According to Population Reference Bureau, global population in 2016 was over 7.4 billion, which is expected to cross 8.5 billion by1 2030. In addition to this, the urbanization of the economically developed and developing regions is expected to witness significant growth over the forecast timeframe, necessitating increased demands for the agricultural produce. Moreover, limited land, water, and other resources for these activities is expected to instantiate demands for increased outputs in the available resources. This will in turn drive the growth of advanced farming market, specifically in the regions with unfavorable natural climate and densely populated that include the U.S., Western Europe, China, India, and few other economies.
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Advanced farming market caters to agriculture-based activities through utilization of connected and advanced information technologies for the analysis, monitoring, identifying and controlling the field operations to maximize the yield and ensure profitability. Moreover, optimum utilization of the available resources that include light, water, space, energy and costs associated with the maintenance form the primary factors that are expected to drive overall demand.
Proliferating incorporation of advanced sensors and precision software and hardware technologies will present strong consumer inclination for increased agricultural produce
Agricultural drones for monitoring field conditions by AgEagle; advanced analytics for agronomic analysis by Aglytix; multi-sensor Vector Probe by probe AquaSpy, Virtual Optimizer (VO) water management tool that monitors soil moisture and provides virtual agronomist services by CropMetric; and API connectivity between fleet of green and yellow earth movers by John Deere are few of the major advancements in the advanced farming market. Moreover, many other major developments to enhance agricultural produce are taking place on daily basis, is expected to garner significant growth opportunity over the forecast period.
Lack of proper knowledge, insufficient internet connectivity, and lack of appropriate IT infrastructure to support these technologies will continue to hamper the industry growth
China, India, Russia, Indonesia, Thailand, and Brazil are among the major global agricultural production economies. These are the economically developing regions wherein the rural produce forms the major proportion of the country produce. Lack of appropriate knowledge of the advanced farming processes, low consumer motivation, high operational complexities, and lack of affordable internet connectivity is the major challenge hindering the overall industry growth.
U.S. is expected to dominate the overall advanced farming market adoption rates over the forecast period
High consumer motivation towards advanced technologies, extensive government initiatives to support the agriculture from the U.S. Department of Agriculture and high production demands will drive the regional growth over the forecast period. China, India, Indonesia and Thailand are among the most potential markets across the globe, however, lack of proper infrastructure and knowledge for the handling of these systems will continue to interfere with the growth prospects.
Chief industry participants in the advanced farming market include Trimble Navigation, AGCO Corp., John Deere & Company, Raven Industries, and AgJunction Inc. Industry is characterized by moderately fragmented market share with large number of regional players dominating the regional share. Moreover, over the last few years, industry has witnessed increased emergence of startups to capitalize on the existing opportunities. For instance, The Climate Corp, Solum, Soil IQ, and SmartGardener are among the few of the players that have gained significant interests of the industry participants.
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