The global connected agriculture market size is set to reach $7.22bn by the end of 2026. Researchers predict the demand for smart water management will be a catalyst of this.
According to a report published by Fortune Business Insights, the market was worth $1.84bn in 2018 and will exhibit a CAGR of 19.1% during the forecast period, 2019-2026.
The increasing demand for inventory and labour management in agricultural activities will create a wide adoption of connected agriculture across the world. Recent technological advancements in these systems have yielded products of high calibre.
A few of the latest connected agriculture systems cater to the environmental-preservation needs. The increasing awareness regarding water consumption and shortages and contributions from government as well as private organisations will have a direct impact on the market in the coming years. Use of automated concepts such as artificial intelligence and machine learning have allowed improved efficacy. The rising demand for maximum product efficacy with minimum energy consumption will emerge in favour of the companies operating in this market.
The report provides a thorough analysis of the global Connected Agriculture Market across five major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. It analyses the ongoing trends in each of these regions and highlights the products that have witnessed the highest demand. Besides this, it highlights the factors that have had the highest impact on the market in recent years. The competitive landscape has been discussed in detail and predictions have been made with respect to leading companies and the strategies adopted by these companies. Moreover, the report includes market figures for a forecast period of 2019-2026.
What’s driving the market?
Increasing demand for smart water management: With regard to the ongoing issues surrounding global warming and excessive use of energy resources across the world, water saving is the focus of attention among major businesses and activists around the world. Water shortages across the world have brought about the need for sustainable devices and products favouring less consumption and maximum output. The use of connected agriculture caters to the aforementioned factors.
Increasing penetration of smartphone and internet: As connected agriculture includes the use of smartphone and applications; the increasing usage of internet creates a huge platform for market growth. In a bid to establishing a stronghold in the market, several companies are promoting the use of connected agriculture equipment by developing mobile phone applications. This will not only help the company generate substantial market revenue but will encourage the use of connected agriculture devices across the world.
