The global connected agriculture market is expected to grow from USD 1.8 billion in 2018 to USD 4.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 19.3% during the forecast period.

The connected agriculture market is driven by various factors, such as integration of mobile technology with agriculture solutions and rapid adoption of advanced farming techniques to manage various farming activities. However, poor network connectivity and high capital investment for establishing connected agriculture infrastructure can hinder the growth of the market.

Connectivity management segment is expected to grow at the highest CAGR during the forecast period

Communication through mobile phones is considered very important in enhancing farmers' access to understand agricultural market situation better. Nowadays, mobile phone and internet have generated an opportunity for the farmers and growers specially to get real-time information about their farms and manage all farming activities. Connected management platforms allow agriculture stakeholders to upkeep the functionality of their various connected devices and gather quality agriculture data.

Integration and implementation services segment is expected to hold the highest market share during the forecast period

Technological advancements and growing focus to follow modern farming practices have made farmers and growers implement connected agriculture solution. Farmers in different regions lack technical knowledge or do not have efficient farming tools to interpret and analyze the data required for effective decision-making.

This has created opportunities for vendors to provide integration and implementation services to farmers and help them improve their limited knowledge by fulfilling a technological gap. Integration and implementation services help agriculture stakeholders to deploy connected agriculture solutions efficiently on farms and provide insights to farmers to enhance yield for different crops in different seasons and diverse regions.

Asia Pacific (APAC) is expected to record the highest growth rate during the forecast period

APAC is expected to grow at the highest CAGR during the forecast period, due to the increase in demand for connected agriculture solution and services. Growing economies in countries, such as China, Japan, Australia and New Zealand, and India provide huge opportunities for the adoption of the connected agriculture solution and services in the APAC region. Meanwhile, North America is projected to hold the largest market size during the forecast period.

Market Dynamics

Drivers

  • Growing Need to Increase Farm Yield and Reduce Labor
  • Government Initiatives for Modernizing the Agriculture Industry

Restraints

  • Poor Connectivity to Pose as the Biggest Hurdle in the Growth of the Connected Agriculture Market
  • High Capital Investment for Establishing Connected Agriculture Infrastructure

Opportunities

  • Integration of Mobile Technology in Farm Operations
  • Rapid Adoption of Sensors, IoT, and Advanced Farming Techniques in Agriculture
  • Implementation of AI and Predictive Analytics to Enhance the Efficiency of Farm Operations

Challenges

  • Lack of Awareness Among Farmers About Connected Agriculture
  • Lack of Standards for Data Management in the Agriculture Industry

Topics Covered

1 Introduction

1.1 Objectives of the Study

1.2 Market Definition

1.3 Market Scope

1.4 Years Considered for the Study

1.5 Currency Considered

1.6 Stakeholders

2 Research Methodology

2.1 Research Data

2.2 Market Breakup and Data Triangulation

2.3 Market Size Estimation

2.4 Market Forecast

2.5 Assumptions for the Study

2.6 Limitations of the Study

3 Executive Summary

4 Premium Insights

4.1 Attractive Market Opportunities in the Connected Agriculture Market

4.2 Market By Application and Country (2018)

4.3 Market Major Countries

5 Market Overview and Industry Trends

5.1 Introduction

5.2 Market Dynamics

5.3 Industry Trends

6 Connected Agriculture Market By Component

6.1 Introduction

6.2 Solution

6.3 Platforms

6.4 Services

7 Connected Agriculture Market By Platform

7.1 Introduction

7.2 Device Management

7.3 Application Enablement

7.4 Connectivity Management

8 Connected Agriculture Market By Service

8.1 Introduction

8.2 Consulting

8.3 Integration and Implementation

8.4 Support and Maintenance

9 Connected Agriculture Market By Application

9.1 Introduction

9.2 Pre-Production Planning and Management

9.3 In-Production Planning and Management

9.4 Post-Production Planning and Management

10 Connected Agriculture Market By Region

10.1 Introduction

10.2 North America

10.3 Europe

10.4 Asia Pacific

10.5 Middle East and Africa

10.6 Latin America

11 Competitive Landscape

11.1 Overview

11.2 Competitive Scenario

11.3 Competitive Leadership Mapping

12 Company Profiles

12.1 Introduction

12.2 IBM

12.3 Microsoft

12.4 AT&T

12.5 Deere & Company

12.6 SAP

12.7 Accenture

12.8 Cisco

12.9 Oracle

12.10 Iteris

12.11 Trimble

12.12 SMAG

12.13 AG Leader Technology

12.14 Decisive Farming

12.15 Gamaya

12.16 Satsure

Laura Wood, Senior Press Manager

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Related Topics:Agriculture

KEYWORD:

INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE NATURAL RESOURCES AGRICULTURE

SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 03/14/2019 09:13 AM/DISC: 03/14/2019 09:13 AM

Copyright Business Wire 2019.

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