Global Connected
Agriculture Market Synopsis
According to the
report by MRFR, the global Connected
Agriculture Market 2020 was valued at USD 1 billion in 2016 and is poised to
reach at approximately USD 3 billion by 2023, developing at a CAGR of 17% over
the review period (2017-2023).
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 an rising number of
telecom service providers are expected to drive over the forecast period the
linked agricultural market.
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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 slated 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.
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.
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.
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),,
AT&T (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).
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