2023, Public Investment Fund (PIF) and US-based AeroFarms signed a joint venture agreement to build and operate the largest indoor vertical farm in Saudi Arabia by utilizing the latest technologies with an annual production capacity of up to 1.1 million kgs of crops. The agreement will enable the growth of the agriculture sector by supporting Saudi Arabia’s positioning in vertical farming regionally.

APAC Market Statistics

The growing number of educated farmers in the Asia-Pacific region is a significant factor propelling smart farms market expansion. The regional market is growing due to the growing adoption of smart irrigation controllers, AI-based land analytics services, and rising agritech-startups in countries like China and India. For instance, according to the India Brand Equity Foundation, Indian agritech companies are predicted to witness investments worth USD 30-35 billion by 2025. Besides, companies are establishing partnerships to expand their presence. For instance, in February 2023, a Korean startup named Croft attracted seed investment from Future Play. The former company offers AI-based smart farm solutions to monitor crops in greenhouses and provides farmers with cutting-edge and optimal automatic greenhouse control solutions.