Connected Agriculture Market Revenues to Expand at a CAGR of 19.3% by 2023
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", 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.
Browse 49 market data Tables
and 36 Figures spread through 134 Pages and in-depth TOC
on "Connected Agriculture Market - Global Forecast to 2023"
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 are 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.
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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