DUBLIN--(BUSINESS WIRE)--The "Connected Agriculture Market by Component (Solution, Platforms, Services), Application (Pre-Production Planning and Management, In-Production Planning and Management, Post-Production Planning and Management), Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
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
For more information about this report visit https://www.researchandmarkets.com/research/vn2776/the_worldwide?w=4
