The global iot in agriculture market was valued at $27.1 billion in 2021, and is projected to reach $84.5 billion by 2031, growing at a CAGR of 12.6% from 2022 to 2031.The global iot in agriculture market was valued at $27.1 billion in 2021, and is projected to reach $84.5 billion by 2031, growing at a CAGR of 12.6% from 2022 to 2031.Agriculture is one of the most important activities in most of the countries across the globe. It has evolved from manual to a technology-based occupation in every aspect. The agriculture industry is open to innovation and adoption of Internet of Things (IoT) for further development of the sector by using information from weather stations, sensors, and other machinery. Internet of Things (IoT) can gather, use, and analyze vast amount of data that is used as an input for various algorithm-based outputs in the field of decision making. The data is used to help autonomous machines or humans to take accurate decisions to revolutionize the farming sector and deliver return on investment & tangible benefits to farmers.
The primary focus of IoT is to reduce cost, save time, and decrease wastage of power. In addition, IoT in agriculture provides benefits in areas such as health, safety, welfare, sustainability, and nutrition. These include livestock & plant disease monitoring, yield measurement, soil conditioning, quota systems, remote machine control, mobile platform controller, computer platform controller, greenhouse management, and livestock monitoring. The application of IoT in precision farming, livestock monitoring, smart greenhouse, and fish farm monitoring has helped increase production and generate higher returns.
For implying IoT to a farm land, the farmers need to have sensor networks, data analytics software, machine to machine communication, management system, and mobile or computer-based application. The complete tools of farm management coupled with information technology offer features such as critical decision capabilities that help take critical decisions at the appropriate time.
Because there is a connection between agriculture and climate change, global climate change has a considerable impact on agricultural production. Climate change has an impact on agriculture because it alters the atmosphere, rainfall patterns, and extreme weather events like heat waves. It also alters the amount of ozone in the atmosphere and the nutritional value of food. Brazil's agriculture, which is allegedly impacted by such climate challenges, is predicted to see a 10% reduction in maize production by 2055. Similar declines in agricultural production are anticipated in Eastern Australia and the Midwest of the United States due to the intense heat. While in Central and Eastern Europe, a decline in forest production is anticipated due to a lack of water. These severe climatic conditions play an important role in the deployment of IoT-based technology in agriculture to optimize the production and efficiency of the farm.
Small businesses in the agriculture sector provide solutions for various points along the value chain. Also, the market lacks a dominant operator that offers a solution for the entire value chain of agriculture. As a result, farmers find it challenging to attain economic scalability through the use of products and services provided by smaller companies. For instance, solutions to lower storage or transportation costs do not assist farmers in maximising their return on investment or achieving economic viability (ROI). Hence, the fragmented agriculture market limits the development of IoT in agriculture.
Due to data-driven methodologies for maximising and monitoring farm production, farmers are rapidly integrating internet-based technologies, such as smartphones, into their daily activities. The adoption of IoT in rural areas is boosted by connected wireless technologies like low-power wide-area network (LPWA) and Zigbee that enable high level communication protocols employing networks like low powered digital radio, Wi-Fi, and additional wireless sensor technologies. With the aid of these technology, farmers may gather vast amounts of field data that aids in a variety of agricultural operations, including field control, inventory control, pesticide spray control, resource purchase, planting, and crop harvesting.
The global IoT in agriculture market is expected to witness significant growth owing to increase in global population coupled with rise in demand for food. In addition, climate change hampers agricultural production, which is expected to fuel the growth of IoT-based technology solutions in the agriculture sector. IoT-based technology is expected to increase productivity and improve efficiency of a field equipment, which further boosts the market growth. Moreover, additional benefits of IoT in agriculture, such as water conservation and reduced wastage of fuel are expected to drive the IoT in agriculture market growth during the forecast period. However, high capital investment to develop the existing infrastructure and setup of IoT in the agriculture ecosystem emerge as challenge for farmers across developing economies, such as India, China, and Brazil. Nevertheless, surge in number of smartphones and internet penetration provide up-to-date information and latest developments in the agriculture sector to the farmers. In addition, increase in public-private partnership between the government agriculture department and state-owned enterprises to promote growth of sustainable agriculture by adoption of IoT is further expected to fuel the growth of the global IoT in agriculture market during the forecast period.
The Internet of Things (IoT) in agriculture market is segmented on the basis of system, application, and region. By system, the market is classified into automation & control systems, sensing & monitoring devices, livestock monitoring hardware, fish farming hardware, smart greenhouse hardware, and software. By application, it is categorized into precision farming, livestock monitoring, smart greenhouse, and fish farm monitoring. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major players analyzed in the global Internet of Things (IoT) in agriculture 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., and The Climate Corporation.
The primary focus of IoT is to reduce cost, save time, and decrease wastage of power. In addition, IoT in agriculture provides benefits in areas such as health, safety, welfare, sustainability, and nutrition. These include livestock & plant disease monitoring, yield measurement, soil conditioning, quota systems, remote machine control, mobile platform controller, computer platform controller, greenhouse management, and livestock monitoring. The application of IoT in precision farming, livestock monitoring, smart greenhouse, and fish farm monitoring has helped increase production and generate higher returns.
For implying IoT to a farm land, the farmers need to have sensor networks, data analytics software, machine to machine communication, management system, and mobile or computer-based application. The complete tools of farm management coupled with information technology offer features such as critical decision capabilities that help take critical decisions at the appropriate time.
Because there is a connection between agriculture and climate change, global climate change has a considerable impact on agricultural production. Climate change has an impact on agriculture because it alters the atmosphere, rainfall patterns, and extreme weather events like heat waves. It also alters the amount of ozone in the atmosphere and the nutritional value of food. Brazil's agriculture, which is allegedly impacted by such climate challenges, is predicted to see a 10% reduction in maize production by 2055. Similar declines in agricultural production are anticipated in Eastern Australia and the Midwest of the United States due to the intense heat. While in Central and Eastern Europe, a decline in forest production is anticipated due to a lack of water. These severe climatic conditions play an important role in the deployment of IoT-based technology in agriculture to optimize the production and efficiency of the farm.
Small businesses in the agriculture sector provide solutions for various points along the value chain. Also, the market lacks a dominant operator that offers a solution for the entire value chain of agriculture. As a result, farmers find it challenging to attain economic scalability through the use of products and services provided by smaller companies. For instance, solutions to lower storage or transportation costs do not assist farmers in maximising their return on investment or achieving economic viability (ROI). Hence, the fragmented agriculture market limits the development of IoT in agriculture.
Due to data-driven methodologies for maximising and monitoring farm production, farmers are rapidly integrating internet-based technologies, such as smartphones, into their daily activities. The adoption of IoT in rural areas is boosted by connected wireless technologies like low-power wide-area network (LPWA) and Zigbee that enable high level communication protocols employing networks like low powered digital radio, Wi-Fi, and additional wireless sensor technologies. With the aid of these technology, farmers may gather vast amounts of field data that aids in a variety of agricultural operations, including field control, inventory control, pesticide spray control, resource purchase, planting, and crop harvesting.
The global IoT in agriculture market is expected to witness significant growth owing to increase in global population coupled with rise in demand for food. In addition, climate change hampers agricultural production, which is expected to fuel the growth of IoT-based technology solutions in the agriculture sector. IoT-based technology is expected to increase productivity and improve efficiency of a field equipment, which further boosts the market growth. Moreover, additional benefits of IoT in agriculture, such as water conservation and reduced wastage of fuel are expected to drive the IoT in agriculture market growth during the forecast period. However, high capital investment to develop the existing infrastructure and setup of IoT in the agriculture ecosystem emerge as challenge for farmers across developing economies, such as India, China, and Brazil. Nevertheless, surge in number of smartphones and internet penetration provide up-to-date information and latest developments in the agriculture sector to the farmers. In addition, increase in public-private partnership between the government agriculture department and state-owned enterprises to promote growth of sustainable agriculture by adoption of IoT is further expected to fuel the growth of the global IoT in agriculture market during the forecast period.
The Internet of Things (IoT) in agriculture market is segmented on the basis of system, application, and region. By system, the market is classified into automation & control systems, sensing & monitoring devices, livestock monitoring hardware, fish farming hardware, smart greenhouse hardware, and software. By application, it is categorized into precision farming, livestock monitoring, smart greenhouse, and fish farm monitoring. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major players analyzed in the global Internet of Things (IoT) in agriculture 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., and The Climate Corporation.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the iot in agriculture market analysis from 2021 to 2031 to identify the prevailing iot in agriculture market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the iot in agriculture market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global iot in agriculture market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By System
- Automation and control systems
- Sensing and monitoring devices
- Livestock monitoring Hardware
- Fish farming hardware
- Smart greenhouse hardware
- Software
By Farm Type
- Large
- Mid Size
- Small Farms
By Application
- Precision farming
- Livestock monitoring
- Smart greenhouse
- Fish farm monitoring
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Austria
- Netherlands
- Denmark
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Thailand
- Malaysia
- Singapore
- Indonesia
- New Zealand
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Argentina
- South Africa
- Middle East
- Saudi Arabia
- Egypt
- Nigeria
- Rest of LAMEA
Key Market Players
- Cisco Systems, Inc.
- International Business Machines Corporation
- SWIIM System, Ltd.
- Trimble Inc.
- Climate LLC
- Telit Corporate Group
- Decisive Farming Corp.
- Hitachi, Ltd
- Farmers Edge Inc.
- SlantRange, Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: IOT IN AGRICULTURE MARKET, BY APPLICATION
CHAPTER 5: IOT IN AGRICULTURE MARKET, BY SYSTEM
CHAPTER 6: IOT IN AGRICULTURE MARKET, BY FARM TYPE
CHAPTER 7: IOT IN AGRICULTURE MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- Cisco Systems, Inc.
- International Business Machines Corporation
- SWIIM System, Ltd.
- Trimble Inc.
- Climate LLC
- Telit Corporate Group
- Decisive Farming Corp.
- Hitachi, Ltd
- Farmers Edge Inc.
- SlantRange, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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