Seattle, WA -- (SBWIRE) -- 09/23/2019 -- Global Advanced farming market facilitates agriculture-based activities by using connected and advanced technologies for the analysis, identification, monitoring, and controlling the field activities. This is done to optimize the crop yield and also to ensure profitability. It also offers optimum utilization of various resources such as water, light, space, energy, and different costs associated with maintenance. Growing significance of these factors is expected to boost the overall demand.

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Increasing global population and growing requirement to fulfill the basic needs of food and clothing is expected to drive growth of global advanced farming market

According to Population Reference Bureau, global population in 2016 was over 7.4 billion, which is expected to cross 8.5 million by 2030. Moreover, increasing urbanization of developed countries and emerging economies is expected to drive growth of the market over the forecast period. Furthermore, regulated land, water, and other resources are expected to boost growth of the market typically in regions with critical climate and densely populated regions such as the U.S., China, Western Europe, and India.

Advanced Farming Market Taxonomy

On the basis of technology, the global advanced farming market is classified into:
- Variable-rate Technology (VRT)
- High precision positioning systems
- Automated steering systems
- Remote sensing
- Integrated electronic communication
- Others

On the basis of deployment mode, the global advanced farming market is classified into:
- Cloud
- On-premises

On the basis of services, the global advanced farming market is classified into:
- Integration
- Maintenance
- Consulting & Training

On the basis of applications, the global advanced farming market is classified into:
- Fleet management
- Livestock farming
- Forest farming
- Aqua farming
- Horticulture

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.

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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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