Connected Agriculture Market: Increasing demand for advanced technology and IoT dependency fuels the market

Connected Agriculture Market: Increasing demand for advanced technology and IoT dependency fuels the market

In the forecast period from 2019 to 2027, the global connected agriculture market is expected to grow by 16% CAGR. In 2018, the global market for connected agriculture accounted for US$ 1.7 billion and is expected to witness significant growth, rising to a CAGR of 16 percent over the 2019-2027 forecast period. Food demand is also increasing to a greater extent with the increase in population. The population of this scale has brought and will bring many challenges, and food production is one of the most important.

Connected agriculture has the potential to provide farmers with skills and knowledge to enhance farm productivity by providing systems and solutions such as smart irrigation, yield monitoring etc. Connected agriculture combines advanced technologies with traditional agricultural practices to maximize the efficiency and quality of agricultural products. Such advanced digital technologies now allow huge amounts of critical data to be collected and leveraged at minimal cost, making farming operations more insight-driven and potentially more competitive and profitable.

Full Research Study is available on Credence Research: Connected Agriculture Market

These state-of-the-art technologies are gradually being adopted by farmers around the globe. Greater use of digital technologies in agriculture is important to enhance the financial performance of a farm, as it also provides farmers with various financial services such as insurance, micro-lending, and various mobile payment methods. It provides farmers with regular weather updates that minimize the risk of loss. As a result, increasing demand for advanced technology and IoT dependency for different farming practices are expected to boost the connected farming market during the 2019-2027 forecast period.

Based on solutions, the connected agriculture market is further segmented as network management, asset management for agriculture, data acquisition and supervisory control, logistics and supply chain management, smart water management and others. The other segment includes solutions for mobility, connectivity solutions and solutions for quality assurance.

Connected agriculture market is segmented on the basis of application as Precision Farming, Yield Monitoring, Soil Monitoring, Irrigation System, Fish Farming, Horticulture, Livestock Monitoring, Smart Green House and Others (Weather Monitoring, Weed Monitoring, etc.). The concept of precision agriculture is based on observing crops and soil, capturing and responding to the operator by means of UAVs or drones.

The other segment includes, among others, indoor farming, horticulture and dairy management. Livestock monitoring is the fastest-growing segment in the application segment, increasing at an influential rate.

It is estimated that North America will account for the highest market share in 2018. The region includes developed countries, such as the United States and Canada, and is considered to be the most advanced region for digital technology adoption. In the region, a majority of farmers or growers have deployed connected agriculture solutions to improve their farming operations. In addition, the North American region has a wide presence of key industry players offering connected agriculture solutions and its financial position allows it to invest heavily in the leading tools and technologies for effective business operations.