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Connected Agriculture Market Research Report - Global Forecast 2027

Global Connected Agriculture Market: By Component (Solution, Services, and Platform) - By Platform (Device Management, Application Enablement, and Connectivity Management) and By Application (Into Farming Planning and Management, Smart Logistics, Smart Irrigation, Agriculture Finance) Forecast 2027

ID: MRFR/ICT/3780-HCR | December 2022 | Region: Global | 100 Pages         

Connected Agriculture Market

Connected Agriculture Market share to hit approximately USD 3 Billion by 2023 | At a CAGR of 17%

Segmentation

By Application Farming planning and management smart logistics agriculture finance smart irrigation
By Component Solutions services platforms
By Region North America Europe Asia Pacific Latin America Middle East & Africa

Key Players

  • 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)

Drivers

  • By increasing the number of telecom service providers and the demand for advanced technology rising are the drivers for connected agricultural technology
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Market Overview


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 a severe loss to the farmer. The connected agricultural technology provides regular updates of the weather forecast and prevents the loss of crops. During the forecast period 2017-2023, the connected agriculture market size is expected to reach approximately USD 3 Billion at a CAGR of 17%.


COVID-19 Analysis:


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.


Market Dynamics:


Drivers:


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.                                             


Restraint:


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.


Opportunities:


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.


Challenges:


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.


Global Connected Agriculture Market, 2017-2023 (USD Billion) Connected Agriculture Market Image


Segment Overview:


The Global Connected Agriculture market research has been segmented based on the application, component, and region.


Based on Application


Based on the application, the market is segmented into farming planning and management, smart logistics, agriculture finance, and smart irrigation.


Based on Component


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. 


Based on Region


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.


Regional Analysis


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.


Competitive Landscape


The prominent key players in the connected agriculture market are the following:



  • 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)


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.


Recent Developments


In June 2018, the weather company IBM took the partnership with one of the leading Indian agro startups, Agrostar intending to enable farmers to make decisions to increase productivity. According to their terms, Agrostar leverages the local weather forecast data and insights from IBM and then provides exact information about crop disease risks which reduces the crop damage and increases the yield.


In October 2018, Microsoft partnered with one of the leading providers of remote sensing and analytics system for agriculture, SlantRange. This enables SlantRange to provide new aerial measurements and data solutions for the agriculture industry.


In December 2018, IBM partnered with an on-demand mobile platform that provides tractors, Hello Tractor to include several technologies like the Watson Decision Platform for Agriculture, IoT, blockchain, and IBM cloud.


Report Overview:


This globally connected agriculture research includes the



  • Market Overview

  • COVID-19 analysis

  • Market Dynamics

  • Study Objectives

  • Segment Overview

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments


The market dynamics include the connected agriculture market drivers, restraints, challenges, and opportunities. The connected agriculture market segments are application, component, and region.


Segmentation Table


The connected agriculture market research report is segmented into



  • application

  • component

  • region. 


By Application



  • Farming planning and management

  • smart logistics

  • agriculture finance

  • smart irrigation


By Region



  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • the Middle East & Africa


By Component



  • Solutions

  • services

  • platforms



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 3 Billion
  CAGR   17%
  Base Year   2019
  Forecast Period   2020-2030
  Historical Data   2018
  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.


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Frequently Asked Questions (FAQ) :

The global connected agriculture market is poised to register a market value of USD 3 billion at a CAGR of approximately 17% over the review period (2017-2023).

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.