Smart farming, what is it?
Smart farming is the concept of management in the agriculture, where precision technologies are used to increase yield, efficiency, output and quality. The smart farming market is growing. The global smart farming market is estimated to reach $23.14 billion by 2022. This increase is seen as result of the everlasting increase on regulations and expectations of increase in output quality. Another trend that causes this increase is the growing knowledge and informations systems available for farmers.
The future of farming
It is believed that smart farming will cause a tremendous inpact on global farming. Not only in large scale farms and developed countries, also on smaller businesses and developing countries it will find a way. Expectations from the government will drive the upwards trend of this phenomenon even further. As you can guess this will give many opportunities, however it will bring challenges as well, especially in developing countries.
The precision farming hardware solutions currently holds the largest market share of over 31% compared to the total market share of 72% from hardware solutions. Here are some examples of hardware that are popular amongst farmers: yield monitoring and forecasting, variable rate application, precision irrigation, crop scouting, and recording keeping. Crop management sees the highest increase on hardware, where drones are the most popular.
Farms of the industry
Farms are likely to become tight controlled plants that work like companies in the manufacturing industry. Good or bad? Well as time goes by, as a company you can't stay behind of your competitors. In the short run, these precision technologies will boost farmers’ profits, by reducing costs and increasing yields, and should also benefit consumers (the people who eat the food) in the form of lower prices. However what's in it for everyone in the long run? Think about if there's enough fertile land, how fast will our population grow? Only time will tell.