Connected Agriculture Market is Anticipated to Reach $6.99 Billion by 2026
Research Reports
Feb 22, 2022
Connected Agriculture Market is anticipated to reach $6.99 billion by 2026 at a CAGR of 17.08% during the forecast period 2021-2026. Using sophisticated technological solutions and services to improve, manage, and control farming processes in pre-production, in-production, and post-production is characterized as connected agriculture. Farmers nowadays face an ever-increasing number of problems. Greater environmental protection and more sustainable agricultural techniques are required as a result of the social change towards increasing environmental consciousness. Simultaneously, economic pressures are increasing. Different crop rotations, severe weather, and increased harvest needs have pushed traditional agriculture to its limits. Farming solutions based on internet of things, artificial intelligence and big data analytics that benefit both farmers and the environment are needed, as well as solutions that assure improved efficiency, safety, and profitability in the fields. Agriculture-specific solutions with connected mobility solutions thus contribute towards the enhancement of agricultural yield. Mobile application technology is playing an increasingly important role in the global adoption of connected agriculture practices and decision support systems. Farmers and agriculture stakeholders now have timely access to important information on crops, production, production technology, production standards, and agriculture finance due to mobile technology. Growers may use their mobile phones to load field data and then grid the data depending on acres. Farmers and small and medium-sized agribusinesses in distant locations can use mobile phones to get quick access to the market. Hence, these factors will drive the Connected Agriculture market size in the forecast period 2021-2026.
Connected Agriculture Market Segment Analysis- By Platform
By Platform, Connected Agriculture market is segmented into Device Management, Application Enablement, and Connectivity Management. Device Management segment is estimated to hold the highest market share during the forecast period 2021-2026. Device management solutions aid companies in managing, tracking, securing, and maintaining a large number of devices used in connected agricultural deployments. The Connected Agriculture Market is projected to be driven by the rising need for access and control over connected devices. Smart agricultural activities use the Internet of Things (IoT) and sensors to boost farm production. The Internet of Things has the potential to dramatically increase farm output. It also encourages food production to be intensified in a sustainable way. Environmental factors have a significant impact on agricultural operations. As a result, farmers must make effective choices ahead of time in order to assure high yields and quality. The appropriate connectivity solution, which includes sensors, device management software, data analytics, and other components, enables remote monitoring and, as a result, convenient and reliable crop production process control. Thus, above-mentioned factors are analyzed to drive the market in the forecast period 2021-2026.
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Connected Agriculture Market Segment Analysis- By Application
This market is segmented into Pre-Production Planning and Management, In-Production Planning and Management, and Post-Production Planning and Management, on the basis of application. In-Production Planning and Management is anticipated to witness a significant amount of growth in the forecast period 2021-2026. Water and irrigation management, reproduction and feed management, crop scouting, production operation and management, animal monitoring and connection, agri-finance management, and insurance are all aspects of application management and planning in the field of agriculture. Connected agriculture solutions and services aid in the retrieval of real-time data on agricultural irrigation, livestock health, feeding behavior, sanitation, crop tracking, insurance, and other activities aimed at improving crop, livestock, and farm management, as well as productivity and quality of output.
Connected Agriculture Market Segment Analysis- By Geography
North America dominated the market by a market share of approximately 30% in 2020. The attributing factors for the connected agriculture market in North America include the presence of a large number of connected agriculture solution providers, ongoing technological advances, and lower agricultural equipment prices. Farmers, producers, and traders in North America are adopting agriculture solutions that use sophisticated technologies including IoT, AI, big data, data analytics, and predictive analytics to move toward digitalization. Artificial intelligence, analytics, linked sensors, and other new technologies have the potential to boost yields, enhance water and another input efficiency, and improve agricultural sustainability and resilience. These new technologies can enhance decision-making by enabling better risk and variability management, allowing yields to be optimized and economics to be improved. Furthermore, APAC is projected to have the fastest growth during 2021-2026. APAC is a pivotal region in the global food chain, exporting the most food and agricultural products. The industry has also benefited from increased venture capital financing for UAV makers in Asia Pacific. Several businesses in the region are developing low-cost unmanned aerial vehicles (UAVs) for a variety of agricultural uses. The Indian state of Maharashtra, for instance, has formed a collaboration with the World Economic Forum’s (WEF) Centre for the Fourth Industrial Revolution to investigate the use of drones in a variety of government functions, including agriculture. The Philippines’ Department of Agriculture (DA) is looking at the possibility of using drones to change how seeds are planted, fertilizers and pesticides are sprayed, and crops are monitored. Additionally, Japan’s Ministry of Agriculture has established a target of introducing agricultural drones for roughly half of the area farmed with rice, wheat, and soy by 2022.
Connected Agriculture Market Drivers
Growing Adoption of Automation tends to drive the market growth for Connected Agriculture:
The increasing adoption of automation is one of the major drivers for Connected Agriculture Market. Agriculture Automation and Control System is reshaping agriculture by providing farmers with a broad range of processes, such as precision and cost-effective agribusiness, to help them deal with challenges in the field. Crop internet checking enables a recognition of weed, level of water, bug detection, animal interruption in the field, crop development, and agribusiness. Worldwide Agriculture Automation and Control System aids in gathering data about conditions such as climate, moisture, temperature, and ripeness of soil. Farmers may access their farms from anywhere and at any time owing to the Agriculture Automation and Control System. Remote sensor systems are used to monitor farm conditions, while small scale controllers are used to regulate and mechanize ranch forms. The Federal Government of the United States offered a USD 22 billion financial aid package to America’s farmers in 2020. Farm subsidies have reached their highest level in 14 years. New innovations in the agricultural business will also increase the demand for connected systems throughout the world. In August 2020, Topcon has created a cloud-based farm management software with the goal of increasing production and profitability through the use of contemporary agricultural techniques. This system will offer all the necessary information linked to the farm. Thus, the increasing adoption of automation positively impacts the market growth.
Growing requirement for enhancing agricultural yield propels the market growth:
Agriculture’s proportion of overall output and employment is declining at different rates and offers distinct difficulties in different areas. Although agricultural investments and technological breakthroughs are increasing productivity, yield growth has stalled to uncomfortably low levels. Food losses and waste use a large percentage of agricultural output, and decreasing them would reduce the demand for increased production. The deterioration of natural resources, the loss of biodiversity, and the spread of transboundary pests and illnesses of plants and animals, are all impeding the essential acceleration in productivity development. According to the report of World Bank Data in 2021, it was found that between 720 million and 811 million people went hungry in 2020, more than 10% of the world’s population. Connected agricultural solutions help farmers make the most of their limited resources, such as water, seeds, land, and fertilizers, in order to satisfy rising food demand. Farmers can use connected agricultural technologies to automate farm equipment, increase farm production, cut labor costs, boost productivity, and improve operational efficiency. Such aiding factors are thus set to boost the market growth during the forecast period 20221-2026.
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Connected Agriculture Market Challenges
High capital investment act as hindrance to the market growth for Connected Agriculture:
The adoption of connected farming techniques and solutions necessitates a substantial financial commitment. The majority of farmers throughout the world are marginalized or small farmers who find it difficult to invest in such costly equipment. Huge investments, sustainable agricultural equipment, and trained, skilled farmers are all required for connected agriculture to collect basic data. Due to high technical expenses, only large and industrialized farms have access to the most up-to-date technologies.
Connected Agriculture Market Landscape
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Connected Agriculture market. In 2020, the market of Connected Agriculture industry outlook has been fragmented by several companies. Connected Agriculture top 10 companies include
- SAP A.G
- Trimble Navigation Limited
- Microsoft Corporation
- Vodafone PLC
- Syspro
- Orange Business Services
- Cisco Systems, Inc.
- Epicor Software Corporation
- SAGE
- Decisive Farming, among others.
Acquisitions/Technology Launches
- In April 2021, Webee SmartFarmTM, a turnkey platform for connected agriculture that can be deployed in minutes without any technical knowledge, was launched by Webee, an award-winning industrial Internet of Things (IIoT) and artificial intelligence (AI) pioneer. The no-code Webee SmartFarm platform reduces installation time from months to days, even for big operations. This enables agricultural, grain, cattle, poultry, and seafood farmers to swiftly improve productivity while reducing illness, resulting in a quick and verifiable return on investment.
- In November 2020, TELUS announced the launch of TELUS Agriculture, a new business unit dedicated to providing innovative solutions to support the agriculture industry with connected technology. TELUS Agriculture optimizes the food value chain by leveraging data in new ways to increase efficiency, production, and yields, delivering better food outcomes for businesses and the end consumer.
- In July 2019, Farmers Edge™ announced the agriculture industry’s first InsurTech platform that combines field-level data, remote sensing, AI-driven models, and secure automation technology designed to deliver new levels of efficiency and transparency for both insurance providers and growers.
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Key Takeaways
- Increasing implementation of advanced technologies to increase agricultural yield drives the market growth.
- Growing utilization of IOT based applications such as precision farming, smart irrigation and others benefits the market growth.
- Growing adoption of automation across agricultural sectors globally enhances the market growth.
Relevant Report Titles:
A. Smart Agriculture Market
https://www.industryarc.com/Report/15370/smart-agriculture-market.html
B. Agricultural Drones Market
industryarc.com/Report/15384/agricultural-drones-market.html
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