The global connected agriculture market is expected to witness a growth of 16% CAGR during the forecast period from 2019 to 2027.
Product Insights
The global connected agriculture market accounted for US$ 1.7 Bn in 2018 and is expected to witness a considerable growth, mounting at a CAGR of 16 % during the forecast period from 2019 to 2027. With the increase in population the demand for food is also increasing at a greater extent. Population of this scale has brought and will bring lot of challenges, and food production is amongst the important. Connected agriculture have the capability to offer farmers with skills and knowledge to increase the productivity of the farms by providing systems and solutions like smart irrigation, yield monitoring, etc. Connected agriculture integrates advanced technologies with existing agricultural practices to increase production efficacy and quality of agricultural products. These advanced digital technologies are now making it possible to collect and leverage huge amounts of critical data at minimal costs, thereby making farming operations more insight-driven, and potentially more efficient and productive.
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The farmers across the globe are gradually adopting these state-of-the-art technologies. Greater use of digital technologies in agriculture is important for improving a farm’s financial performance as it also offers various financial services to the farmers like insurance service, micro-lending service, and various mobile payment methods. It provides farmers with the regular updates about weather which thereby minimizes the risk of loss. As a result, increasing demand of advanced technology and dependency on IoT for various farming practices is expected to boost the connected agriculture market during the forecast period from 2019 – 2027.
The global connected agriculture market is segmented on the basis of component, application, Offerings and geography. Based on component, solution segment led the market in 2018 and is likely to dominate the market during the forecast period. The growth of this segment is mainly attributed to increasing adoption of several solutions across various end-use applications. The solution segment further comprises of network management solutions, smart water management solution, agriculture asset management solutions, etc. These are technology based solutions which monitors the yield of the crops, health of livestock, monitor the water levels of crops etc. Furthermore, based on geography, the connected agriculture market was dominated by North America in 2018 due to the widespread acceptance of various state-of-the-art farming practices. On the other hand, Asia Pacific is expected to grow as the fastest growing region and provide more opportunities for the vendors as well as farmers through connected agriculture in the coming years.
Competitive Insights:
Major players in the connected agriculture market John Deere & Company, Raven Industries Inc., Hexagon Agriculture, Decisive Farming, Trimble Inc., The Climate Corporation, DICKEY-john, GEA Group, Precision Planting, LLC and Teejet Technologies. among others. The major players of connected agriculture are implementing strategies like partnership, development of product etc.
For instance, in August 2019, Raven Industries Inc. has launched a new spraying tool for increasing efficiency and profits of agriculture retailers. The VNS system allows spraying at the speed of more than 20 mph and uses non-contact stereo vision camera to navigate rows, which allows cover more acres in a day and causes crops damage.
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Solution Segment is expected to hold the Largest Market Share in 2018
In 2018, the solution segment held for the largest share in the global connected agriculture market and is expected to continue with its dominance during the forecast period as well. Crop yield depends upon various factors like rainfall, humidity, temperature, condition of soil and variety of seeds. As a result of this, it becomes very difficult for farmers to interrelate those factors which will hamper the productivity of the farms. Connected agriculture permits in associating the available data which thus help farmers to increase the yield of crops. Also, there is a huge demand for collecting data through sensors for minimizing losses due to uncertain weather conditions. Solution segment also consist of technologies such as water management system, which by detecting heat and moisture from soil ensures adequate supply of water to the crops.
North America held Largest Share of Connected Agriculture Market
In 2018, North America represented the largest market for connected agriculture across the globe and is likely to dominate during the forecast period from 2019 to 2027. The growth of this region is mainly accredited to the countries including U.S. government bodies in North American region provide great support for several advanced agriculture and farming technologies for increasing the production and to fulfill growing demand of food grains. Also, people in the U.S. and other countries are readily adopting and accepting advanced technologies that can be further implemented in the several farming practices. Dependency of people on various hand-held devices[S1] like mobiles, computers etc. that uses IOT and early adoption of these technologies is boosting the market growth in the region. Furthermore, Asia Pacific is expected to witness a significant growth in connected agriculture market in the years to come as farmers in the region are gradually adopting modern methods of connected agriculture. Countries including india and China are expected to have largest market for connected agriculture in Asia Pacific region. Owing to large number of farming lands, there will be an increased demand of advanced farming methods in order to meet rising demand of food.
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