The latest report by Research & Markets finds that more and more large-scale farmers will adapt smart farming techniques on their farms for better yields and higher productivity. The Global Smart Farming Market which is accounted for $6 billion in 2018 is expected to reach $18.81 billion by 2026 with the growth of CAGR of 14% during the forecast period.
The increasing demand for food production and rising population and shortage of agricultural lands are key driving factors for the smart farming market.
Furthermore, growing implementation of advanced technologies in farming for maximum profitability and production, availability of low-cost cloud services, increasing need for remote monitoring services, increasing focus on farm efficiency and productivity, reduction in cost of sensors, rising governments’ support towards smart farming, government’s support to adopt modern agricultural techniques and rising adoption of big data & IoT in smart farming are some of the factors boosting the market growth.
Bengaluru based Agritech startup Cropin has joined hands with the Karnataka government for implementation of data-driven farming. The partnership aims to start a programme that can help farmers create more value for their crops and foster their socio-economic development. The project further looks to bridge across 20 districts of Karnataka, assisting 4.15 lakh farmers and covering 3.4 lakh acres of land. Karnataka government will leverage CropIn’s farm management technology solutions to help farmers grow the right crops and adopt smart-farming techniques and practices, during the crop cycle. Instead of just focusing on increasing per acre yield quantity, the government hopes to help farmers get optimal value for their yield – a measure to ensure the economic well-being of farmers.
With the aim of achieving the doubling of farmers income by 2022, digital distribution and pricing system like E-NAM (Electronic National Agricultural Market) have attempted to be a gamechanger. Electronic National Agriculture Market (ENAM) is a pan-India electronic trading portal which networks the existing APMC mandis to create a unified national market for agricultural commodities. As of today, 585 mandis from 16 states have been digitally connected.
Hardware offerings like automation and control systems such as Global Positioning System (GPS) receivers, guidance and steering devices, Variable Rate Technology (VRT) devices, Radio-frequency identification (RFID) are expected to substantially grow with the greater adaptability of smart farming techniques.
– Chaitanya Kulkarni