Agriculture IoT Global Market Report 2024

The global agriculture iot market has grown rapidly in recent years. It will grow from $14.16 billion in 2023 to $15.67 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth observed in the historical period can be attributed to several factors, including the mechanization and automation of farm processes, the emergence of smart farming practices, the development of connectivity infrastructure, considerations related to farm size and the adoption of large-scale operations, advancements in crop health monitoring, efficient management of resources, monitoring of weather and climate conditions, as well as factors such as affordability and scalability.

The global agriculture iot market is expected to see rapid growth in the next few years. It will grow to $22.94 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The anticipated growth in the forecast period can be linked to several factors, including the worldwide expansion of precision agriculture, the influence of government regulations and standards, the integration of drones and UAVs (Unmanned Aerial Vehicles), efforts towards climate change mitigation, the growing adoption in developing regions, the use of predictive analytics for disease management, customization tailored to specific crop types, and an increased focus on sustainable agriculture practices. Major trends expected in the forecast period encompass advancements in sensor technology, the integration of artificial intelligence and machine learning, the utilization of farm management software, the deployment of autonomous machinery and robotics, the incorporation of edge computing in agriculture, the rise of subscription-based IoT services, and the adoption of blockchain for transparency within the agricultural sector.

The surge in food demand is a primary catalyst propelling the expansion of the agriculture IoT sector. As the global population grows, the need for sustenance escalates, necessitating innovative approaches to bridge the supply-demand gap. IoT solutions have emerged as vital tools in aiding farmers to ensure abundant yields, financial viability, and environmental conservation. Forecasts by The Food and Agricultural Organization project a staggering 70% surge in global food production by 2050 to accommodate the anticipated population growth, expected to reach 9.6 billion. This surge in food demand significantly drives the growth trajectory of the agriculture IoT market.

Anticipated growth in crop production stands as a pivotal driver steering the advancement of the agriculture IoT sector. The process of cultivating and harvesting crops for diverse purposes, mainly human consumption and animal feed, underscores the significance of crop production. Agriculture IoT solutions play a crucial role in optimizing resource allocation, fostering efficiency, and promoting sustainable farming practices. Recent statistics from the Food and Agriculture Organization highlight a 2% upsurge in global primary agricultural commodities produced in 2021, amounting to 9.5 billion metric tons, accentuating the instrumental role of burgeoning crop production in propelling the agriculture IoT market's expansion.

Technological advancements represent a prominent trend shaping the landscape of the agriculture IoT market. Major industry players are steadfastly embracing innovative technologies such as artificial intelligence (AI) to craft efficient products and solutions. In December 2021, Zyter Inc., a leading US-based digital health and IoT-enablement platform, introduced Zyter Smart Agriculture. This groundbreaking solution harnesses data from IoT sensors and AI technologies to offer farmers and agronomists a comprehensive virtual overview of farm ecosystems. Emphasizing the automation and optimization of fundamental crop management processes, Zyter's Smart Agriculture solution signifies a crucial stride towards fostering sustainable and precision-driven agriculture practices.

Leading entities within the agriculture IoT market are actively pursuing strategic partnerships as a core approach to harness the collective strengths of diverse companies, aiming to develop integrated solutions tailored to meet the evolving needs of the agriculture sector. These strategic collaborations involve a synergistic utilization of each other's resources and expertise to yield mutual advantages and foster joint success. A noteworthy instance of such collaboration occurred in July 2023 when CultYvate, an India-based agricultural service company, joined forces with Dhiway Networks Private Limited, a blockchain technology firm. This strategic alliance endeavors to revolutionize the agricultural sector's digital landscape by integrating Dhiway's sophisticated CORD blockchain technology with IoT data from CultYvate. This collaboration seeks to establish a robust foundation characterized by enhanced data security, transparency, and trust, thereby addressing critical challenges prevalent in the agricultural industry.

In a significant development in November 2021, XFarm SA, an Italian company specializing in digital farm management platforms, and Farm Technologies Srl, an Italy-based entity renowned for creating online tools facilitating farm management, merged their operations to form xFarm Technologies SA. This merger represents a consolidation of their resources and expertise, aiming to offer clients cutting-edge products, advanced technologies, and comprehensive services while fostering greater adaptability to industry shifts. The merger strategically positions the newly formed entity to cater more effectively to the evolving landscape of this pivotal sector, ensuring enhanced offerings and increased responsiveness to the industry's dynamic changes.

Major companies operating in the agriculture iot market report are Deere & Company, The Tetra Laval Group, Topcon Positioning Systems Inc., Trimble Inc., Raven Industries Inc., AgJunction Inc., Farmers Edge Inc., Field Group AS, AgEagle Aerial Systems, Komatsu Forest AB, InnovaSea Systems Inc., Steinsvik AS, Ponsse PLC, The Climate Corporation, OnFarm Systems Inc., SlantRange Inc., TELUS Agriculture Solutions Inc., Ag Leader Technology, Autonomous Solutions Inc., BouMatic Robotic B.V., Helium Systems Inc., Benchmark Labs Inc., Jala Corporation, Myriota Pty Ltd, Ketos Inc., FarmInsect Ltd., Orbital Insight Inc., M5Stack Technology Co. Ltd., KisanHub Ltd., Amber Agriculture Inc., Arable Labs Inc., Sencrop SAS

North America was the largest region in the agriculture IoT market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the agriculture iot market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the agriculture iot market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The key components of agriculture IoT include hardware, software, and connectivity and services. Hardware in agriculture IoT refers to IoT-enabled tools that empower farmers to optimize labor and enhance productivity. This hardware comprises sensors for monitoring soil conditions, disease and pest indicators, hydration levels, light conditions, humidity and temperature controls, and other relevant factors. The hardware encompasses precision farming hardware, precision livestock hardware, precision aquaculture hardware, precision forestry hardware, smart greenhouse hardware, and other tools suitable for deployment in large, mid-sized, and small farms.

This report provides agriculture IoT market statistics, including agriculture IoT industry global market size, regional shares, competitors with a agriculture IoT market share, detailed agriculture IoT market segments, market trends and opportunities, and any further data you may need to thrive in the agriculture IoT industry. This agriculture IoT market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The agriculture IoT market includes revenues earned by entities by greenhouse automation, crop management, cattle monitoring, and monitoring climate conditions. The market value includes the value of related goods sold by the service provider or included within the service offering. The agriculture IoT market also includes sales of weeding robots, machine navigation, harvesting robotics, material handling machines, and agriculture drones. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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