Market Synopsis
According to the report by MRFR, the globally connected agriculture market size was valued at USD 1 billion in 2016 and is poised to reach approximately USD 3 billion by 2027, developing at a CAGR of 17% over the review period (2020-2027).
Market Scenario
Connected farming uses mobile communications to allow farmers to provide critical information such as weather forecasts, crop failure, best seed quality, soil moisture and quality, resources, and techniques, and to make financial payments more available. Growing demand for mobile-based solutions and a rising number of telecom service providers are expected to drive over the forecast period linked agricultural market. Furthermore, technological development such as the integration of the Internet of Things with Agriculture is assumed to be an opportunity for the linked agricultural sector over the forecast period. Technology enhancement has enabled firms to spend further in the agricultural and farming research and development sectors to provide real-time information and services.
It is stated that an increased number of telecom service providers and an increasing demand for advanced technology will drive the market over the forecast time. Big IT firms like Microsoft Corporation, IBM Corporations, and CISCO Ltd are actively designing new technology to ease the pressure on farmers under the upgrade of current mobile technologies. At the other hand, it is anticipated that the lack of proper technical expertise and high deployment costs would impede the growth of the connected agricultural market over the forecast period.
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Market Segmentation
The globally connected agriculture market is analyzed into component and application.
Based on the component, the connected agriculture market is segmented into solutions, services, and platform. Solutions are categorized into SCADA systems for agriculture, asset management, network management, and smart water management system. Services are divided into professional services and managed services. Additionally, Professional services include cintegration and deployment services, a onsulting services, nd support and maintenance services. Additionally, Platform is segmented into application enablement, device management, and connectivity management.
Application segment is sub-segmented into smart logistics, farming planning and management, smart irrigation, and agriculture finance. The agriculture finance includes micro-lending services, mobile information services, micro-insurance services, and mobile payments services.
Competitive Dynamics
The prominent players in connected agriculture market are AG Leader Technology (U.S), Microsoft Corporation (U.S), IBM Corporation (U.S), Cisco Systems Inc (U.S),, ATT (U.S), Accenture PLC (Ireland), SAP A.G (Germany), Orange Business Services (France), Epicor Software Corporation(U.S). Vodafone Group PLC (U.K), SAGE (U.K), Syspro Technologies (U.S), Raven Industries, Inc (U.S), AGCO Corporation (U.S).
Regional Outlook
Geographically, the market for linked agriculture is segmented into North America , Europe , Asia Pacific Latin America , and Middle East Africa.
Due to advanced network infrastructure and the involvement of major IT firms such as Microsoft Corporation, Cisco System Inc, which are investing heavily in research and development for connected agriculture to innovate enhanced agricultural techniques for farmers, the North American region is expected to lead the global agricultural market over the forecast period. Moreover, the North-American region is expected to be the prominent player among the regions due to It is anticipated that advanced agricultural techniques and robust agricultural infrastructure and facilities will drive the connected agricultural market. The USA and Canada are North American region's leading countries.
The Asia Pacific area is expected to expand considerably over the forecast period. Emerging economies, like India and China, lack the essential technology needed for the agricultural sector, possess an ocean of opportunities presumably driving the market over the forecast period. In addition , an increasing number of telecommunications providers and mobile subscribers and a better ranking position do business in India easier.
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