The "Connected Agriculture Market - Forecasts from 2018 to 2023" report has been added to ResearchAndMarkets.com's offering.
The global connected agriculture market is projected to witness a compound annual growth rate of 19.14% over the forecast period to reach a total market size of US$2.950 billion by 2023, growing from US$1.031 billion in 2017.
Connected agriculture enhances farmers' capability to conduct financial transactions easily and provide easier access to agricultural information in rural areas. Due to radical changes in agriculture policy in both developed and developing regions, implementation of advanced agricultural technologies has proved to raise the purchasing power and living standards of farmers. Major growth drivers of global connected agriculture market include high investments in rural infrastructure projects and increasing public-private partnership (PPP) projects in the agriculture sector.
Rising demand for agri-mobile driven solutions to raise farmers' revenue is further fueling the demand for more connected agriculture solutions provided by the telecom sector so that real-time data can be provided to end-users. Thus, rising incomes have increased the number of monetary transactions that take place, thereby escalating the demand for mobile payment services in the agriculture sector in developed regions. This rise in demand is further supported by the increasing number of smartphone users worldwide, leading to the growth of the global connected agriculture market.
Developing regions are projected to witness a significant growth of connected agriculture during the forecast period owing to many smartphone users and implementation of various agri-mobile based solutions by major telecom operators to raise farmers' income as well as reduce the loss of nutritional value of the producution during transit. However, the growth of the global connected agriculture market is hindered by a lack of awareness regarding innovative solutions in remote areas and lack of infrastructure for connected agriculture.
Competitive intelligence and company profiles sections deal with major players in the market, their market shares, products, growth strategies, financials, and recent investments among others.
Key companies profiled in this report are Vodafone, SAP, Trimble Navigation, and SAGE among others.