According to a comprehensive research report by Market Research Future (MRFR), “Global IoT in Agriculture Market information by Components, by Application and Region – forecast to 2027” market size to surpass USD 36 Billion by 2026 at a CAGR of 13%.
IoT in Agriculture Market Scope: Rising demand for agricultural production due to rising population, increased adoption of Internet of Things (IoT) and Artificial Intelligence (AI) technology by farmers and growers, and an emphasis on livestock monitoring and disease detection to boost farming efficiency are a few main factors driving the growth of this market.
Dominant Key Players on IoT in Agriculture Market Covered Are:
- Precisionhawk Inc. (US)
- Deere & Company (US)
- Dickey John (US)
- Grownetics (US)
- Shivrai Technologies Pvt. Ltd (India)
- CropIn (US)
- Rapidsoft Technologies Pvt. Ltd (US)
- Scicrop (Brazil)
- Trimble Inc. (US)
- Raven Industries (US)
- IBM Corporation (US)
- Topcon Corporation (Japan)
- Proagrica (US)
- AG Leader Technology (US) Hexagon Agriculture (Sweden)
- Descartes Labs (US)
- DuPont Pioneer (US)
- Tigercat (US)
- Tree Metrics (Ireland)
- Decisive Farming (Canada)
- Cainthus (Ireland)
- Sky (Canada)
- Autonomous Tractor Corporation (US)
- Nileworks Inc. (Japan)
- Gamaya (Switzerland)
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Market USP exclusively encompassed: IoT in Agriculture Market Drivers The World Economic Forum released a study that stressed IoT-based farming to maximize the use of water and pesticides. Smart robots, blockchain, and the Internet of Things are projected to be used in the future to produce synthetic foods for personalized nutrition. Precision agriculture technologies that use machine vision, big data analytics, and advanced robotics will allow farmers to apply the optimal number of inputs for each crop and assist with livestock and aquaculture management, increasing yields while decreasing water use and greenhouse gas emissions. Precision farming and IoT-based agriculture are projected to support 80–150 million farmers by 2030. Crop production is projected to increase by 100-300 million tonnes, with 5-20 million fewer megatonnes of CO2-equivalent released. In addition, water usage is expected to fall by 50-180 billion cubic meters. The widespread implementation of advanced agricultural technology has resulted in the 4th Industrial Revolution, which is expected to significantly increase crop yield while lowering production costs. Other factors driving the growth of the global IoT in agriculture market include the need for efficient farming and increased government involvement in the promotion of farming technologies.
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Segmentation of Market Covered in the Research: The global IoT in the agriculture market has been segmented based on components and applications.
By component, the global IoT in agriculture industry has been divided into software, system, and services. Sensing and monitoring systems, fish farming systems, livestock monitoring systems, smart greenhouse systems, automation and control systems, and others are all part of the system segment. Soil sensors, yield monitors, water sensors, climate sensors, and other sensing and monitoring systems have been listed. GPS/GNSS, sensors, and other components are used in fish farming systems. RFID tags and readers, sensors, GPS, control systems, and other components include livestock monitoring systems. Flow and application control devices, irrigation controls, drones/UAVs, GPS/GNSS systems, guidance and steering, handheld mobile devices/handheld computers, displays, and others are also included in the automation and control systems segment.
Based on application, the global IoT in the agriculture market has been divided into livestock monitoring, integrated pest management, precision crop farming, indoor farming, aquaculture, water supply management, and others.
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Regional Analysis The geographic analysis of the global IoT in the agriculture market has been conducted for North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
North America has the largest share of the smart farming market since vendors in this area invest heavily in R&D, which has resulted in technological advances in sensing and monitoring systems, automation and control systems, and the use of IoT sensors for livestock monitoring, precision crop farming, indoor farming, and other purposes. Because of its high digitalization in the agriculture sector, the United States leads the market in North America, and it is estimated that nearly 80% of farmers use smart farming technology. Extreme weather conditions caused by climate change, as well as the loss of arable land, have resulted in widespread adoption of IoT for increasing the quantity and quality of crop yield.
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COVID-19 Impact on the Global IoT in Agriculture Market The ongoing COVID-19 outbreak has undoubtedly had an effect on the industrial sector, as most manufacturing activities have been temporarily halted, resulting in a significant slowdown in production. Prior to the outbreak, several companies adopted different advanced technologies as a result of Industry 4.0. However, due to the sudden emergence of the COVID-19 pandemic, these same industries have halted ongoing development and projects. Furthermore, the immediate financial effect, especially on farmers, has resulted in a significant reduction in non-essential spending and investment. Many of the emerging Industry 4.0 technologies fall into the category of non-essential business activities.
Farmers and large farm owners are currently focusing on their core operations, which have side-tracked the process of mechanization or digitization of farming. However, the scenario is likely to improve in the coming years. Farmers would be encouraged to follow agriculture IoT as production pressures increase, resources become scarce, and a professional and trained workforce becomes scarce. Furthermore, government subsidies, declining IoT hardware costs, and consistent advancements in IoT technology sophistication are expected to encourage more farmers to implement agriculture IoT during the COVID-19 recovery phase.
Competitive Landscape The growing application of IoT in agriculture has increased market competition among vendors. Major players have chosen alliances and new product production as their primary organic growth strategies in order to strengthen their market positions and meet the needs of farmers and agriculturists.
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Source: https://www.globenewswire.com/en/news-release/2021/08/10/2278183/0/en/IoT-in-Agriculture-Market-to-Touch-USD-36-Billion-at-a-CAGR-of-13-by-2026-Report-by-Market-Research-Future-MRFR.html
