Connected Agriculture Global Market Report 2024

The global connected agriculture market has grown rapidly in recent years. It will grow from $3.1 billion in 2023 to $3.63 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. The growth in the historic period can be attributed to several factors, including the increasing global population, the demand for sustainable agriculture practices, government initiatives and subsidies, concerns related to climate change and weather variability, the globalization of agriculture markets, and improvements in connectivity infrastructure.

The global connected agriculture market is expected to see rapid growth in the next few years. It will grow to $6.53 billion in 2028 at a compound annual growth rate (CAGR) of 15.8%. The growth in the forecast period can be attributed to a focus on soil health monitoring, efforts to bridge the digital divide, emphasis on yield optimization, environmental conservation initiatives, and the adoption of smart irrigation systems. Major trends in the forecast period include the widespread adoption of IoT technologies, precision farming practices, the use of drones and UAVs, smart irrigation systems, the integration of farm management software, the emergence of agri-tech startups, and the use of telematics in equipment monitoring.

Increasing demand for crops is expected to propel the growth of the connected agriculture market going forward. Crops, in agriculture, refer to a plant or plant product that can be widely cultivated and harvested for income or dietary needs. Connected agriculture helps boost crop yields from existing land by tracking, evaluating, controlling, and ultimately enhancing crucial agricultural processes at all points in the farming cycle. For instance, India sets the target for total food grain production at 328 million tons for the years 2022-23, compared to 316 million tons of total food grain production in 2021-22. Therefore, increasing demand for crops will drive the growth of the connected agriculture market.

The connected agriculture market is poised for growth, driven by the increasing demand for advanced farming solutions. This trend encompasses a spectrum of innovative technologies and practices aimed at enhancing the efficiency, sustainability, and productivity of agricultural operations. The synergy between advanced farming solutions and connected agriculture empowers farmers to achieve higher productivity, sustainability, and overall operational efficiency. Notably, in February 2023, Agtonomy, a US-based ag tech software company, unveiled its TeleFarmer Solution, allowing farmers to remotely execute labor-intensive field tasks like weeding, spraying, mowing, and transporting. This solution addresses labor shortages and rising costs, presenting a significant advancement in the connected agriculture sector.

In the connected agriculture market, technological advancements have emerged as a prominent trend, with major companies prioritizing innovation to maintain their market position. An illustrative example is John Deere, a US-based manufacturer of agricultural machinery, introducing 'Work Planner' as a centralized tool to its operations center platform in January 2021. This tool streamlines fieldwork by providing operators with a pop-up window containing the work plan for a specific field, facilitating easy data collection. The 'Work Planner' contributes to improved monitoring of equipment and fieldwork, offering enhanced connectivity through the Operations Center mobile app.

Furthermore, strategic collaborations are playing a pivotal role in the connected agriculture market, aiming to provide farmers with valuable insights, time-saving connectivity, and seamless integration with mixed-brand fleets. A notable collaboration occurred in November 2022 when Trimble Agriculture, a US-based provider of connected precision farming solutions, partnered with xFarm Technologies, an Italy-based startup focusing on SaaS solutions for agriculture's digital transformation. This collaboration enables Trimble to offer farmers additional efficient solutions through integration with the xFarm smart farming app.

In November 2021, CNH Industrial N.V., a UK-based equipment and services company, acquired Raven Industries for $2.1 billion. This strategic acquisition is expected to bolster CNH Industrial's precision agriculture capabilities, scale, and global market position in agriculture equipment. Raven Industries Inc., the acquired company, is a US-based leader in connected agriculture, manufacturing precision agriculture products, high-altitude balloons, plastic film and sheeting, and radar systems. This acquisition reflects the ongoing consolidation and strengthening of key players in the connected agriculture market.

Major companies operating in the connected agriculture market report are Cisco Systems Inc., IBM Corporation, SAP SE, Trimble Navigation Ltd., Vodafone PLC, Microsoft Corporation, American Telephone and Telegraph Inc., Deere & Company, Iteris Inc., Ag Leader Technology, Decisive Farming Corp., SWIIM System Ltd., Oracle Corporation, Fujitsu Limited, Hexagon AB, Raven Industries Inc., Topcon Corporation, AgJunction Inc., Agribotix LLC, CropX Inc., Granular Inc., PrecisionHawk Inc., The Climate Corporation, TerrAvion Inc., Descartes Labs Inc., Farmers Edge Inc., Mavrx Inc., Sentera Inc., Absolute Agronomy LLC, AgNext Technologies Private Limited, DeHaat, Cropin Technology Solutions, and RML AgTech Pvt. Ltd.

North America was the largest region in the connected agriculture market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the connected agriculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the connected agriculture market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary components of connected agriculture include solutions, platforms, and services. Solutions encompass various technologies distributed via the internet or the cloud, enabling farmers and agricultural experts to enhance crop yields and quality, automate repetitive tasks, and generate valuable data across the organization. Platforms consist of device management, application enablement, and connectivity management, supporting applications such as farm planning and management, smart logistics, agriculture finance, and smart irrigation.

This report provides connected agriculture market statistics, including connected agriculture industry global market size, regional shares, competitors with a connected agriculture market share, detailed connected agriculture market segments, market trends and opportunities, and any further data you may need to thrive in the connected agriculture industry. This connected agriculture market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The connected agriculture market consists of revenues earned by entities by providing connected agriculture services such as animal tracking and navigation, feed management, telematics solutions, and others. The connected agriculture market also includes sales of sensors, measuring probes, disc harrows, and GPS/GNSS equipment that are used in providing connected agriculture services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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