ID: MRFR/ICT/3780-HCR | 100 Pages | Author: Aarti Dhapte | May 2023
Connected Agriculture Market share to hit approximately USD 12.03 Billion by 2030 | At a CAGR of 18.90%.
According to MRFR, the connected agriculture market size is expected to reach approximately USD 12.03 Billion at a CAGR of 18.90%.
Connected Agricultural Technology is the latest highly useful technology to the farmers for providing information related to farming. This is an advanced version of information and mobile communication technology. This technology provides proper skills and many useful techniques like proper usage of seeds and fertilizers, farm production, weather forecasting, transporting, storing, food processing, and so on. Some countries like India, China, and Indonesia of the Asia- Pacific region are the regions that are lack proper infrastructure of the agricultural sector, harvesting techniques, transporting, production, packaging, storing, and food processing. This problem was solved by the connected agricultural technology and hence provide opportunities to the connected agricultural market growth. Different countries have different weather forecast and many countries depends on monsoons, untimely rains, and droughts damages a lot of crops and bring severe loss to the farmer. The connected agricultural technology provides regular updates of the weather forecast and prevents the loss of crops.
The COVID-19 pandemic results in a negative impact on most of the sectors worldwide. Mainly in the agriculture industry, automobiles, travel, electronics, food beverages, and many more. For the agriculture sector, due to the continuous lockouts, the production, marketing, consumption, and potential strategies. Lack of labor and logistical constraints affects the production of agriculture.
On the other hand, the increase in the prices of food commodities also affected the consumption of agricultural products. The issues affecting the agriculture supply chain may lead to disruption to the food industry. This pandemic disrupted the Indian Agricultural system very extensively. This negative situation has rapidly changed into a positive by the need for natural healthy food to increase the immunity among the people’s human body to avoid the coronavirus. Thus it increases the demand for the agriculture sector and the connected agriculture market.
By increasing the number of telecom service providers and the demand for advanced technology rising are the drivers for connected agricultural technology. This technology also provides various financial services like micro-lending services, micro-insurance services, and mobile payment services for transferring money payments in their bank accounts, applying for the loan directly from the financial institution, and checking the commodity prices of crops harvest and others. It also helps farmers automate farm equipment, improve productivity, reduces labor, increases farm yield, and also enhances operational efficiency. This technology also helps the farmers in the cultivation of crops by providing smart irrigation and smart water management system.
Lack of knowledge about the connected agriculture technology and the installation is very expensive. These are the restraints of this technology over the forecast period. Worldwide, most of the farmers are marginal farmers who cannot invest in such expensive equipment. This technology requires skilled and knowledgeable farmers, high initial investments, and efficient farming tools which makes them hesitant to gather information from this technology. Due to its high cost, it is restricted to use for big and industrialized farms.
Mobile technology is the best opportunity to increase the growth of the connected agriculture market. Most of the farmers are using smartphones and tablet computers which contain multiple user-friendly applications related to agriculture and it becomes a new agricultural tool for farmers.
Due to the lack of awareness among the farmers regarding the benefits of connected agriculture technology, they are still following traditional methods of farming. This raises a technological gap for farmers to recognize the benefits of connected agriculture technology. Many developing countries are investing money to educate the farmers and inform the benefits of this technology.
Study Objectives -
To provide detailed information about the connected agriculture market structure along with various forecast segments and sub-segments for the next 10 years.
To provide the factors that are affecting the growth of market analysis.
To analyze the market-based porter’s five force analysis, factors-price analysis, supply chain analysis, etc.
To provide history and forecast revenue segments and sub-segments of the market share for the five main geographies and their countries.
To provide the country-level analysis of the current market size and future prospective.
To provide country-level analysis of the connected agriculture market growth by region, form, and application.
To provide a strategic profile of the key players in the market, analyze their core competencies, and draw a landscape of the globally connected agriculture industry market growth.
To track and analyze new product developments, strategic alliances, and globally market research.
The Global Connected Agriculture market research has been segmented based on the application, component, and region.
Based on the application, the market is segmented into farming planning and management, smart logistics, agriculture finance, and smart irrigation.
Based on the component, the connected agriculture market is segmented into solutions, services, and platforms. Solutions are segmented into network management, SCADA systems for agriculture asset management, and smart water management. Services are again divided into professional services and managed services and further, they are sub-segmented. Platforms are segmented into device management, application enablement, and connectivity management.
Geographically, the connected agriculture market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among them, North America dominates the connected agriculture market growth for its adoption of connected agriculture technology by the small and marginal farmers.
Regionally, the connected agriculture market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America leads the highest market share among others for its adoption of connected technology by small or marginal farmers. The advanced agricultural techniques, robust agriculture infrastructure, and facilities are expected to drive connected agriculture technology in this region. The U.S and Canada are some leading countries in this region. During the forecast period, Asia-Pacific gains the highest CAGR due to its growing investment in the connected agriculture industry and the implementation of cloud-based solutions. India and China are lacking the essential technology required for the agriculture sector which drives the connected agriculture business.
The prominent key players in the connected agriculture market are the following:
Among them, IBM is one of the leading companies that provides technology products, solutions, and services. IBM is founded in 1911 and is headquartered in Newyork, US.
A global platform called "Shoots by Syngenta" will be made available in 2022, according to a statement from the Syngenta Group. Its goal is to address agriculture's most difficult problems, foster innovation, and create more sustainable farming.
By 2023, Agrani hopes to use SpaceTech Analytics and Artificial Intelligence to connect all the agriculture industry's dots from field to table and offer farmer-centric solutions. At the Uttar Pradesh Global Investors Summit 2023, Leads Connect Services, a well-known provider of agritech data, risk management, and financial services, unveiled the "Agrani" platform. (UPGIS).
A digital farming network that Bayer AG, a manufacturer of agricultural seeds and pesticides, claims would assist American farmers in implementing environmentally friendly practises and connect them with businesses looking for more sustainable food, feed, and biofuel ingredients was introduced in 2022. Profiting from a decade-long farm data collection effort, the endeavour will assist the seed and chemical behemoth in diversifying its revenue stream.
With the introduction of an input procurement platform, The GROWERS App, in 2023, GROWERS, a North Carolina-based agriculture technology business, has made an immediate impact on the profitability of the farm.
This globally connected agriculture research includes the
The market dynamics include the connected agriculture market drivers, restraints, challenges, and opportunities. The connected agriculture market segments are application, component, and region.
The connected agriculture market research report is segmented into
|Market Size||USD 12.03 Billion (2030)|
|Forecast Period||2022 - 2030|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, Platform|
|Geographies Covered||North America, Europe, Asia-Pacific|
|Key Vendors||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)|
|Key Market Opportunities||Mobile technology is the best opportunity to increase the growth of the connected agriculture market.|
|Key Market Drivers||It also helps farmers automate farm equipment, improve productivity, reduces labor, increases farm yield, and also enhances operational efficiency.|
The global connected agriculture market is poised to register a market value of USD 12.03 billion at a CAGR of approximately 18.90% over the review period (2022 - 2030).
The increasing demand for the mobile-based agriculture solutions coupled with the integration of technological innovation, is creating opportunities for market players.
The North America region is accountable the largest share of the connected agriculture market across the globe, followed by Europe and the Asia Pacific region. The U.S. and Canada are contributing substantially towards the North America market share.
The global connected agriculture market is analyzed on the basis of component and application, wherein the farming planning and management application segment is expected to witness maximum demand over the review period.
A few significant players in the global connected agriculture market are AG Leader Technology (U.S), Microsoft Corporation (U.S), IBM Corporation (U.S), Cisco Systems Inc (U.S),, AT&T (U.S), among others.
Key Questions Answered
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