According to a research 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" published by MarketsandMarkets, 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.
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The pre-production planning and management
segment is expected to hold a larger market size in the global connected
agriculture market during the forecast period
Inefficiencies 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 period
Connected 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.
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North
America is estimated to have the largest market size during the forecast period
North
America is estimated to account for the highest share of the market in 2018.
The region comprises developed countries, such as the US and Canada, and is
considered the most advanced region in terms of adopting digital technologies.
Majority of farmers or growers in the region have deployed connected agriculture
solutions to improve their farming operations.
Moreover, the North American region exhibits a wide presence of key
industry players offering connected agriculture solutions and its financial
position enables it to invest majorly in the leading tools and technologies for
effective business operations.
Major
vendors offering connected agriculture solutions, platforms, 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).
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