A recent report published by Infinium Global Research on the connected agriculture market provides an in-depth analysis of segments and sub-segments in the global as well as regional connected agriculture market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional connected agriculture market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of globally connected agriculture market. According to the report, the global connected agriculture market was nearly sized USD 2 billion in 2020 and is expected to reach USD 7.5 Billion by 2026, growing with a CAGR of 25% over the forecast period of 2020-2026.
The primary role of connected agriculture is to gather data that is analyzed and important insights are obtained. These insights help in the efficient use of scarce resources and to obtain maximum yield from the farm. With the help of sensors and measuring probes the connected farming is carried out. Planning and management of farm activities become easier due to connected farming. Through connected farming autonomous farming machines, the equipment can be remotely controlled without any human intervention. Moreover, connected farming is also executable through mobile applications installed on smartphones. Connected farming helps in bringing down costs and in making farming profitable. Sharing of best agricultural practices becomes possible due to a large number of users that are connected to each other through connected farming.
Covid-19 pandemic adversely affected agricultural activities. In countries where the agricultural sector primarily uses labor were the worst hits. Therefore, the importance of connected farming was highlighted. The awareness regarding connected farming grew immensely during the pandemic. As connected farming involves minimal human intervention, therefore, the human to human contact is rare which negates the danger of contracting the Covid-19 virus. As the world is hit by successive waves of the Covid-19 pandemic the connected farming is expected to experience high growth. The only adverse effect the Covid-19 pandemic had on the market was the disruption in the services and solutions provided by the manufacturers. The maintenance services of the solutions and platforms involved in connected farming were affected due to restrictions imposed by public authorities to combat the Covid-19 pandemic.
The accessibility to technology is increasing day by day. The new entrants in the market are responsible for this increased accessibility. They provide solutions and services at the very micro-level of the agricultural industry. The economies around the world are becoming more integrated with each other so it becomes easier for the companies to provide their solutions and services to every corner of the world. Governments around the world are providing incentives to technology companies to enter the markets of their respective nations. This is facilitating in making technology easily accessible. Rising internet penetration is also driving the market.
Internet is an important medium of connectivity in connected agriculture. The prices of the internet are declining continuously. Several telecom service providers are offering internet plans specifically for connected agriculture. As the infrastructure of the telecom sector grows the connectivity of the internet also increases. The most important factor that is driving the market is the growing awareness of connected agriculture. People are becoming more aware of the advantages provided by connected farming. The advantages include accurate crop yield data, proper management of available resources, effective pest and disease control, and many others. The high cost associated with the deployment of connected agriculture solutions and services is restraining the market. These solutions and services are still not affordable in most developing countries. New technological advancements are expected to provide the market with new opportunities.
North America is expected to hold a major share of the market. Asia-Pacific is expected to be the fastest-growing region in the market. The use of technology in agriculture is conventionally high in North America region. Extensive agriculture is the most common practice in this region. Also the fragmentation of the land in North America is very less. This makes connected farming more practical. The number of companies providing connected agriculture services and solutions is also high in the region. The awareness of connected agriculture is rising rapidly in the Asia-Pacific. The penetration of the internet is also high in the region.
The report on globally connected agriculture market covers segments such as component, and application. On the basis of component, the sub-markets include platforms, solution, and services. On the basis of application, the sub-markets include smart irrigation, smart logistics, farm planning, field mapping, crop monitoring, and others.
The report provides profiles of the companies in the market such as Cisco Systems, Inc., IBM Corporation, Microsoft Corporation, SAP SE, AG Leader Technology, Vodafone Group PLC, Accenture PLC, Raven Industries, Inc., Trimble Navigation Ltd., and Hexagon AB.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of connected agriculture market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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