Connected Agriculture Market Size to Reach USD 12.57 Billion in 2028, Increasing Government Initiatives in Developing Countries to Promote Modernization of Agriculture are Key Factors Driving Industry Demand, says Emergen Research
Vancouver, British Columbia--(Newsfile Corp. - April 19, 2022) - The global connected agriculture market size is expected to reach USD 12.57 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. Factors such as increasing government initiatives in developing countries to promote modernization of the agriculture sector, increasing public-private partnerships among governments and agro-processing organizations to promote sustainable agriculture initiatives are expected to drive global connected agriculture systems market revenue growth over the forecast period. Farmers are becoming increasingly dependent on smartphones and other intelligent devices and technologies to keep up-to-date with the latest developments in the agriculture sector.
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Increasing incidence of severe weather conditions in some countries resulting in deterioration of crop production - both in terms of quantity and quality - has been resulting in increasing focus towards more advanced and smarter agriculture practices and solutions in the recent past. Farmers are increasingly adopting IoT-based solutions in order to obtain information in real-time regarding weather conditions such as humidity, rainfall, and temperature, which in the long runs helps in increasing agricultural productivity. Decline in availability of agricultural workforce is increasing dependence on and utilization of autonomous robotics into agriculture, which reduces reliance on manual labor and increases efficiency, product yield, and quality.
Rising need to monitor crop health and conduct field analysis is increasing utilization of agriculture drones. Drones with thermal or spectral sensors have ability to specify areas that require changes in irrigation techniques and approaches. Prototype drones replace the need for manual labor as these are designed and tested for use in seeding and planting, which is increasing their demand. Demand for crop-spraying drones has also been increasing and these drones operate on a combination of GPS, laser measurement, and ultrasonic positioning, and advancements in this technology is expected to further result in rapid deployment going ahead.
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Some Key Highlights From the Report
- In October 2020, Deere & Company launched a new home of digital farming information, insights, and learning resources with the unveiling of the John Deere Digital Agriculture Hub. The new digital farming information, insight, and learning resource is specifically designed for Australian and New Zealand farmers.
- Platforms segment accounted for largest revenue share in 2020. Rising need to manage, enhance, and control farming activities and growing requirement for access over connected devices are key factors boosting revenue growth of the device management platforms segment.
- Pre-production planning and management segment revenue is expected to expand at a rapid CAGR during the forecast period. Increasing usage of connected agriculture solutions to conduct farm operations more efficiently with increasing profitability is boosting revenue growth of the pre-production planning and management segment.
- North America accounted for largest revenue share contribution to the global connected agriculture market in 2020. Increasing initiatives by governments related to implementation of sustainable agricultural practices to minimize environmental degradation caused by water wastage, chemical run-off, and CO2 emissions is a key contributing factor to growing utilization of connected agriculture solutions in the region.
- Key players in the market include IBM, Microsoft, AT&T, Deere & Company, SAP SE, Accenture, Cisco Systems, Inc., Oracle Corporation, Iteris, Inc., and Trimble Navigation.
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Emergen Research has segmented the global connected agriculture market on the basis of component, application, and region:
- Component Outlook (Revenue, USD Billion; 2018-2028)
- Application Outlook (Revenue, USD Billion; 2018-2028)
- Pre-Production Planning and Management
- In-Production Planning and Management
- Post-Production Planning and Management
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- Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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