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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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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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.
Key
Market Players
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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