Agriculture Iot Market witnessed for USD 10,300 million in 2019, growing at a robust CAGR of 9.8% during forecast period. GMI Research speculates the growing trends of the Internet of Things (IoT) Market due to the increasing demand for advanced technologies like AI and IoT in farming.
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Introduction of the Agriculture Internet of Things (IoT) Market
Agriculture Internet of Things (IoT) technologies helps to resolve agricultural problems and increase the quality and quantity of agricultural production by joining farms with a single platform and providing them with information sharing, storage, and review option. It plays a crucial role in improving existing agricultural productivity to amuse rising food demand. Therefore, IoT combines with the latest technological tools, machinery, and solutions to surge operational efficiency and reduce energy wastage. In IoT-based smart farming, a system is built to check the crop field with the help of sensors such as temperature, humidity, light and to automate the irrigation system. Hence, the farmers can monitor the conditions in the field from any place. IoT-based smart agriculture techniques are far better than the traditional approach of farming.
Key Players of the Market
Agriculture IoT Market Dynamics
The significant factors contributing to surging the agriculture IoT market size are the rising demand for agricultural output, high penetration of advanced technologies like Internet of Things (IoT) & artificial intelligence (AI) in the farming sector, and the growing government support to choose the latest agricultural techniques followed the increasing focus on livestock monitoring to enhance the demand. Additionally, the rising adoption of drones in precision farming and the big data introduction in agriculture farms will positively impact the IoT in agriculture market size. Therefore, according to the agriculture IoT market size global forecast, IoT-based technology helps to acknowledge agricultural problems and enhances the quantity and quality of farming production by linking via a single platform and making it bilateral by storing, analyzing, and sharing the information.
In addition, according to the global IoT agriculture market research report, the robust demand for food at the global level, along with the growing population rate, especially in developing countries like India, will create uncountable growth opportunities in the market. However, to optimize production and reduce the chances of losses, the deployment of IoT-based technologies in the agricultural sector becomes necessary by the drastic change in the climate. In addition to this, the high penetration of the Internet and smartphones among farmers will motivate them to choose advanced technologies to augment their quantity and improve the yield quality. On the other hand, simple & standardized data management and data aggregation tools are not available, which are the factor that is likely to hinder the growth of the global agriculture IoT market in the next few years.
Agriculture IoT Market Segmentation
Offering Market Drivers
The Services segment is expected to lead the market during the forecast period due to the growing demand for data services and farm data analytics because the climatic conditions have changed over the past years. Therefore, the companies are referred to as IoT-based services providers, which provide farm data information and analyze it. They help the farmers to make the correct decision and make them aware of the farming operations.
Application Type Market Drivers
Based on the Agricultural Type, the precision farming segment is estimated to grow at a higher CAGR over the forecast period due to the paradigm shift in the farmer’s inclination towards enhancing farm efficiency and overall productivity. Precision farming is becoming popular in the agriculture sector. It allows the farmers to use an accurate application of agricultural input according to the weather, soil, and crop needs, thereby enhancing the productivity and profitability of the farmers. Therefore, precision farming provides a plethora of IoT-based software and hardware devices, which give farm-related information to the farmers, which help them to make better decisions.
Geographical Drivers
Based on the region, Europe envisages leading the market during the forecast period. The climatic conditions change drastically, the rise in population rate directly increases the demand for food, a fundamental shift in the diet habits, and the growing shortage of natural resources is influencing the acceptance of IoT-based technologies in the agriculture sector in Europe. Therefore, farmers in the European countries are increasingly adopting advanced agricultural technologies, such as crop scouting, yield monitoring, and GNSS technology in guidance. In Germany, the growing trend of livestock management, animal tracking, and other cattle monitoring technologies will attract many consumers to the market. Hence, all these drivers, coupled with the new era of technological advancements, are the main factors contributing to inflaming market growth in the region.
Agriculture IoT Market Segmentation
Segmentation By Offering
Segmentation By Agriculture Type
Segmentation By Application
Segmentation By Region
Europe
Asia Pacific
Rest of World
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