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The global connected agriculture market size is projected to reach USD 7.22 billion by the end of 2026. The demand for smart water management will aid the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Connected Agriculture Market Size, Share & Industry Analysis, By Component (Solutions, Services), By Application (Pre-Production Management, In-Production Management, Post-Production Management) and Regional Forecast, 2019-2026,” the market was worth USD 1.84 billion in 2018 and will exhibit a CAGR of 19.1% during the forecast period, 2019-2026.
Connected agriculture is the implementation of advanced technologies to simplify and manage agricultural and farming activities. The need for improving the produce and yield of agricultural crop has led to rapid adoption of these technologies across the world. The primary aim of using connected agriculture is reducing overall costs and simultaneously preserve energy as well as maximize produce.
Increasing Investment in Product R&D to Aid Growth
From real-time data implementation, sensors, moisture examination, to climatic conditions, connected agriculture is used to enhance the overall farming. This technology can be used to minimize soil, water, and seeds. The properties of connected agriculture have allowed flexible applications. The increasing awareness regarding energy conservation has emerged in favor of the companies operating in the global connected agriculture market in recent years. The increasing investment in the research and development of advanced machines associated with connected agriculture will influence the growth of the market in the coming years.
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Company Collaborations are an Increasing Trend Among Major Companies
The report encompasses several factors that have contributed to the growth of the market in recent years. Due to the massive potential held by this industry, tech-companies are looking to deviate from core operations and invest in agriculture. Moreover, core agriculture-based companies are looking to collaborate with IT companies in a bid to bettering their products. Microsoft’s collaboration with SlantRange was a major highlight of recent times. In 2018, Microsoft announced that through collaboration with SlantRange, it plans to bring a new set of scalable aerial measurements. This will not only help the company generate a substantial connected agriculture market revenue, but will have a direct impact on the growth of the market in the coming years.
Increasing Demand for Smart Water Management Will Benefit the Market
Water management is vital in all forms of agricultural activities. Increasing water shortages will create a huge demand for agriculture equipment that maximizes the use of water. The use of the internet of things (IoT), data analytics, and mobile apps will yield several techniques that will enable lesser water consumption. The use of automated technologies that can examine and manage the water levels and usage will aid the growth of the market in the forthcoming years.
Leading Companies Are Focused on Implementing Advanced Agricultural Solutions Catering to Environmental Preservation
Gamaya, a provider of large-scale monitoring and diagnostics of crop for precision agriculture, is one of the leading companies in the market. The company is focused on helping farmers and agriculture businesses alike, through collection of extensive space-born images. Besides Gamaya, a few of the other companies that are operating in the market are include:
Further Report Findings:
The global connected agriculture market is segmented on the basis of:
Value (USD billion)