According to a new market research report “Connected Agriculture Market by Solution (Network Management, Smart Water Management), Service, Platform (Device Management, Application Enablement), Application (Farm Planning & Management, Agricultural Finance), and Region – Global Forecast to 2021“, published by MarketsandMarkets, the market size is estimated to grow from USD 1.34 Billion in 2016 to USD 3.06 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 17.9%.
The major forces driving this market are the growing need for food globally owing to rise in population and increase in unpredictability of weather. In addition, the need for efficient management of water to avoid wastage of water is expected to boost the adoption of connected agriculture solutions.
Smart water management solutions to grow at the highest CAGR in the Connected Agriculture Marketduring the forecast period.
Smart water management systems make it easy to provide crops with the exact amount of water they need, thereby maintaining optimal health of the crops. The system takes help of sensors which indicate moisture and heat level of the soil, assisting the water management system to provide appropriate amount of water and avoiding wastage of water. Furthermore, with the support of sensors, the irrigation system can also be customized to provide a particular amount of water in accordance with the type of crop.
Professional services segment is expected to hold the largest market share in the Connected Agriculture Market during the forecast period
Professional services are offered through specialists or professionals for technical support. These include consulting services, integration & deployment services, and support and maintenance services. The professional service providers offer comprehensive services via the latest techniques and tools, skills, knowledge, and strategies, as per the farm needs. They also offer customized implementation, risk assessment, and assist with integration and deployment via industry-defined best practices. Professional services in end-to-end implementation of connected agriculture practices involve the procedure of consulting for identifying key implementation areas, integration of the connected agriculture systems according to it, and finally providing support and maintenance to the complete connected system.
North America is expected to contribute the largest market share; Asia-Pacific (APAC) to grow at the highest CAGR
North America is expected to hold the largest market share and would dominate the Connected Agriculture Market from 2016 to 2021, due to extensive farming activities in the region and rapid adoption of technology by farmers in the region. North America has been witnessing growing trends such as remote monitoring and smart water management system to effectively monitor the crop health and utilize water with efficiency. APAC offers potential growth opportunities for the Connected Agriculture Market to grow, as countries in the region are emphasizing heavily on acceptance and implementation of connected agriculture practices. APAC is witnessing the growth in adoption of this market primarily due to awareness of the need for reliable and efficient farm management solutions.
The major vendors in the Connected Agriculture Market include Cisco Systems, Inc. (U.S.), IBM Corporation (U.S.), PTC, Inc. (U.S.), SAP SE (Germany), and Trimble Navigation Ltd. (U.S.).
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