IoT in Agriculture Market

Global IoT in Agriculture Market Size (2024 to 2029)

The global IoT in agriculture market is predicted to reach USD 38.89 billion in 2024 and USD 49.64 billion by 2029, growing at a CAGR of 5% during the forecast period.

Over the last few decades, agriculture has changed from small to medium-sized farming to highly industrialized, commercial farming concentrated among a few large corporations. Growing crops and raising livestock and fish have become increasingly mechanized and computer-driven. This allows corporations to view agriculture as manufacturing in the sense that measurement, data, and control are essential for cost management, optimizing yields, and boosting profits. The Internet of Things (IoT) in Agriculture describes the use of technology in which agricultural planning and operations are linked in ways that were previously impossible without advancements in sensors, networking, data analytics, and other fields.

Global IoT in Agriculture Market Drivers:

Climate change plays a vital role in the effects of global agricultural production. It has been evident that we are moving towards extreme weather conditions, therefore, promote the implementation of IoT-based technology to maximize agricultural production. This is one significant factor that drives the IoT in the Agriculture market.

The increase in IoT in agriculture market size due to the rise in the global population, coupled with an increase in the adoption of advanced technology to optimize the quantity and quality of agricultural production, is expected to boost the adoption of IoT in the agriculture market during the forecast period.

Global IoT in Agriculture Market Restraints:

The agriculture industry is made up of several small players who provide solutions for the various stages of the value chain of agriculture. As some of the agricultural processes achieve economic viability, IoT in agriculture market growth is expected to be constrained during the forecast period.

GLOBAL IoT IN AGRICULTURE MARKET REPORT COVERAGE:

The research report on the Global IoT in Agriculture Market has been segmented and sub-segmented based on the offering, application, and region.

Global IoT in Agriculture Market Analysis - By Offering:

• Software

• Services

• Hardware

Based on the Offering, the services segment has the largest market globally and is growing at a significant CAGR. Service providers include companies providing farm operations services, data services, and farm data analytics to software companies or directly to farmers. Analytics tools help to deliver the right calls and warnings for farming operations in order to improve the decision-making ability of farmers. System integrator service providers are interested in troubleshooting and diagnosing farm management solutions, which also involve the development of new technologies related to software and hardware equipment.

Global IoT in Agriculture Market Analysis - By Application:

• Precision Farming

• Livestock Monitoring

• Precision Forestry

• Fish Farm Monitoring

• Smart Greenhouse

Based on the Application, the Precision farming segment accounts for the largest share of the IoT in the agriculture market during the forecast period. This rise in the market can be attributed to a growing focus on improving farm efficiency and productivity. Precision farming has the potential to change the idea of agriculture for better, making traditional agriculture more productive and predictable. In precision farming, farmers can use different software and hardware tools to collect farm-related data that would help them make better choices and increase the productivity of their land and crops.

Global IoT in Agriculture Market Analysis – By Region:

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa

Based on the Region, North America dominates the global market followed by Europe. European farmers are already using smart agriculture innovations such as yield tracking, GSP guidance and steering, variable-rate deployment, and plant scouting. The rate of adoption of animal tracking, dairy cattle management, and other livestock monitoring technologies is high in Germany. The UK focuses on transforming its IoT agriculture environment by entering a new age of technological developments to meet the rising demand for food, rapid climate change, shifting diets, and increasing lack of natural resources.

KEY PLAYERS IN THE MARKET:

1. Cisco Systems, Inc

2.  Telit

3. Hitachi, Ltd

4.  Decisive Farming

5. On Farm Systems Inc

6.  International Business Management Corporation (IBM)

7. Trimble Inc

8. SlantRange, Inc

9.  Farmers Edge Inc

10. The Climate Corporation

RECENT DEVELOPMENTS:

• John Deere has developed a leading approach to precision farming technology through advanced communications and telematics, onboard sensors and computers, and accurate global navigation satellite systems technology. It allows farmers to control input and yield costs better, enhance soil quality, reduce chemical usage, and gather information.

Global IoT in Agriculture Market Research Report Key Highlights:

• Evaluation of the current stage of market and future implications of the market based on the detailed observation of recent key developments.

• Address the matter by better understanding the market size estimates through CAGR analysis to forecast the future market.

• Comprehensive segmentation of the market, the detailed evaluation of the market by further sub-segments.

• Address Market Drivers, Restraints and providing insights for gaining market share.

• Porter’s Five Forces are used to analyze the factors responsible for the shaping of the industry as it is a result of the competitive environment.