Connected Agriculture Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

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According to the United States Department of Agriculture, the average farm size in 2017 was 444 acre, which takes a lot of time to monitor and check. In addition, the world needs to increase food production by almost 50% by 2050 to feed a population of nine billion, as per the Food and Agriculture Organisation of the United States. Thus, the demand for connected agriculture is bound to grow in the future.

- There are a number of applications of drone technology convergence with advanced image data analytics that can be utilized in the agriculture industry. Drones fitted with infrared, multispectral, and hyperspectral sensors can analyze crop health and soil conditions precisely and accurately. The drones, such as the DJI Agras MG-1 (DJI, 2017), are designed for precision variable rate application of liquid pesticides, fertilizers, and herbicides.

- the demand for smart water practices is also a major factor dominating the market. Agriculture accounts for on an average 70% of all water extraction globally and even a higher share of consumptive water use because of the evapotranspiration requirements of crops. More ...
... productive and resilient agriculture requires a major shift in the way water, soil, nutrients, and other agricultural resources are managed.

- However, there is a steep learning curve for the farmers, especially in the countries where the literacy level is low. This is because connected agriculture involves setting up of IoT architecture and sensor networks. Getting the farmers thoroughly acquainted with the concept of smart farming and the tools/devices involved in it is of utmost importance.

Key Market Trends

Smart Irrigation to Dominate the Market

- As the global population increases, there is an increasing demand for crops. This factor highlights the need for smart irrigation practices. Smart irrigation practices help to decrease the loss of water caused by using the traditional system as well as control the amount of water flowing into the plants.

- About 330 million hectares of land worldwide are equipped for irrigation. Irrigated agriculture represents 20% of the total cultivated land, but contributes to 40% of the total food produced worldwide.

- In order to support the clients in moving toward agricultural water stewardship, the World Bank is strengthening its overall approach to water usage in agriculture.

- The Bank's work on water in agriculture is supported by the Water in Agriculture Global Solutions Group (GSG), a membership-based organization that provides services to its members and other stakeholders interested in enhancing the way water is used in agriculture, in terms of sustainability, productivity, and equity.

Asia-Pacific to Witness the Highest Growth

- There have been latest cases of drones being used in agriculture in the APAC region that stress their popularity. For instance, the Indian state of Maharashtra signed a partnership with the World Economic Forum (WEF) Centre for the Fourth Industrial Revolution for exploring the use of drones for various governmental services, especially agriculture.

- The Department of Agriculture (DA) in the Philippines is evaluating the potential of drones in changing the way the seeds are planted, the way fertilizers and pesticides are applied, and the way crops are monitored. Moreover, the ministry of Japan set a goal to introduce agricultural drones for about half of the land planted with rice, wheat, and soy across Japan by 2022.

- In addition, the Digital Directory, created in partnership with the Inclusive Business Action Network (iBAN), a global initiative focused on scaling up inclusive business models, serves to make the digital solutions more visible to the farmers and other agricultural stakeholders in Southeast Asia.

- All the aforementioned factors are expected to contribute significantly to the growth of the market in the region over the forecast period.

Competitive Landscape

The entry barrier for this market is high, due to the already existing players who are the pioneers in IoT devices. Hence, the market is concentrated with a few of the companies dominating the market.

- December 2018 - IBM partnered with Hello Tractor (on-demand mobile platform providing tractors) to include several technologies, including the Watson Decision Platform for Agriculture, blockchain, the Internet of Things (IoT) and IBM Cloud, to the app.

- November 2018 - Microsoft teamed up with the airborne remote sensing and analytics firm, SlantRange, to develop powerful and scalable aerial measurement and data solutions for the global agriculture market.

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