Growing need to increase farm yield and reduce labor cost, and rising government initiatives for modernizing the agriculture industry are expected to drive the overall growth of the connected agriculture market
The global connected agriculture market is expected to grow from USD 1.8 billion in 2018 to USD 4.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 19.3% during the forecast period. The connected agriculture market is driven by various factors, such as integration of mobile technology with agriculture solutions and rapid adoption of advanced farming techniques to manage various farming activities. However, poor network connectivity and high capital investment for establishing connected agriculture infrastructure can hinder the growth of the market.
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Connectivity management segment is expected to grow at the highest CAGR during the forecast period
Communication through mobile phones is considered very important in enhancing farmers’ access to understand agricultural market situation better. Nowadays, mobile phone and internet have generated an opportunity for the farmers and growers specially to get real-time information about their farms and manage all farming activities. Connected management platforms allow agriculture stakeholders to upkeep the functionality of their various connected devices and gather quality agriculture data.
Integration and implementation services segment is expected to hold the highest market share during the forecast period
Technological advancements and growing focus to follow modern farming practices have made farmers and growers implement connected agriculture solution. Farmers in different regions lack technical knowledge or do not have efficient farming tools to interpret and analyze the data required for effective decision-making. This has created opportunities for vendors to provide integration and implementation services to farmers and help them improve their limited knowledge by fulfilling a technological gap. Integration and implementation services help agriculture stakeholders to deploy connected agriculture solutions efficiently on farms and provide insights to farmers to enhance yield for different crops in different seasons and diverse regions.
Asia Pacific (APAC) is expected to record the highest growth rate during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period, due to the increase in demand for connected agriculture solution and services. Growing economies in countries, such as China, Japan, Australia and New Zealand, and India provide huge opportunities for the adoption of the connected agriculture solution and services in the APAC region. Meanwhile, North America is projected to hold the largest market size during the forecast period.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the connected agriculture marketplace.
- By company type: Tier 1 – 38%, Tier 2 – 42%, and Tier 3 – 20%
- By designation: C-level – 40%, D-level – 35%, and Others – 25%
- By region: North America – 40%, Europe – 30%, APAC – 20%, MEA – 5%, and Latin America – 5%
Major vendors offering connected agriculture solution and services across the globe include IBM (US), Microsoft (US), AT&T (US), Deere & Company (US), SAP SE (Germany), Accenture (Ireland), Cisco (US), Oracle (US), Iteris (US), Trimble (US), SMAG (France), Ag Leader Technology (US), Decisive Farming (Canada), Gamaya (Switzerland), and SatSure (UK). The study includes an in-depth competitive analysis of these key players in the connected agriculture market, with their company profiles, recent developments, and key market strategies.
- The market study covers the connected agriculture market size across segments. It aims at estimating the market size and the growth potential of this market across different segments, namely, component (solution, platforms, and services), applications, and regions.
- The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall connected agriculture market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.