Connected Agriculture Market is Slated to Expand at 19.10% CAGR by 2031; Penetration of Digital Technologies to Aid Growth

Skyquest Technology

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).

The agriculture industry has been evolving rapidly around the world as the need for better agricultural yield and output increases. Increasing penetration of digital technologies and high adoption of smart and precision farming practices are slated to boost the demand for connected agriculture over the coming years. Growing awareness regarding the benefits of connected agriculture adoption among farmers will also foster new market growth potential in the future.

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Top Players in the Connected Agriculture Market

• 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.

Advancements in IoT (Internet of Things) technology and growing demand for automation in the agriculture industry are slated to create new opportunities for connected agriculture companies. The launch of supportive government initiatives to improve agricultural outcomes and support agrotech companies will also help bolster market development over the coming years. Moreover, the high demand for sustainability in agriculture is also slated to create room for innovation for connected agriculture providers going forward.

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Segments covered

Component

Solution, Platform and Services

Platform

Device Management, Connectivity Management and Application Enablement

Services

Consulting, Integration & Implementation and Support & Maintenance

Application

Pre-Production Planning & Management (Field Mapping, Crop Planning and Yield Monitoring, Weather Tracking and Forecasting, Farm Labor Management and Equipment Monitoring and Maintenance), In-Production Planning & Management (Water and Irrigation Management, Breeding & Feed Management, Crop Scouting, Production Monitoring & Maintenance, Animal Tracking & Navigation and Agri Finance & Insurance Management), And Postproduction Planning & Management (Processing, Inventory Management, Transportation and Quality Assurance and Control)

Taking a Unique Approach to Promote Connectivity in Agriculture Takes Precedence

Connected agriculture companies are projected to focus on taking a unique approach to incorporate connected technology in the agriculture industry. Creating awareness regarding the potential benefits of connected agriculture use is estimated to be a key priority for all connected agriculture providers. Targeting the developing and underdeveloped economies where agriculture is a massive industry will also pay off big time for connected agriculture companies. Meanwhile, connected agriculture companies are also trying to innovate and come up with different connected agriculture offerings to maximize their business scope and market presence. Collaborations, innovation accelerators, and high investments in R&D are some other strategies that connected agriculture market players can opt for in the long run. Creating connected agriculture products that also promote sustainability will also help connected agriculture companies maximize their revenue generation across the study period and beyond.

• Back in September 2022, John Deere, a leading provider of agricultural products and solutions, released a request for proposal (RFP) to the satellite industry. The company intended to provide always-on connectivity for its agricultural machines through a satellite service to capitalize on the growing popularity of connected agriculture.
• In March 2023, Syngenta, a renowned name in the agrichemical business launched a new platform to support innovation and collaboration in the agricultural technology space. Shoots by Syngenta initiative was also aimed at resolving major challenges faced by the agriculture industry whilst also acting as a start-up accelerator for innovation.
• In October 2021, AgroStar, a new agricultural technology company based in India, launched a new mobile application to connect farmers and agridoctors. From educating to counseling, AgroStar’sagridoctors help farmers in every possible way to adopt progressive farming practices and technologies offered by AgroStar.
• In November 2020, Telus Agriculture, a new business unit of Canadian telecom company Telus was launched. The newly formed business was intended to focus on providing novel connected agriculture solutions and was using expertise from 7 companies that Telus previously acquired that were working in the agriculture industry.

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The global connected agriculture market is still in its initial stages and this why remains highly opportune for almost all connected agriculture companies. The growing use of IoT technology will be a major trend that will augment the global connected agriculture demand outlook. Developed countries are slated to be the most opportune markets at the moment but the trend is expected to change in favour of developing countries by the end of 2031.

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