Market Synopsis
The current report by Market Research Future (MRFR) asserts that the global connected agriculture market 2020 is slated to obtain a noteworthy market valuation of USD 3 billion by 2023, at a moderate 17% CAGR over the review period.
Competitive Landscape
The top market players identified by MRFR in the global connected agriculture market are Microsoft Corporation (U.S), AG Leader Technology (U.S), IBM Corporation (U.S), AT&T (U.S), Cisco Systems Inc (U.S), Accenture PLC (Ireland), SAP A.G (Germany), Epicor Software Corporation(U.S), Orange Business Services (France), Vodafone Group PLC (U.K), SAGE (U.K), Raven Industries, Inc (U.S), Syspro Technologies (U.S), AGCO Corporation (U.S).
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Drivers and Restraints
The connected agriculture market trends such as agricultural innovation is vital to feed the global increasing population while decreasing the environmental impact of farming are driving the market. Connected agriculture leads to growing farm productivity in the midst of climate change. It also expands farming practices by using network management, agriculture asset management, supervisory control, and data acquisition. the demand for smart water systems is also a significant factor dominating the connected agriculture market size. Agriculture accounts for an average of 70% of all water withdrawal globally and even a more substantial share of “consumptive water use” for the evapotranspiration necessities of crops are significant connected agriculture market business strategies. More productive and stable agriculture requires a considerable shift in the way water, nutrients, soil, and other agricultural resources are managed. As the global population upsurges, there is a growing demand for crops. This factor emphasizes the need for smart irrigation practices. Intelligent irrigation practices help to decline the loss of water triggered by using the traditional system as well as control the amount of water flowing into the plants.
On the other hand, there is a sharp learning curve for the farmers, particularly in the countries where the literacy level is low. This is because connected agriculture includes setting up of IoT architecture and sensor networks. Getting the farmers systematically acquainted with the concept of smart farming and the tools/devices encompassed in it is of utmost importance. These are significant factors driving the connected agriculture market share over the review period.
Market Segmentation
The global connected agriculture market is bifurcated into the component and application.
On the basis of the component, the connected agriculture market is segmented into solutions, services, platform. The Solutions are categorized into network management, asset management, SCADA systems for agriculture, smart water management system. The services segment is segmented into professional services and managed services. Furthermore, Professional services include integration and deployment services, consulting services, and support and maintenance services. Additionally, Platform is segmented into application enablement, device management, and connectivity management.
The connected agriculture market top applications segment are into farming planning and management, smart logistics, smart irrigation, and agriculture finance. Agriculture finance includes micro-lending services, mobile information services, micro-insurance services, and mobile payment services.
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Regional Overview
The geographical overview of the global connected agriculture market has been conducted in four major regions, namely the Asia Pacific, North America, Europe, and the rest of the world (including Latin America and the Middle East and Africa).
North American region is anticipated to be the prominent player among the regions owing to advanced agricultural methods and robust agricultural infrastructure and facilities are estimated to drive the connected agriculture market. The presence of a large number of connected agriculture solution players, continuous advancements in technology, and a decrease in prices of agricultural equipment are some of the growth factors for the connected agriculture market in North America. growers, Farmers, and traders in North America are stirring toward digitalization through the adoption of agriculture solution, which employs various advanced technologies, such as IoT, data analytics, AI big data, and predictive analytics. The U.S. and Canada are the critical countries in the North American region. Asia Pacific region is expected to have significant growth over the forecast period. Developing economies, for instance, India, and China, lack the essential technology required for the agricultural sector, an increasing number of telecom providers and mobile subscribers, and better-ranking position, ease of doing business in India, hold an ocean of opportunities, which is presumed to fuel the market over the forecast period.
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