Global Connected Agriculture Market - Segmented by Solutions (Network Management, Agriculture Asset Management, Supervisory Control and Data Acquisition), Component (Solutions, Services), Applications (Smart Logistics, Smart Irrigation, Farming Planning and Management), and Region - Growth, Trends and Forecast (2018 - 2023)
The Connected Agriculture Market has been valued at USD 1.54 billion is expected to grow at a CAGR of 17.05 % over the forecast period (2018-2023) to reach a market value of USD 3.939 billion by 2023. The market for connected agriculture is increasing at significant momentum across the world, thanks to the emergence of new technologies, rising demand of BYOD devices in connected agriculture. Proliferation in the demand of Smart Water Management Systems and global population compelling shift towards smart agriculture practices are driving the connected agriculture market growth to a large extent. Connected agriculture improves the farmer’s capability to do the financial transactions quickly and provide easier access to agricultural information in rural areas. Due to important changes in the agriculture policies in both developing and developed regions, implementation of advanced agricultural technologies has shown to raise the purchasing power and living standards of the farmers.
Growing Demand for Smart Devices and Applications in the Agriculture Sector
The accelerated rise of large amounts of data generated from the various Smart and IOT devices which include solutions to improve agricultural farming could witness a rapid adoption. This rise in demand is further supported by proliferation in the number of smartphone, leading to the growth of a connected agriculture market. Developing regions are anticipated to have a significant growth of connected agriculture market during the forecast period (2018-2023) owing to the implementation of various agri-mobile based solutions by major telecom operators to raise farmers' income as well as reduce the loss of nutritional value of the production during transit.
However, the growth of globally connected agriculture market is held up by a lack of awareness regarding innovative solutions in remote areas and lack of infrastructure for the connected agriculture market. Big IT firms such as IBM Corporations, Microsoft Corporation, and CISCO Ltd are continually developing new technologies to ease down the burden on farmers to under the up gradation of existing mobile technology.
North America Expected to Hold a Dominant Share in the Forecast Period
The North America region is projected to have the largest growth in demand, during the forecast period (2018-2023), which provides a suitable environment for startups and SMEs, in terms of government regulations and compliance. Owing to this, enterprises are growing rapidly in this North America region and have a heavy demand for connected agriculture market. Therefore, the North American region is to have the highest market share in the connected agriculture market. The major trends responsible for the growth of connected agriculture market in the North American region include the growing number of devices and the dependency on Smart devices that include IoT devices as well, advanced agricultural techniques and robust agricultural infrastructure and facilities are expected to drive the connected agriculture market.
Key developments in Connected Agriculture Market
May 2018 - IBM got into a partnership with the government of India to develop a crop yield prediction model using artificial intelligence (AI) to provide real time advisory to farmers in aspirational districts”. The partnership aims to work together towards use of technology to provide insights to farmers to improve crop productivity, soil yield, control agricultural inputs with the overarching goal of improving farmers' incomes
February 2018 - CNH Industrial and Microsoft have entered into a partnership to redefine the world of connected industrial vehicles and agricultural machines. With this partnership the Microsoft, CNH Industrial is able to offer customers a set of powerful tools to use Big Data to enhance their operations.
July 2017 - Metos entered into a partnership with SAP with this partnership SAP Leonardo Brings Precision Agriculture to a New Level.
Major Players: GOOGLE LLC, CISCO SYSTEMS, INC., IBM CORPORATION, PARAMETRIC TECHNOLOGY CORPORATION, INC, SAP SE, TRIMBLE NAVIGATION LTD., MICROSOFT CORPORATION, VODAFONE GROUP PLC, ACCENTURE PLC, ONFARM, ORANGE BUSINESS SERVICES, AT&T, and LINK LABS LLC, amongst others.
Reasons to Purchase Connected Agriculture Market Report
Provides latest insights into Global Connected Agriculture market.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating technology in the market
The region that is expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players
3 months analyst support along with the Market Estimate sheet (in Excel)
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