According to a new market 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
A connected agriculture service 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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