Wednesday, May 4, 2022

Connected Agriculture Market Is Poised To Grow At A CAGR of 19.3% to 2023: Exclusive Report by MarketsandMarkets™

According to a research report "Connected Agriculture Market to provide detailed information about the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the market. Also define, describe, and forecast the connected agriculture market by component (solution, platforms, and services), application, and region - Global Forecast to 2023" published by MarketsandMarkets. The Connected Agriculture Market estimated to grow from USD 1.78 billion in 2018 to USD 4.31 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 19.3% from 2018 to 2023.

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Device management is expected to account for the largest market size during the forecast period.

The device management solutions assist organizations to manage, track, secure, and sustain abundant devices that are used in connected agriculture deployment. The configuration management feature of the device management solution is used to configure new devices, in accordance with the need of function. The devices are based on different communication technologies, and thus, consist of different communication interfaces and operating systems. The growing requirement for access and control over connected devices is expected to drive the Connected Agriculture Market.

In-production planning and management segment is expected to gain a larger market share during the forecast period.

In-production planning and management application area involves water and irrigation management, breeding and feed management, crop scouting, production monitoring and maintenance, animal tracking and navigation, and agri finance and insurance management. Connected agriculture solution and services help in gathering real-time information about farm irrigation, animal health, feeding behavior, hygiene, location tracking, crop production, and insurance among others, to enhance the crop, farm and livestock management process, improve the productivity, and the quality of production.

Rapid adoption of connected agriculture technologies is expected to make North America the largest regional market.

Presence of a large number of connected agriculture solution vendors, continuous advancements in technology, and reduction in prices of agricultural equipment are some of the growth factors for the connected agriculture market in North America. Farmers, growers, and traders in North America are moving toward digitalization through the adoption of agriculture solution, which utilizes various advanced technologies, such as IoT, AI big data, data analytics, and predictive analytics.

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Drivers - Growing need to increase farm yield and reduce labor

The demand for food is growing at a rapid rate due to increase in population across the globe. World population is growing at an exponential rate and is expected to reach approximately 9.6 billion by 2050. Each year, around 85 million people are added to the total population. According to Food and Agriculture Organization (FAO), to keep up with the population growth, the food production rate must double between 2014 and 2050. The global demand for food is increasing by 2% every year; by 2050, there would be a need to produce 70% more food worldwide compared to the current production pattern. Furthermore, to add on to this issue, farmers still heavily rely on weather conditions for food production. Any unpredictable change in weather condition affects the yield and farmers have to face losses. Issues such as global warming, deforestation, and other environmental problems in many developing countries across the globe are hampering the food production and livestock farming.

Key players in Connected Agriculture Market includes 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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