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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