Market Overview
When every sector is driving high with the development of technology, the agriculture sector is not lacking behind. The connected agriculture market technologies are highly developing the farming techniques. These techniques are shifting towards the smart cultivation process. The connected agricultural techniques include skilful knowledge of proper seeds, fertilizers, production of crops, weather forecasting, transportation, and other relevant processes. Implementation of these processes can make the farming process more productive. The overall farming period can be monitored easily by applying these techniques.
The growth factors are why the market is accelerating in today's generation. The vast number of telecom services are rising the demand of the Connected Agriculture Market. Farmer's inclination towards smart processes is helping the market to emerge in the future years. This technology even has other benefits such as micro-lending services, micro-insurance services, mobile payment services, applying for the loan directly from the financial institute, and checking the commodity prices of crops harvest and other services. The farmers' increased usage of mobile technology is driving the Connected Agriculture Market.
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The virus outbreak has shown a negative impact on various marketing sectors. The agricultural sectors even faced a tough situation due to lockdown rules. The operational units of the technical areas remained closed, and even lack of labour was one of the major constraints. The increase in the cost of food commodities also badly affected the market; this resulted in disruption of the supply chain process. But the market noticed a sudden positive impact due to the rise in concern about health and immunity among the public. Therefore, the Connected Agriculture Market will notice a good CAGR value in the coming years.
The Connected Agriculture Market is estimated to reach a CAGR value of 17 % and a value worth USD 3 Billion during the forecast period.
Market Segmentation
The Connected Agriculture Market is fragmented into components and applications. The application segment of the market includes farming planning and management, smart logistics, agriculture finance, and smart irrigation. These techniques are adopted in different regions for smart cultivation. The component segment consists of solutions, services, and platforms. The solution section is further divided into network management, SCADA systems for agriculture asset management, and smart water management. The service section has professional services and managed services. The market is sub-divided into device management, application enablement, and connectivity management in the platform segment, and these platforms are best applicable for connected agricultural services.
Regional Analysis
The regional report of the Connected Agriculture Market shows the spread of the market in various regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East Africa. The North American region is the dominating market region, which is estimated to hold the highest market share. This region is noticing sheer growth due to small farmers' increased adoption of connected agriculture technology. The US and Canada are considered the leading regions of North America due to the implementation of advanced agricultural techniques and agricultural infrastructure development. The Asia Pacific is expected to hold the highest CAGR due to the investment in connected agricultural services. The farming activities are majorly done in India and China. Therefore the technological requirement in these countries is more.
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Industry News
Zyter introduces smart agriculture by implementing an IoT platform that supports precise agriculture with automated crop management practices.
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