The global market for Internet of Things (IoT) in Agriculture was estimated at US$17.7 Billion in 2023 and is projected to reach US$31.2 Billion by 2030, growing at a CAGR of 8.5% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
Global Internet of Things (IoT) in Agriculture Market - Key Trends and Drivers Summarized
How Is Internet of Things (IoT) Revolutionizing Agriculture?
The Internet of Things (IoT) is transforming agriculture by enabling smart farming techniques that improve crop yields, reduce resource consumption, and enhance operational efficiency. IoT devices, such as soil sensors, drones, and smart irrigation systems, allow farmers to monitor crop health, soil moisture levels, and weather conditions in real-time, making data-driven decisions that optimize farm management. Precision agriculture, powered by IoT, enables farmers to apply the right amount of water, fertilizer, and pesticides, reducing waste and lowering costs. Additionally, IoT solutions help automate tasks such as irrigation, fertilization, and pest control, freeing up time for farmers and improving overall farm productivity. These innovations are crucial for addressing the challenges of feeding a growing global population while minimizing environmental impact.How Are Technological Advancements Shaping the IoT in Agriculture Market?
Technological advancements in sensor technology, AI, and satellite imagery are driving the adoption of IoT in agriculture. Advanced sensors can now collect detailed data on soil health, crop conditions, and environmental factors, providing farmers with actionable insights to optimize their operations. AI and machine learning algorithms analyze this data to predict weather patterns, disease outbreaks, and crop yields, enabling more informed decision-making. Drones equipped with high-resolution cameras and multispectral sensors are being used for aerial surveillance of large farms, helping farmers detect issues such as water stress or pest infestations early. Moreover, cloud computing and edge computing solutions allow farmers to access and analyze their farm data from anywhere, improving their ability to respond to changing conditions in real time.How Do Market Segments Define the Growth of IoT in Agriculture?
Components include hardware, software, and services, with hardware such as sensors, drones, and IoT-enabled machinery leading the market due to their critical role in data collection and automation. Applications include precision farming, livestock monitoring, and smart irrigation, with precision farming being the largest segment as farmers seek to optimize crop production and reduce resource consumption. Farm sizes range from small and medium farms to large-scale commercial operations, with large-scale farms adopting IoT technologies more rapidly due to the higher return on investment in automation and data analytics. The market is growing significantly in regions such as North America and Europe, where technological innovation and government initiatives are promoting smart farming practices.What Factors Are Driving the Growth in the IoT in Agriculture Market?
The growth in the IoT in agriculture market is driven by several factors, including the increasing need for food security, advancements in sensor and AI technologies, and the rising demand for sustainable farming practices. As the global population continues to grow, the pressure on farmers to increase crop yields while minimizing environmental impact is intensifying, driving the adoption of IoT technologies that improve farm productivity and resource efficiency. Technological innovations in sensors, drones, and data analytics are enabling farmers to monitor and manage their fields more effectively, reducing waste and improving crop health. Additionally, the growing focus on sustainability and climate change mitigation is encouraging the use of IoT solutions that reduce water and pesticide usage, contributing to more sustainable agricultural practices.Key Insights:
- Market Growth: Understand the significant growth trajectory of the Software Component segment, which is expected to reach US$12.5 Billion by 2030 with a CAGR of a 9.6%. The Automation & Control Systems segment is also set to grow at 8.0% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, which was estimated at $4.9 Billion in 2023, and China, forecasted to grow at an impressive 7.9% CAGR to reach $4.8 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Internet of Things (IoT) in Agriculture Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Internet of Things (IoT) in Agriculture Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Questions Answered:
- How is the Global Internet of Things (IoT) in Agriculture Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players in the Internet of Things (IoT) in Agriculture market such as Agco Corporation, Agjunction, Antelliq, Cropmetrics, Deere and Company and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Some of the 87 companies featured in this Internet of Things (IoT) in Agriculture market report include:
- Agco Corporation
- Agjunction
- Antelliq
- Cropmetrics
- Deere and Company
- Delaval (Subsidiary of Tetra Laval International, S.A.)
- Dickey-John
- DJI
- GEA Group
- Granular
- Hexagon Agriculture
- Komatsu Forest
- Ponsse
- Precisionhawk
- Raven Industries
- Teejet Technologies
- Tigercat
- Topcon Positioning Systems
- Tree Metrics
- Trimble Inc.
Table of Contents
I. METHODOLOGYII. EXECUTIVE SUMMARY2. FOCUS ON SELECT PLAYERSIII. MARKET ANALYSISIV. COMPETITION
1. MARKET OVERVIEW
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
UNITED STATES
CANADA
JAPAN
CHINA
EUROPE
FRANCE
GERMANY
ITALY
UNITED KINGDOM
REST OF EUROPE
ASIA-PACIFIC
REST OF WORLD
Companies Mentioned
- Agco Corporation
- Agjunction
- Antelliq
- Cropmetrics
- Deere and Company
- Delaval (Subsidiary of Tetra Laval International, S.A.)
- Dickey-John
- DJI
- GEA Group
- Granular
- Hexagon Agriculture
- Komatsu Forest
- Ponsse
- Precisionhawk
- Raven Industries
- Teejet Technologies
- Tigercat
- Topcon Positioning Systems
- Tree Metrics
- Trimble Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 116 |
| Published | November 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 17.7 Billion |
| Forecasted Market Value ( USD | $ 31.2 Billion |
| Compound Annual Growth Rate | 8.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 20 |
