Connected Agriculture Market Synopsis
According to the report by MRFR, the global connected agriculture market 2021 was valued at USD 1 billion in 2016 and is poised to reach at approximately USD 3 billion by 2023, developing at a CAGR of 17% over the review period (2017-2023).
Connected Agriculture Market Scenario
Connected farming uses mobile communications to allow farmers to provide critical information such as weather forecasts, crop failure, best seed quality, soil moisture and quality, resources and techniques, and to make financial payments more available. Growing demand for mobile-based solutions and an rising number of telecom service providers are expected to drive over the forecast period the linked agricultural market. Furthermore, technological development such as the integration of the Internet of Things with Agriculture is assumed to be an opportunity for the linked agricultural sector over the forecast period. Technology enhancement has enabled firms to spend further in the agricultural and farming research and development sectors to provide real-time information and services.
It is slated that an increased number of telecom service providers and an increasing demand for advanced technology will drive the market over the forecast time. Big IT firms like Microsoft Corporation, IBM Corporations and CISCO Ltd are actively designing new technology to ease the pressure on farmers under the upgrade of current mobile technologies. At the other hand, it is anticipated that the lack of proper technical expertise and high deployment costs would impede the growth of the connected agricultural market over the forecast period.
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Connected Agriculture Market Segmentation
The globally connected agriculture market is analyzed into component and application.
Based on the component, the connected agriculture market is segmented into solutions, services, and platform. Solutions are categorized into SCADA systems for agriculture, asset management, network management, and smart water management system. Services are divided into professional services and managed services. Additionally, Professional services include cintegration and deployment services, a onsulting services, nd support and maintenance services. Additionally, Platform is segmented into application enablement, device management, and connectivity management.
Application segment is sub-segmented into smart logistics, farming planning and management, smart irrigation, and agriculture finance. The agriculture finance includes micro-lending services, mobile information services, micro-insurance services, and mobile payments services.
Connected Agriculture Market Regional Outlook
Geographically, the market for linked agriculture is segmented into North America , Europe , Asia Pacific Latin America , and Middle East & Africa.
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Due to advanced network infrastructure and the involvement of major IT firms such as Microsoft Corporation, Cisco System Inc, which are investing heavily in research and development for connected agriculture to innovate enhanced agricultural techniques for farmers, the North American region is expected to lead the global agricultural market over the forecast period. Moreover, the North-American region is expected to be the prominent player among the regions due to It is anticipated that advanced agricultural techniques and robust agricultural infrastructure and facilities will drive the connected agricultural market. The USA and Canada are North American region's leading countries.
The Asia Pacific area is expected to expand considerably over the forecast period. Emerging economies, like India and China, lack the essential technology needed for the agricultural sector, possess an ocean of opportunities presumably driving the market over the forecast period. In addition , an increasing number of telecommunications providers and mobile subscribers and a better ranking position do business in India easier.
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Connected Agriculture Market Key Players
The prominent players in connected agriculture market are
- Microsoft Corporation (U.S)
- IBM Corporation (U.S)
- AG Leader Technology (U.S)
- Cisco Systems Inc (U.S)
- AT &T (U.S)
- Accenture PLC (Ireland)
- Orange Business Services(France)
- SAP A.G (Germany)
- Epicor Software Corporation (U.S)
- Syspro Technologies (U.S)
- Vodafone Group PLC (U.K)
- SAGE (U.K)
- AGCO Corporation (U.S)
- Raven Industries, INC (U.S)
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The report "Connected Agriculture Market by Component (Solution, Platforms, and Services), Application (Pre-Production Planning and Management, In-Production Planning and Management, and Post-Production Planning and Management), and Region - Global Forecast to 2023", The connected agriculture market is expected to grow from USD 1.8 billion in 2018 to USD 4.3 billion by 2023, at a CAGR of 19.3% during the forecast period.
Need to increase farm yield and reduce labor cost, and rising government initiatives for modernizing the agriculture industry are some of the major factors driving the growth of the connected agriculture market globally.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=469728The pre-production planning and management segment is expected to hold a larger market size in the global connected agriculture market during the forecast periodInefficiencies in planting, weather uncertainty, pests and disease outbreaks, rising labor costs, and other intangible problems have put farmers in a situation where they are desperately looking out for solutions backed up with emerging technologies.
Pre-production planning and management involve the use of connected agriculture solution to analyze and correlate information about field, crop, types of seeds, types of soil or infestations, weather, and manage variations in the field to grow more crops using fewer resources with less production cost.
Hence, the pre-production planning and management segment is expected to hold the largest market size during the forecast period.The services segment is expected to grow at the fastest CAGR during the forecast periodConnected agriculture services is gaining popularity worldwide owing to its extensive benefits in increasing farm productivity.
Connected agriculture services have a wide scope of usage, ranging from feasibility analysis, strategy and implementation, and valuations and development of farm, to crop selection and weather monitoring.
This has created opportunities for vendors to provide services to farmers and help them improve their limited knowledge by fulfilling a technological gap.North America is estimated to have the largest market size during the forecast periodNorth America is estimated to account for the highest share of the market in 2018.
