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Connected Agriculture Market By Component (Solution, Services), By Offerings (Device Management, Application Enablement, Connectivity Management), By Application (Precision Farming, Yield Monitoring, Soil Monitoring, Irrigation System, Fish Farming, Horticulture, Livestock Monitoring, Smart Green House, Others) - Growth, Future Prospects, And Competitive Landscape, 2019 - 2027

Overview:

The globally connected agriculture market accounted for US$ 1.7 Bn in 2018 and is projected to witness significant growth, growing with a CAGR of 16% across the forecast period from 2019 to 2027. Connectivity is the cornerstone of technological transformation that has been taking place across the globe. Connected agriculture aims to provide optimum production with minimal resources. According to FAO, the population of the world is more than 7 billion today and is likely to reach 9.1 billion by 2050. About a 70% increase in agriculture production is required to satisfy the hunger needs of this growing population. Traditional farming methods are making agriculture inefficient. But, with the help of connected agriculture, farming operations are becoming more productive and efficient.

Because of climate change, the agriculture sector across the globe is facing issues such as excessive heat and uneven rainfall. For instance, in April 2019, a report by India TodayToday suggested that for the 6th year in a row, India witnessed below-normal level rainfall due to climate change, which has aggravated farm distress, particularly in drought-prone areas. Uneven rainfall is hampering agriculture productivity in the regions like Maharashtra, Karnataka, and Madhya Pradesh. Likewise, the agriculture sector in the U.S. and Australia is expected to decline crop production due to extreme temperature increases. Moreover, water scarcity is also accounted as one of the major problems in the agriculture sector. For instance, agriculture consumes nearly 70% fresh water[S1]. There is a massive need for advanced water management solutions and technologies[S2] [S3] that help in reducing the consumption of water for agriculture[S4] purposes. Connected agriculture benefits farmers in increasing efficiency by minimizing cost and efforts; it helps farmers to invest proficiently time and resources, which thereby balances the cost and yield of crops. Rising demand for advanced technologies and increasing investments in this sector are some factors driving the connected agriculture market worldwide. [S5] 

Today, farmers are increasingly depending on several technologies for their day-to-day activities. They are using connected technologies [S6] like Zigbee and wireless sensor technologies in various agricultural operations like harvesting, inventory control, etc. Moreover, governments across several regions [S7] are joining hands with different financial institutions and agro-processing organizations to promote the growth of connected agriculture initiatives. These partnerships are expected to promote the implementation of IoT solutions in agriculture across the globe. But on the other hand, connected agriculture requires a high initial investment, which is a serious challenge for middle to low-income groups of farmers. Also, the lack of network connectivity is another major factor restraining the market growth.

Market Snapshot

The solution Segment is expected to hold the Largest Market Share in 2018

In 2018, the solution segment held the largest share in the globally connected agriculture market and was expected to continue its dominance during the forecast period. The crop yield depends upon various factors like rainfall, humidity, temperature, condition of the soil, and variety of seeds. As a result, it becomes very difficult for farmers to interrelate those factors, which will hamper the productivity of the farms. Connected agriculture permits associating the available data, which thus helps farmers to increase the yield of crops. Also, there is a huge demand for collecting data through sensors to minimize losses due to uncertain weather conditions. The solution segment also consists of technologies such as a water management system, which by detecting heat and moisture from the soil, ensures an adequate supply of water to the crops. 

North America held the Largest Share of the Connected Agriculture Market.

In 2018, North America represented the largest market for connected agriculture across the globe and was 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 the North American region provide great support for several advanced agriculture and farming technologies for increasing production and to fulfill the growing demand for food grains. Also, people in the U.S. and other countries are readily adopting and accepting advanced technologies that can be further implemented in several farming practices. Furthermore, the dependency of people on various hand-held devices[S1] like mobiles, computers, etc., that use IoT and early adoption of these technologies is boosting the market growth in the region. Furthermore, Asia Pacific is expected to witness significant growth in the 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 the largest market for connected agriculture in the Asia Pacific region. Owing to a large number of farming lands, there will be an increased demand for advanced farming methods in order to meet the rising demand for food.

Competitive Insights

The major players identified in the connected agriculture market include Deere & Company, Raven Industries, Hexagon Agriculture, Decisive Farming, Trimble Inc., The Climate Corporation, DICKEY-john, GEA Group, Precision Planting, LLC, Teejet Technologies, Introduction of new technologies and partnership are some of the major strategies implemented by major players in the connected agriculture market. For instance, in September 2018, Raven Industries and Topcon Agriculture collaborated to share Slingshot API, software to software interface which provides end-users to share information between software [S1]. Through this collaboration, Topcon Agriculture can share data with Raven’s hardware in fields and provides custom integration using a wireless connection.

Historical & Forecast Period

The research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The connected agriculture market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the globally connected agriculture market based on components, Offerings, applications, and geography. Key segments covered in the report are as follows:

Segmentation Component Segment: (2019-2027; US$ Bn)

Solution

  •   Network Management
  •   Smart Water Management
  •   Agriculture Asset Management
  •   Supervisory Control and Data Acquisition
  •   Logistics and Supply Management

Service

  •   Consulting
  •   Support and Maintenance
  •   Integration and Implementation

 Offerings Segment: (2019-2027; US$ Bn)

  • Device Management
  • Application Enablement
  • Connectivity Management

 Application Segment: (2019-2027; US$ Bn)

  • Precision Farming
  • Yield Monitoring
  • Soil Monitoring
  • Irrigation System
  • Fish Farming
  • Horticulture
  • Livestock Monitoring
  • Smart Green House
  • Others (Weather Monitoring, Weed Monitoring, etc.)

 Geography Segment: (2019-2027; US$ Bn)

  • North America (the U.S., Rest of America)
  • Europe (Germany, the U.K., France, Rest of Europe)
  • Asia Pacific (India, China, Japan, Rest of Asia Pacific)
  • Rest of the World (the Middle East & Africa, Latin America)

Frequently asked questions :

The market for Connected Agriculture Market is expected to reach US$ XX Bn in 2027.

The Connected Agriculture Market is expected to see significant CAGR growth over the coming years, at 16%.

The report is forecasted from 2018-2027.

The base year of this report is 2018.

Deere & Company, Raven Industries, Hexagon Agriculture, Decisive Farming, Trimble Inc. are some of the major players in the global market.

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Trusted By
Godaddy
Published Date:  Nov 2019
Category:  Technology & Media
Report ID:   60003
Report Format:   PDF
Pages:   120
Rating:    4.2 (69)
Delivery Time: 24 Hours to 48 Hours   
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