The global connected agriculture market size is projected to reach USD 7.22 billion by the end of 2026. The demand for smart water management will aid the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Connected Agriculture Market Size, Share & Industry Analysis, By Component (Solutions, Services), By Application (Pre-Production Management, In-Production Management, Post-Production Management) and Regional Forecast, 2019-2026,” the market was worth USD 1.84 billion in 2018 and will exhibit a CAGR of 19.1% during the forecast period, 2019-2026.
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The increasing demand for inventory and labor management in agricultural activities will create a wide adoption of connected agriculture across the world. Recent technological advancements in these systems have yielded products of high calibre. A few of the latest connected agriculture systems cater to the environmental-preservation needs. The increasing awareness regarding water consumption and shortages and contributions from government as well as private organizations will have a direct impact on the market in the coming years. Use of automated concepts such as artificial intelligence and machine learning have allowed improved efficacies. The rising demand for maximum product efficacies with minimum energy consumption will emerge in favor of the companies operating in this market.
Report Overview:
The report provides a thorough analysis of the global connected agriculture market across five major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. It analyzes the ongoing trends in each of these regions and highlights the products that have witnessed the highest demand. Besides this, it highlights the factors that have had the highest impact on the market in recent years. The competitive landscape has been discussed in detail and predictions have been made with respect to leading companies and the strategies adopted by these companies. Moreover, the report includes market figures for a forecasted period of 2019-2026.
List of Companies Profiled:
- IBM Corporation
- Microsoft
- Cisco Systems Inc.
- Iteris Inc.
- Trimble Inc.
- Ag Leader Technology
- Decisive Farming
- GAMAYA
- SWIIM System, Ltd.
- Orange Business Services
- LINK LABS.
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Regional Analysis:
High Investment in Product R&D to Aid Growth of the Market in North America
The market in North America is projected to account for a comparatively higher share over other regions. The emphasis on development of advanced farming technologies by major companies has been key to the growth of the market in this region. Moreover, the growing investment in the development of these products, and encouragement by government as well as private organization will aid the growth of the market in this region. “Driven by increasing use of AI and predictive analysis, connected agriculture is gaining rapid popularity across the United States,” said a lead analyst at Fortune Business Insights. As of 2018, the regional market was valued upward of USD 626.7 million.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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The report "Connected Agriculture Market by Component (Solution, Platforms, and Services), Application (Pre-Production Planning and Management, In-Production Planning and Management, and Post-Production Planning and Management), and Region - Global Forecast to 2023", The connected agriculture market is expected to grow from USD 1.8 billion in 2018 to USD 4.3 billion by 2023, at a CAGR of 19.3% during the forecast period.
Need to increase farm yield and reduce labor cost, and rising government initiatives for modernizing the agriculture industry are some of the major factors driving the growth of the connected agriculture market globally.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=469728The pre-production planning and management segment is expected to hold a larger market size in the global connected agriculture market during the forecast periodInefficiencies in planting, weather uncertainty, pests and disease outbreaks, rising labor costs, and other intangible problems have put farmers in a situation where they are desperately looking out for solutions backed up with emerging technologies.
Pre-production planning and management involve the use of connected agriculture solution to analyze and correlate information about field, crop, types of seeds, types of soil or infestations, weather, and manage variations in the field to grow more crops using fewer resources with less production cost.
Hence, the pre-production planning and management segment is expected to hold the largest market size during the forecast period.The services segment is expected to grow at the fastest CAGR during the forecast periodConnected agriculture services is gaining popularity worldwide owing to its extensive benefits in increasing farm productivity.
Connected agriculture services have a wide scope of usage, ranging from feasibility analysis, strategy and implementation, and valuations and development of farm, to crop selection and weather monitoring.
This has created opportunities for vendors to provide services to farmers and help them improve their limited knowledge by fulfilling a technological gap.North America is estimated to have the largest market size during the forecast periodNorth America is estimated to account for the highest share of the market in 2018.
