Global connected agriculture market size was valued at USD 3.35 billion in 2021, and it is expected to reach a value of USD 7.24 billion by 2028, at a CAGR of 17.07% over the forecast period (2022–2028).
Westford, USA, Dec. 19, 2022 (GLOBE NEWSWIRE) -- A major report by the market research firm SkyQuest details the potential for the connected agriculture market to grow rapidly, as farmers harness new technologies to improve crop production. We define the connected agricultural industry as those that are 'connected to one another and to the internet,' through sensors and embedded systems. The report finds that embedded technology and data analytics can help farmers increase crop yields, track vital data about their crops, manage irrigation systems more effectively, and optimize fertilization regimens. The Embedded technology also has the potential to improve consumer outcomes. For example, it could allow consumers to directly purchase products from growers who have been certified as meeting specific environmental or social criteria. In addition, smart irrigation systems could automate watering schedules based on weather conditions or crop needs, reducing water waste.
The connected agriculture market has gained popularity due to its enormous potential to increase productivity and efficiency throughout the entire value chain. This sector's physical infrastructure, including roads, storage facilities and communication systems, is aging and in dire need of upgrading or replacement. Companies can improve their quality and reduce costs by connecting agricultural producers with distributors and buyers.
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In order to take full advantage of these opportunities, companies will need to adopts heterogeneous architectures that can support a wide range of operations from small-scale producers to large global brands. They will also need to develop deep expertise in specific technologies such as machine learning and big data analytics, as well as SAP HANA or other database solutions. Finally, they will need to build powerful partnerships with other industries in order to tap into their collective knowledge base.
High Potential for Connected Agriculture Market in Developing Nations
Connected agriculture has great potential in developing countries, where many people lack reliable information and technology. SkyQuest predicts that almost 40% of global connected agriculture market farmers will be connected by 2030. This is due to the fact that sensors are becoming more affordable and more efficient. Our study found that an African small-scale landowner could connect to the internet via a shared network to purchase a sensor to measure soil moisture for $50 per year. Connected agriculture can also provide greater food security, less environmental damage, and higher economic productivity. Sub-Saharan African farmers can use GPS data for identification of areas where rainwater convergence has led to flooding. This information can be used to optimize irrigation schedules.
But, Not Without Challenges
SkyQuest analysts share their thoughts on the key challenges and opportunities presented by the connected agriculture market. Growing crops and livestock outside of one's home can have many benefits, such as reducing transport costs, increasing access niche markets, and mitigating food insecurity concerns in areas with chronic shortages.
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However, it is also important to consider the challenges that come with expanding agricultural connectivity. For example, increased market volatility could lead to discrepancies in prices between different parts of the world, while new cyber-security threats may make it difficult or even impossible for farmers to monitor their equipment and data remotely. To overcome these hurdles, growers will need to adopt innovative approaches such as automated farming and data sharing mechanisms that both mitigate risks and help them capitalize on opportunities.
Overall, SkyQuest's analysts believe that connected agriculture market has the potential to revolutionize how we produce food globally. However, they urge policymakers and technologists to continue working together aspiring to create an even more inclusive agricultural sector that benefits everyone involved – from farmers in developing countries who are able to improve their livelihoods and nutritional status, to consumers in developed nations who can feel confident that what they eat is safe and sustainable.
Connected Agriculture Market to Witness Strong Demand to Mange Crops and Supply Chain
As the agricultural technology industry anticipates an increase in demand for connected tools to manage crop and supply chain management, farmers are embracing connected agriculture solutions. Advanced analytics, instant streaming of weather data and GPS tracking of livestock are all possibilities to improve farming practices and increase yields. Connected solutions are offered by many agricultural technology companies. Other companies are developing connected agriculture solutions for the market. One of the biggest players in this market is Bio 233, a green manure company that provides an app that alerts farmers when their pollen levels are too high. Adaptive Ammonia is developing a platform to help farmers track their crop yields. Precision Planting Systems is currently working on a system that uses Artificial Intelligence (AI) to optimize plant patterns.
Connected agriculture market has the potential to transform the way farmers operate by providing them with real-time information about weather conditions and crops; however, there are still some kinks to be worked out before these systems can be fully adopted by farmers. For example, some farmers may be resistant to installing hardware on their farms, while others may not have access to the necessary data networks. Additionally, there is still some uncertainty over how monetary value will be assigned to data collected via connected agriculture solutions, an issue that needs to be addressed before widespread adoption can take place.
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Major Players in Global Connected Agriculture Market
SAP SE (Germany).
Deere & Company (US)
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Global Robotic Lawn Mower Market
Global Sprinkler Irrigation System Market
Global Agriculture Equipment Market
Global Food Processing And Handling Equipment Market
Global Grain Processing Equipment Market
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
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