Global Connected Agriculture Market to Worth $7.24 Billion by 2028 | SkyQuest Sees Strong Demand Potential for Connected Devices to Mange Crops and Supply Chain
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.
One of the main reasons for the increasing popularity of the connected agriculture market is the tremendous potential it has to improve productivity and efficiency across the entire value chain. The physical infrastructure that underlies this sector—such as roads, storage facilities, and communication systems—is aging and in need of replacement or upgrading. By connecting Agricultural producers and distributors with buyers and researchers (both within and outside of the ag industry), companies can reduce costs and improve quality while accelerating innovation.
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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
The potential for connected agriculture is particularly significant in developing countries where people often lack access to reliable information and technology. SkyQuest projects that by 2030, almost 40% of all farming operations in the global connected agriculture market will be connected to the internet. One of the main reasons for this growth is that sensors are becoming increasingly affordable and efficient. For example, our study estimates that a small landholder in Africa could connect to the internet on a shared network and purchase a sensor to monitor land moisture content for $50 per year. Other benefits of connected agriculture include greater food security, reduced environmental damage, and increased economic productivity. For instance, farmers in Sub-Saharan Africa can use GPS data to identify areas where rainwater convergence has caused flooding. This information can then be used to optimize irrigation schedules.
But, Not Without Challenges
SkyQuest analysts offer their take on some of the key opportunities and challenges posed by connected agriculture market. There are a number of potential benefits to growing crops and livestock beyond one’s doorstep, including reducing transport costs, increasing access to niche markets, and mitigating food security concerns in regions 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
Connected agriculture solutions are being embraced by farmers and agricultural technology companies alike, as the industry anticipates increased demand for connected tools and services to manage crops and supply chains. Solutions like instant streaming of weather data, GPS tracking of livestock, and advanced analytics are opening up new possibilities for improving farming practices and increasing yields. Many agricultural technology companies in the global connected agriculture market are now offering connected solutions as part of their products, while other companies are beginning to develop connected agriculture solutions specifically for the agriculture market. Some of the most well-known companies in this space include Green manure company Bio 233, which offers a mobile app that sends alerts when pollen levels reach unhealthy levels; fertilizer company Adaptive Ammonia, which is working on a platform that will help farmers track crop yields; and Precision Planting Systems, which is developing a system that will use Artificial Intelligence to optimize planting 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)
- IBM (US)
- Microsoft (US)
- AT&T (US)
- Deere & Company (US)
- Accenture (Ireland)
- Cisco (US)
- Oracle (US)
- Iteris (US)
- Trimble (US)
- SMAG (France)
- SatSure (UK)
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