NEW YORK, Jan. 5, 2017 /PRNewswire/ -- Rising global demand for food due to surge in global population is driving the market for connected agriculture
The connected agriculture market is expected to grow from USD 1.34 billion in 2016 to USD 3.06 billion by 2021, at a CAGR of 17.9% from 2016 to 2021. According to the United Nations (UN), the global population is 7.4 billion in 2016 and is expected to reach 8.5 billion by 2030. To meet this demand, food production needs to be doubled in near future. The use of pesticides and chemical fertilizers in farming have led to decreased fertility of soil and reduced production per acre, making it very crucial to take corrective measures in order to keep up with the global demand for the food. In order to be successful, a farm production per acre needs to be increased, for which connected agriculture practices are likely to play a pivotal role.
Network management solution is expected to hold the largest market share during the forecast period
Network mangement solution is expected to hold the largest market share and is grow significantly by 2021. Network management deals with all the operations related to network which primarily involves various types of remote monitoring deployments, further ensuring the management of its bandwidth. It also involves analysis of the data generated by various remote monitoring devices and ensuring the security of the network in the connected agriculture system. Network management is further classified into remote monitoring, network bandwidth management, analytics, and network & application security.
Asia-Pacific (APAC) is projected to grow at the highest CAGR during the forecast period
North America is expected to hold the largest market share during the forecast period. Major connected agriculture providers in this region such as Cisco Systems, Inc., IBM Corp., and PTC, Inc. offer a number of connected agriculture solutions and services. The APAC market is expected to witness exponential growth and is projected to be the fastest-growing region for the connected agriculture market. The region has a competitive advantage over other regions with countries like China and Japan promoting growth of connected agricultural practices and favorable government norms in the region. The growing adoption of remote monitoring, network bandwidth management, analytics, and network & application security are also promoting the growing adoption of connected agriculture market in this region.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted with key people. Break-up of profile of primary participants is as follows:
- By Company: Tier 1 – 35 %, Tier 2 – 45% and Tier 3 – 20%
- By Designation: C level – 35%, Director level – 25%, Others – 40%
- By Region: North America – 10%, Europe – 20%, APAC – 40%, ROW – 30%
The connected agriculture ecosystem comprises major vendors such as Cisco Systems, Inc. (U.S.), IBM Corporation (U.S.), PTC, Inc. (U.S.), SAP SE (Germany), Trimble Navigation Ltd. (U.S.), Vodafone PLC (London, U.K.), Accenture Plc (Dublin, Ireland), Microsoft Corporation (Washington, U.S.), AT&T, Inc. (Texas, U.S.), and Link Labs LLC (Maryland, U.S.).
The report includes in-depth competitive analysis of these key players in the connected agriculture market, with their company profiles, SWOT analysis, recent developments, and key market strategies. The research report segments the connected agriculture market by solutions, service, platform, application, and region.
Reasons to buy the Report
The connected agriculture market has been segmented on the basis of component, service type, platform type, application type, vertical, and region. The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the overall connected agriculture market on the basis of the revenues generated by connected agriculture solution, service and platform providers. The report provides the closest approximations of the revenue numbers for the overall market and the sub-segments. The market numbers are further split into regions.
2. The report helps the stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help the stakeholders to better understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers & acquisitions.
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