What is the global market size of Connected Agriculture Market?

Connected Agriculture Market size was valued at USD 0.64 billion in 2021 and is poised to grow from USD 2.77 billion in 2022 to USD 12.03 billion by 2030, growing at a CAGR of 18.9% in the forecast period (2023-2030).

Connected Agriculture Market Size, Share, Growth Analysis, By Component(Solution, Platform and Services), By Platform(Device Management, Connectivity Management and Application Enablement), By Services(Consulting, Integration & Implementation and Support & Maintenance), By Application(Pre-Production Planning & Management (Field Mapping, Crop Planning and Yield Monitoring, Weather Tracking and Forecasting, Farm Labor Management and Equipment Monitoring and Maintenance)), By Region - Industry Forecast 2024-2031

Report ID: SQSG20H2004 | Region: Global | Published Date: July, 2024
Pages: 165 | Tables: 62 | Figures: 75

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Global connected agriculture market size was valued at USD 3.50 billion in 2022 and is poised to grow from USD 4.17 billion in 2023 to USD 16.88 billion by 2031, growing at a CAGR of 19.10% in the forecast period (2024-2031).

Due to the established players in this industry who are the innovators of IoT devices, the intense competition is considerable. As a result, a small number of enterprises control a large portion of the market. The prominent competitors are concentrating on tactics including alliances, purchases, agreements, product launches, and regional expansions. For instance, in order to drive the digital agricultural revolution of Africa, AGRA and major technology company Microsoft announced in May 2022 that they were expanding their relationship. '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.', 'Farmers Edge Inc.', 'Climate Corporation (The)', 'AgJunction Inc.', 'Taranis', 'Yara International ASA', 'Mavrx Inc.', 'Granular Inc.', 'Aerobotics', 'Agribotix LLC', 'The Yield Pty Ltd.'

The connected agricultural market is expanding as a result of the rising need for possible solutions to boost farmers' return produce. Additionally, a number of service providers are seen concentrating on the worldwide connected agricultural industry in order to supply their end consumers with simultaneous information. Furthermore, farmers are able to control their real-time spending thanks to mobile-based transaction service providers. This has helped the market for connected agriculture around the world continue to grow.

The need for crops is rising as the world's population rises. This aspect emphasizes the necessity of effective watering techniques. Smart irrigation techniques serve to minimize water loss brought on by the traditional system and regulate the quantity of water that reaches the plants. Around the world, 330 million hectares of land have irrigation systems. 20% of all farmed land is used for irrigation agriculture, although this sector is responsible 40% of all food produced globally. The World Bank is enhancing its overall strategy for water usage in agriculture in order to assist customers in taking steps toward agricultural water stewardship.

In 2021, majorly owing to the growing use of the technologies by small-scale farmers, North America accounted for the largest portion of the worldwide connected agriculture industry. Additionally, the farms in the area have modern farming equipment, which will help the market expand. During the projected period, increasing investments in cloud-based apps solutions and connected agriculture will also help this region connected agriculture market.

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