PUNE, India, Feb. 4, 2020 /PRNewswire/ -- 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.
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.
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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.
- Increasing Demand for Smart Water Management: With regard to the ongoing issues surrounding global warming and excessive use of energy resources across the world, water saving is the focus of attention among major businesses and activists around the world. Water shortages across the world have brought about the need for sustainable devices and products favouring less consumption and maximum output. The use of connected agriculture caters to the aforementioned factors.
- Increasing Penetration of Smartphone and Internet: As connected agriculture includes the use of smartphone and applications, the increasing usage of internet creates a huge platform for market growth. In a bid to establishing a stronghold in the market, several companies are promoting the use of connected agriculture equipment by developing mobile phone applications. This will not only help the company generate substantial market revenue, but will encourage the use of connected agriculture devices across the world.
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.
List of Key Companies Profiled in the Connected Agriculture Market Report Include:
- IBM Corporation
- Cisco Systems Inc.
- Iteris Inc.
- Trimble Inc.
- Ag Leader Technology
- Decisive Farming
- SWIIM System, Ltd.
- Orange Business Services
- LINK LABS
Noteworthy Industry Developments:
- December 2018: Tech-giant IBM announced a collaboration with agro-based 'HelloTractor'. Through this collaboration, IBM plans to introduce an advanced agricultural analytics as well as decision-making platform.
- October 2018: Microsoft announced that it plans to implement a new set of scalable aerial measurements and data solutions concept, aimed at agriculture. The company plans to collaborate with Slant Range Inc. and will look to maximize its utilities for the same.
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Table of Content:
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Industrial Use Cases
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Global Connected Agriculture Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component (Value)
- Integration and Implementation
- Support and Maintenance
- By Application (Value)
- Pre-Production Management
- In-Production Management
- Post-Production Management
- By Region (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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