Published January 25, 2023
The global connected agriculture market size was US$ 2.5 billion in 2021. The global connected agriculture market is forecast to grow to US$ 9.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 15.1% during the forecast period from 2022 to 2030. The use of modern technical solutions and services for the improvement, efficient management, and control of pre-production, in-production, and post-production farming activities is referred to as connected agriculture. Connected agriculture encompasses various factors such as data detection, data communications, and data storage.
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Additionally, included in this study are the market’s significant accomplishments, studies and upgrades, new product introductions, a local boom, fierce competition against the norm, and local scale. The business report analysis and insights contain the boom in producer guidance sales, percentage, supply, opportunity, problems, and improvement restraints.
Along with R&D, new product launches, mergers and acquisitions, agreements, collaborations, partnerships, joint ventures, and the local improvement of basic competition operating within the market on a global and local scale, the studies also include major strategic trends.
Factors Influencing the Market
Connected agriculture technology provides farmers with the necessary skills and insights about various techniques for increasing farm productivity, seed and fertilizer use, etc. Moreover, it allows farmers to have real-time information about weather and other topics. Thus, such benefits of connected agriculture will primarily drive the growth of the market during the study period. The rising global population is leading the demand for food products. Thus, it will surge the demand to increase food production, which will bring lucrative opportunities for the global connected agriculture market during the study period. Apart from that, connected farming solutions enable the farm to use resources like water and seed efficiently and increase agricultural returns. It also reduces the work burden on the farmers, which is likely to boost the growth of the global connected agriculture market during the forecast period.
The high capital investment required for connected agriculture may restrict the growth of the market. On the contrary, growing technological advancements will open doors of opportunities for the global connected agriculture market during the study period.
COVID-19 Impact Analysis
COVID-19 has highlighted the vulnerabilities of low- and middle-income countries’ agricultural and food systems (LMICs). Income declines and food supply disruptions exacerbate extreme poverty and pose a threat to food security, forcing farmers to make difficult decisions. According to the World Bank’s COVID-19 Household Monitoring Dashboard, 76% of households with farm income in Ghana saw their income decline in the previous year as of April 2021. In the Philippines, that figure has risen to 80%. However, connected agriculture has helped various farmers enhance their yield. Thus, the demand for connected agriculture is likely to increase in the coming years.
North America will hold the highest share in the global connected agriculture market, majorly due to the rising adoption of the technology among smallholder farmers. Moreover, the farms in the region are well-equipped with agricultural equipment, which will contribute to the growth of the market. Furthermore, rising investments in connected agriculture and cloud-based solutions will also benefit this regional connected agriculture market during the study period.
Competitors in the Market
• SAP SE
• IBM (US)
• Microsoft (US)
• AT&T (US)
• Deere & Company (US)
• Accenture (Ireland)
• Cisco (US)
• Oracle (US)
• Iteris (US)
• Trimble (US)
• SMAG (France)
• SatSure (UK)
• Other Prominent Players
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The global connected agriculture market segmentation focuses on Component, Application, and Region.
• Network Management
• Agriculture Asset Management
• Supervisory Control
• Smart Logistics
• Smart Irrigation
• Farming Planning and Management
By Regional Outlook
● North America
o The U.S.
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