Connected Agriculture Market size is set to grow by USD 5.90 billion from 2024-2028, Maximizing profits in farm operations to boost the market growth, Technavio

NEW YORK, June 12, 2024 /PRNewswire/ -- The global connected agriculture market  size is estimated to grow by USD 5.90 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  21.48%  during the forecast period. Maximizing profits in farm operations is driving market growth, with a trend towards automated irrigation systems. However, knowledge gap between farmers and technology providers  poses a challenge. Key market players include Accenture Plc, Ag Leader Technology, AGCO Corp., Cisco Systems Inc., Decisive Farming Corp., Deere and Co., Epicor Software Corp., Gamaya, International Business Machines Corp., Iteris Inc., Link Labs Inc., Microsoft Corp., Oracle Corp., Orange SA, Sage Group Plc, SAP SE, SWIIM System Ltd., Topcon Positioning Systems Inc., Trimble Inc., and Vodafone Group Plc.

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Key Market Trends Fueling Growth

Connected agriculture market is experiencing growth due to the implementation of automated irrigation systems. These systems, including closed-loop, open-loop, volume-based, and time-based types, help reduce crop production costs, enhance harvest yield, and minimize environmental impacts. AI technology and sensors enable individual visual recognition for early pest detection, reducing the need for chemical pesticides.

Machine learning technologies power these autonomous early warning systems, delivering real-time information to farmers via wireless sensors and GSM networks. Overall, these advancements contribute to the market's expansion, offering farmers cost savings, increased efficiency, and environmental sustainability. 

The Connected Agriculture market is experiencing significant growth due to the integration of technology in farming operations. Farming practices are becoming more efficient with the use of drones, sensors, and precision agriculture techniques.

Farmers are leveraging data from these technologies to make informed decisions, leading to increased productivity and reduced costs. The use of IoT devices and cloud-based platforms is enabling real-time monitoring and automation of farming processes. Additionally, the adoption of farming equipment with connectivity features is on the rise. The trend towards connected agriculture is expected to continue as technology advances and farmers seek to optimize their operations. 

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Market Challenges

•         Connected agriculture faces challenges in gaining widespread adoption due to a knowledge gap between farmers and technology providers. In major agriculture producers like India and China, the market has not developed due to farmers' lack of awareness and funds. Farmers are hesitant to adopt connected agriculture methods due to mistrust in the technology.

•         AI fails to revolutionize agriculture in areas like system integrity, analytical ability, and complex decision-making. Traditional farmers rely on their expertise and trust their judgement, limiting the impact of AI's predictive tools. However, managing crop quality and inventory requires higher reliance on AI technologies. Despite the benefits, farmers in APAC are skeptical due to low awareness, hindering the growth of the global connected agriculture market.

•         The Connected Agriculture market faces several challenges in implementing technology solutions. Devices and sensors are crucial for collecting data, but ensuring their deployment and connectivity in rural areas can be difficult. The high cost of technology and infrastructure is a significant barrier for small farmers. Additionally, data management and analysis require expertise and resources, which many farmers lack.

•         Furthermore, regulations and standards for data security and privacy need to be established and enforced. Lastly, integrating various technologies and systems to create a seamless farming experience remains a challenge. Addressing these issues will be key to unlocking the potential of Connected Agriculture and improving agricultural productivity.

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Segment Overview 

1. Component 
• 1.1 Solution
• 1.2 Platforms
• 1.3 Services
2. Application 
• 2.1 In-production management
• 2.2 Post-production management
• 2.3 Pre-production management
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Solution-  The Connected Agriculture Market refers to the use of technology to enhance farming practices. This includes the implementation of sensors for soil moisture and weather monitoring, precision farming techniques, and livestock monitoring systems. These solutions improve efficiency, reduce costs, and increase productivity. Farmers can make informed decisions based on real-time data, leading to better crop yields and animal health. The market is expected to grow due to the increasing demand for food and the need to make agriculture more sustainable.

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Research Analysis

The Connected Agriculture Market encompasses technological solutions that optimize farming activities across pre-production, in-production, and post-production stages. These innovations include data sensing, communications, storage, and processing systems. Farmers, growers, livestock producers, farming cooperatives, agribusinesses, grape wine growers, seed companies, and fertilizer companies all benefit from these advancements.

Connected Agriculture Market solutions facilitate device management, configuration management, and communication technologies, ensuring the efficient use of operating systems. Real-time information is crucial for crop scouting and farm irrigation, making Connected Agriculture an essential sector for the agricultural industry's growth and sustainability.

The Connected Agriculture Market refers to the use of technology and the internet to improve agricultural productivity and efficiency. This includes the implementation of precision farming techniques, livestock monitoring systems, and smart irrigation solutions. The market is driven by the need to increase food production to feed a growing population, as well as the desire to reduce water and chemical usage in agriculture.

Farmers are turning to connected agriculture solutions to optimize crop yields, improve animal health, and reduce operational costs. The market is also being fueled by advancements in sensor technology, data analytics, and the increasing availability of high-speed internet in rural areas. Overall, connected agriculture is transforming the way we produce food and is a key area of innovation and growth in the agricultural sector.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Component
• Solution
• Platforms
• Services
• Application
• In-production Management
• Post-production Management
• Pre-production Management
• Geography
• North America
• APAC
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio