BANGALORE, India, Aug. 5, 2024 /PRNewswire/ — Connected Agriculture Market is Segmented by Type (Smart Water Management, Network Management), by Application (Farm Planning & Management, Agricultural Finance): Global Opportunity Analysis and Industry Forecast, 2024-2030.
The Global Connected Agriculture Market was valued at USD 1694.3 Million in 2023 and is anticipated to reach USD 3533.2 Million by 2030, witnessing a CAGR of 10.9% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Connected Agriculture Market:
The Internet of Things (IoT) is driving considerable development in the connected agriculture market by providing farmers with real-time data and analytics to optimize crop yields and resource management. The market is expanding due to the growing use of precision farming techniques, which is being aided by government efforts and subsidies in different areas. Due to their advanced agricultural regulations and technical infrastructure, North America and Europe now dominate the market. However, Asia-Pacific has the potential for significant development due to its vast agricultural base and growing investments in smart farming solutions. Growing worries about food security and sustainability are also driving this market’s growth, driving up demand for effective and cutting-edge agricultural techniques.
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TRENDS INFLUENCING THE GROWTH OF THE CONNECTED AGRICULTURE MARKET:
By maximizing water consumption and increasing crop output, smart water management plays a critical role in propelling the growth of the connected agriculture market. Farmers may track weather patterns, water demand, and soil moisture levels in real time by utilizing IoT sensors and data analytics. Higher production and profitability result from this careful management, which also minimizes water waste, enhances crop health, and guarantees effective watering. In addition to promoting sustainable agricultural methods, the use of smart water management systems helps allay rising worries about water scarcity and environmental effects. The need for connected agricultural solutions is anticipated to increase as more farmers become aware of the advantages of these technologies, driving market expansion.
The development of the connected agriculture market depends on efficient network management since it makes sure that the many IoT systems and devices used in farming are seamlessly connected and communicate with one another. Real-time data collection, transmission, and analysis of information from sensors, drones, and other devices are possible with dependable network infrastructure. Farmers are able to increase overall farm management efficiency, automate procedures, and make well-informed decisions thanks to this connectivity. Robust network administration also facilitates remote control and monitoring, which lowers the requirement for staff expenses and physical intervention. The agriculture industry is becoming more and more dependent on connected technology, which makes effective network administration crucial and propels market growth.
Because it gives farmers the money they need to invest in cutting-edge technologies, agricultural financing is a major factor in the connected agriculture market’s growth. It is possible for farmers to use IoT devices, data analytics tools, and automated systems that increase production and profitability by using financial solutions including loans, subsidies, and insurance products. Small and medium-sized farms can also overcome the first financial obstacles to deploying connected agricultural solutions by having access to financial resources. Governments and financial institutions will probably extend their support for linked agriculture as they see its potential to enhance sustainability and food security, which will accelerate market expansion.
The expansion of the connected agricultural sector is mostly driven by government policies and initiatives. Globally, a growing number of countries are realizing how critical it is to modernize agriculture in order to maintain sustainability and food security. They are encouraging the use of linked technology in farming by putting rules into place and offering grants, subsidies, and other rewards. These programs include pilot project financing, research and development money, and the creation of regulatory frameworks that ease the application of IoT and data analytics in agriculture. More farmers are probably going to use linked agricultural solutions as long as government backing keeps increasing, which will propel market development.
Increased agricultural efficiency and productivity are important drivers of the linked agriculture market’s expansion. Farmers may boost operational efficiency by automating processes like pest management, fertilization, and irrigation with the help of connected technology. Insights into crop health, soil conditions, and weather patterns are provided by real-time data and analytics, enabling farmers to make data-driven decisions that maximize yields. Remote farm monitoring and management also lowers labor expenses and lowers the possibility of human mistake. It is anticipated that more farmers will use connected agricultural solutions as they look for methods to increase profitability and production, which will fuel market expansion.
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CONNECTED AGRICULTURE MARKET SHARE ANALYSIS
Driven by a high level of investment in agricultural technology and an established technical infrastructure, North America represents a large market for linked agriculture. The development and use of IoT, AI, and big data solutions in agriculture is facilitated by the existence of significant technology businesses as well as creative startups in the United States and Canada.
The modernization of farming operations through government efforts and subsidies also contributes to market expansion. Large-scale farms and agribusinesses in the area are leading the way in the adoption of connected agricultural technology, with an emphasis on automated machinery, effective water management, and precision farming. The adoption of connected agricultural solutions in North America is being further propelled by the growing focus on sustainable farming and food safety.
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Key Companies:
- Geographic Revenue Mix
- Cisco Systems
- IBM
- Parametric Technology Corporation
- Microsoft
- Vodafone Group Plc
- Accenture Plc
- AT&T
- Link Labs LLC
- SAP
- SAP SE
- Trimble Navigation Ltd.
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