Connected Agriculture Market to Surpass Valuation of USD 16.88 Billion by 2031 | SkyQuest Technology
Westford, USA, Sept. 03, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Connected Agriculture Market will reach a value of USD 16.88 Billion by 2031, with a CAGR of 19.10% during the forecast period (2024-2031). The connected agriculture market has drastically transformed in the past few years owing to improvements in machinery that expanded the speed, scale, and overall productivity of farm machinery. This results in the effective farming of more land. Moreover, emerging technologies like AI, connected sensors, analytics, and more, further enhance efficiency of several inputs including water, and take care of resilience and sustainability. These factors are driving the demand for connected agriculture.
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Browse in-depth TOC on the "Connected Agriculture Market"
- Pages – 165
- Tables – 62
- Figures – 75
Connected Agriculture Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 4.17 Billion |
| Estimated Value by 2031 | USD 16.88 Billion |
| Growth Rate | Poised to grow at a CAGR of 19.10% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Platform, Services, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Advancements in Machine Learning and AI Integration |
| Key Market Drivers | Mounting Use of Mobile-Based Applications and Growth of Digitalization |
Better Remote Monitoring Services to Drive Solution Segment
By component, the solution segment holds a significant share of the connected agriculture market and is expected to lead over the estimated period as well due to its capability to monitor via connected solutions, remotely. This enhances better and increased production and enables farmers to improve the agriculture process. Connected agriculture helps in enhancing production results and improves production by helping them project several factors. Nonetheless, the services segment is expected to grow at a steady pace over the forecast period owing to the increasing demand for top-valued services of farming, growing awareness and popularity of superior technologies, and stringent government rules for directing and management in farming enterprises.
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Better Decision-Making Help to Farmers Will Propel In-Production Management Segment
By application, the in-production management segment dominates the market owing to rising production rate with comparatively economic price due to in-production management segment of connected agriculture. Farmers can gain insights on actual data to take informed decisions that help produce quality yields. These factors are expected to impel the segment growth over the forecast period. Conversely, the pre-production management segment is growing at a steady pace owing to its long-term benefits to the farmers. Pre-production management in connected agriculture helps enterprises and farmers by providing relevant information and suggestions on management and planning before the start of production. This is expected to drive the segment's growth in the coming years.
North America to Lead Due to Speedy Advances in Technologies and Government Support and Initiatives in Top Economies
Geographically, North America dominates the connected agriculture market owing to the presence of well-established players aiming to enhance solutions for connected agriculture. Regional growth is also impacted by the growing advances in technologies, and growing adoption of drones for agriculture. Moreover, increasing initiatives by the governments of the U.S. and Canada to boost the use of advanced technologies for farming is notably driving the growth in the region. Also, increased use of emerging technologies like IoT, big data, AI, predictive analytics, and data analytics are projected to impact the market growth in North America.
Asia-Pacific is expected to be the fastest-growing region as compared to others owing to the growing demand for food and high agriculture and food exports. Nations like Japan, China, and India are actively using connected agriculture for sustainable use of accessible resources. Also, governments are emphasizing on enhancing efficiency and production of agricultural land via automation, less use of pesticides, and adoption of improved technologies. These factors are expected to drive the market in the region in the coming years.
Connected Agriculture Market Insight
Drivers:
- Growing Demand for Improved Farming Solutions
- Growing Demand for Smart Water Management
- Mounting use of Smartphones by Growers for Better Analysis of the land
Restraints:
- High Capital Investment
- Economic Constraints, mainly by the Developing Countries
- Lack of Awareness in the Unexplored Areas
Prominent Players in Connected Agriculture Market
The following are the Top Connected Agriculture Companies
- Deere & Company
- Trimble Inc.
- AGCO Corporation
- Raven Industries Inc.
- AG Leader Technology
- Monsanto Company
- Syngenta AG
- Precision Planting LLC
- Topcon Positioning Systems Inc.
- SST Development Group Inc.
Key Questions Answered in Global Connected Agriculture Market Report
- How big is the Global Connected Agriculture Market?
- Which is the leading component segment of the Connected Agriculture Market and why?
- Which region is expected to lead the Connected Agriculture Market over the forecast period?
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This report provides the following insights:
Analysis of key drivers (growing demand for food, mounting use of sustainable farming practices, government initiatives and support), restraints (concerns with technology integration and adoption, connectivity concerns), opportunities (growing awareness for precision farming, rising use of data-driven decision-making, benefits of remote management and monitoring), and challenges (data security and management issues, infrastructure limitations, policy and regulatory issues) influencing the growth of connected agriculture market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the connected agriculture market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the connected agriculture market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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