According to a new market research report, "Connected Agriculture Market by Solution (Agricultural Trading, Tendering and Bartering), Application (Smart Logistics and Irrigation), Services, & Region – Global Forecast to 2020", published by MarketsandMarkets, Connected Agriculture Market is expected to grow from USD 353.5 million in 2015 to USD 1,090.8 million by 2020, at a Compound Annual Growth Rate (CAGR) of 25.3 percent during the forecast period. In the current scenario, North America is expected to be the largest market in terms of market size and technological advancements.
Agricultural policy has undergone major up gradation in developed as well as developing regions. Many developed regions have started implementing agricultural technologies which have improved the overall standard of living of the farmers. With the increase in the adoption of technology for various functions by organisations and end users across the world, the demand for hassle-free monetary transactions has increased. Thus, the adoption of agri-mobile based technology has affected the demand for agricultural labour and the income of farm and nonfarm households in rural areas.
Mobile technologies have particularly created a positive impact in developed regions. This has directed the regulating bodies in North America and Europe to adopt the agri-mobile based solutions to enhance the farmers’ revenue. As a result, telecom providers are shifting towards connected agriculture solutions to provide real-time information to the end users. However, the developing countries are still unaware of the connected agriculture solutions and their resulting benefits which acts as a restraint in this market. Since, mobile-based payment solutions are more secured way of payment, as the farmer can trace the payment on real time basis. Nowadays, mobile-based payment solutions are providing good opportunities for the growth of the Connected Agriculture Market by improving the farmer’s ability to receive and transfer payments seamlessly in rural areas.
Furthermore, the Connected Agriculture Market remains competitive with the presence of a large number of vendors. Some of the major vendors in the Connected Agriculture Market are Cisco, Vodafone, Microsoft, SAGE, SAP, Trimble Navigation, and Orange, among others.