BANGALORE, India | 17th July 2020: Global Agriculture IoT Market size was valued at USD 16,330 Million in 2017 and is projected to reach USD 48,714 Million by 2025, growing at a CAGR of 14.7% from 2018 to 2025.
In the agriculture industry, IoT incorporates advanced technological tools, systems, equipment, and solutions to enhance operational efficiency, maximize yield and minimize energy wastage through real-time field data collection, data storage, data analysis, and platform development.
One of the major factors that are expected to increase the Agriculture IoT Market size is the efforts of various governments of the countries across the globe to increase the quality and quantity of agriculture production. Shortages in skilled labour in advanced countries are pushing automation in the agriculture sector.
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TRENDS INFLUENCING THE AGRICULTURE IOT MARKET SIZE
- Factors such as an increase in the global population and a rise in food demand have fuelled the adoption of new technologies to maximize agricultural production. This is expected to be one of the major factors that are driving growth in the Agriculture IoT Market.
- Climate change plays an important role in affecting global agricultural growth. Severe weather conditions are thus helping to implement IoT-based technologies to improve agricultural production.
- According to recent estimates from the United Nations, by 2050, the global population is projected to hit 9.8 Billion, with an estimated population growth of about 83 Million. The growing population is in turn increasing the food demand there by prompting farmers to either increase the amount of agricultural land to grow crops or increase productivity on existing agricultural land by introducing new methods such as precision farming. This factor is expected to fuel the growth of the Agriculture IoT Market.
- Several government agencies have implemented awareness campaigns, policy changes, and private-sector links to promote smart farming in their respective regions. This, in turn, is expected to increase the Agriculture IoT Market size.
- Many farming societies are unaware of the internet of things due to which IoT is less commonly adopted in agriculture. Farmers are not given sufficient awareness about the use of IoT in agriculture, and this factor is limiting the growth of the Agriculture IoT Market size.
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AGRICULTURE IOT MARKET SHARE ANALYSIS
- The agriculture IoT market for services is expected to grow at a higher CAGR during the forecast period. Service providers include businesses offering farm management services, computer processing, and farm data analytics to tech companies or farmers directly. Analytics tools help provide appropriate calls and warnings on farming operations to enhance the farmers’ decision-making ability.
- Precision Farming to account for the largest share of the agriculture IoT market during the forecast period. This rise in the market can be attributed to the rising emphasis on improving farm production and productivity. Precision agriculture has the ability to change the agricultural paradigm by making conventional farming practices more productive and predictable.
- In 2017, Asia-Pacific held the largest Agriculture IoT Market share. This dominance is due to population growth, coupled with increased food demand in the region. Furthermore, the government’s initiative to use remote sensing technology to gather ground data and satellite imagery to detect agricultural conditions in different regions is expected to further improve the demand growth.
- During the forecast period, Europe is projected to hold the second-largest Agriculture IoT Market share. European farmers are already using smart agricultural technologies such as yield tracking, GNSS technology in guidance and steering, variable rate application, and crop scouting.
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INTERNET OF THINGS (IOT) IN AGRICULTURE KEY MARKET SEGMENTS
By System
- Automation and control systems
- Sensing and monitoring devices
- Livestock monitoring hardware
- Fish farming hardware
- Smart greenhouse hardware
- Software.
By Application
- Precision farming
- Livestock monitoring
- Smart greenhouse
- Fish farm monitoring.
Some of the Major Players Analyzed in the Global Agriculture IoT Market Report Include
- Cisco Systems, Inc.
- International Business Management Corporation (IBM)
- Telit, Hitachi, Ltd
- Decisive Farming
- Trimble Inc.
- OnFarm Systems Inc.
- Farmers Edge Inc
- SlantRange, Inc.
- The Climate Corporation.
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