Pune, Sept. 30, 2024 (GLOBE NEWSWIRE) -- Connected Agriculture Market Size Analysis:
“A recent report from SNS Insider indicates that the Connected Agriculture Market was valued at USD 4.7 billion in 2023 and is projected to reach USD 17.6 billion by 2032, growing at a CAGR of 16.0% from 2024-2032.”
The growing connected agriculture market is driven by the worldwide demand for efficiently produced food due to population growth, climate change, and environmental challenges. Due to the increasing volumes of urban areas and their expansion, more pressure is on agricultural systems to grow more with limited resources, and here the role of connected agriculture technologies becomes apparent. This approach includes the use of IoT sensors, drones, satellite monitoring, as well as AI and data analytics to control soil conditions, crops, and livestock health in real-time. The integration enables better decision-making, generating higher yields, as well as decreased waste and overall more sustainable farming. For instance, According to the Environmental Protection Agency (EPA), precision irrigation technologies help decrease water consumption by 20-50% and help to maintain crop health. In detail, the market provisions for precision farming, livestock monitoring, aquaculture, and greenhouse management, specializing in water and fertilizers’ waste reduction and disease and pest control. Furthermore, another important factor is the, increasing use of smart devices and cloud technologies in all aspects of life and their subsequent influence on the agriculture industry. With time, an increasing number of farmers are utilizing these tools to be less dependent on manual labor, increase efficiency, and make better decisions having real-time data at hand. Finally, a lot of countries’ governments are promoting the shift to digital agriculture through means such as subsidies grants, and policies.
The growth in the world’s population to 9.7 billion by 2050 will induce an increased need for improved agricultural productivity. The use of connected agricultural technologies contributes to solving the problem by ensuring maximum resource efficiency and minimum harm to the environment. The agriculture sector is compelled to implement sustainable farming technologies caused by the environment and resource depletion, including precision irrigation, and automated systems of applying fertilizer.
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Major Players Analysis Listed in this Report are:
- John Deere - (Precision Ag Software, Connected Farm Equipment)
- Monsanto - (Seed Genetics, Climate-Smart Agriculture)
- Bayer - (Crop Protection, Digital Farming Solutions)
- Climate Corporation - (Weather Data Analytics, Insurance)
- Telenav - (GPS Navigation, Field Mapping)
- Trimble - (Precision Agriculture Equipment, Field Data Management)
- Raven Industries - (Sprayers, Automated Steering)
- Ag Leader Technology -(Yield Monitors, Guidance Systems)
- Pessl Instruments - (Weather Stations, Soil Sensors)
- FarmLogs -(Farm Management Software, Yield Analysis)
- Granular - (Data Analytics, Farm Management Software)
- Agribotix - (Drone Technology, Data Analysis)
- Sentera -(Drone Technology, Plant Health Monitoring)
- Blue River Technology - (Robotics, Weed Control)
- Iron Ox - (Robotics, Indoor Farming)
- Plenty - (Indoor Farming, Vertical Farming)
- AeroFarms - (Indoor Farming, Vertical Farming)
- CropX - (Soil Moisture Sensors, Data Analytics)
- The Climate Corporation - (Weather Data Analytics, Insurance)
- IBM Watson - (AI for Agriculture, Predictive Analytics)
Connected Agriculture Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 4.7 billion |
| Market Size by 2032 | USD 17.6 billion |
| CAGR | CAGR of 16.0 % From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | •The growing global population is creating a demand for enhanced food production and thus, triggering the spread of smart farming. •The use of IoT devices combined with AI analytics technology enhances decision-making and improves operational efficacy. •Connected technologies help farmers manage resources and mitigate the effects of climate change with tools like smart irrigation and weather forecasting |
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Segmentation Analysis
By Component
In 2023, the solution segment dominated the market, accounting for over 73.8% of the global revenue. The need for data-driven and informed decision-making and the growing focus on investment in AgTech startups are primary drivers of market growth. Farmers and agribusinesses are increasingly interested in integrated solutions that provide real-time data and insights for precise crop management, monitoring soil health, and analyzing weather. The large funds invested in AgTech startups promote innovation and the development of new solutions that cater to the changing needs of the agricultural sector.
The service segment is expected to grow by 16.3% CAGR over the forecast period due to the increasing complexity of agricultural technologies and advances in the sector. Farmers and agribusinesses will continue to rely on managed services for the implementation, operation, and optimization of connected solutions. The availability of comprehensive services, such as system integration, support, and consultancy, will be crucial as systems become increasingly complex and, as such, require more significant and specialized support for efforts with the integration and use of emerging and evolving technologies in the sphere of connected agriculture.
By Application
In 2023, the precision farming segment dominated the market, accounting for over 38.7% of total world revenue. The growth in this market is largely due to the accelerating demand for efficient processes used in food production and the intensifying concerns about climate change and environmental sustainability. Precision farming implies the application of data to monitor and regulate field conditions, optimizing crop production and ensuring the efficient use of such resources as water, fertilizers, and pesticides, which improves land productivity on the whole. The use of this technology also allows farmers to adapt to climate change by monitoring new climatologic tendencies and new soil features, thereby minimizing the negative consequences of the fluctuating climate on crops. Thus, the demand for connected agriculture solutions and services adapted to precision farming is increasing.
The livestock monitoring sector will grow at the highest CAGR of 17.0% during the forecast period, suggesting that the livestock monitoring sector will also regularly adopt and incorporate more connected agriculture solutions and devices. This growth is largely due to the need to meet the modern consumers’ rising demand for high-quality traceable products and aligns with the general tendency for the verticalization and specialization of companies. In particular, animal health and diet can significantly impact the safety and quality of their meat, milk, eggs, etc., and by adopting these technologies, companies can guarantee that their products are superior and subsequently overtake the competition. Moreover, connected agriculture systems will help farmers raise healthier and happier livestock and act in accordance with the consumers’ mounting preference for sustainably and ethically produced animal products.
Connected Agriculture Market Segmentation:
By Component
- Solution
- Services
By Deployment
- On-premise
- Cloud
By Application
- Livestock Monitoring
- Precision Farming
- Supply Chain Management
- Others
Regional Landscape
In 2023, the North American connected agriculture market dominated the market by accounting for over 37.5% of the total revenue. High technology adoption and a developed connectivity infrastructure support the region’s development. In the U.S., the connected agriculture market is anticipated to expand at a CAGR of 15.9% during the forecast period. The growth is attributed to the need to improve efficiency and enhance agricultural productivity. According to the U.S. Department of Agriculture, in 2023, the agriculture, food, and related industries were reported to be responsible for roughly USD 1.5 trillion, or 5.6%, of the country’s gross domestic product. Hence, the ongoing adoption of connected agriculture solutions and services will continue driving the sector’s productivity.
Recent Developments
In August 2023, Trimble Inc. made available a flexible API for their Trimble Agriculture Cloud that integrates third-party agriculture apps with Trimble’s equipment and data that facilitates the process of farming. It allows managing different farm tasks such as setting up a farm, recording tasks, manage material.
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Key Takeaways
- The comprehensive analysis of the connected agriculture market, including growth drivers, challenges, and opportunities.
- The study emphasizes the role of government policies and technological advancements in shaping the market.
- This offers insights into regional market dynamics, with a focus on North America and the U.S., identifying key growth areas for connected agriculture technologies.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Connected Agriculture Market Segmentation, By Deployment
8. Connected Agriculture Market Segmentation, by Component
9. Connected Agriculture Market Segmentation, by Application
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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