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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.