The global Internet of Things (IoT) in agriculture market size reached USD 11.20 Billion in 2021 and is expected to register a revenue CAGR of 11.4% during the forecast period, according to latest analysis by Emergen Research. Increasing demand for IoT in agriculture owing to rising collaborations between farming equipment manufacturers and technology companies is driving market revenue growth.
Every object that can be controlled over the internet is an IoT device. With the introduction of wearables such as smartwatches and home management products such as Google Home, IoT devices have become extremely popular in consumer markets. This cutting-edge technology is now widely used in agricultural practices. The applications of IoT in farming are aimed at conventional farming operations in order to meet increasing demand and reduce production losses. Robots, drones, remote sensors, and computer imaging, combined with constantly improving machine learning and analytical tools, are used in agriculture to monitor crops, survey and map fields, and provide data to farmers for rational farm management plans, saving both time and money.
With the introduction of cutting-edge technologies like guiding systems, variable rate technology, IoT, AI, and remote sensing, the agriculture sector has become one that is highly dependent on technology and data. The use of resources like water, fertiliser, and energy is reduced while profitability, sustainability, and environmental protection are all improved through smart agricultural technologies. IoT is used in many different applications, such as smart greenhouses, precision aquaculture, and animal monitoring.
Data collection poses a significant challenge in IoT in agriculture market. The information gathered from farmlands is critical for making sound agricultural decisions. Furthermore, precision farming collects a large amount of data on soil testing, yield monitoring, and other topics on a regular basis. This data must be properly stored and managed in order for precision farming to be successful. As a result, data management is critical for making smart farm management decisions and improving farm operations.
Furthermore, there is no industry standard for managing agricultural data, making farmers’ job even more difficult. Moreover, many farmers are unaware of how to effectively use data for decision-making. As a result, it is critical to equip them with the necessary tools and techniques for effective management.
The Internet of Things (IoT) in agriculture research report also includes an insightful study of the prominent players of the industry along with their business overview, strategic planning, and business expansion plans adopted by them. This assists the readers and business owners in formulating strategic expansion and investment plans. The report focuses on mergers and acquisitions, joint ventures, collaborations, partnerships, corporate and government deals, and others. The report also talks about the expansions these prominent players are vying for in the key regions of the market. The report focuses on the detailed analysis of the technological and product developments undertaken by these companies.
Some major companies in the global market report include AGCO Corporation, Deere & Company, GEA Group Aktiengesellschaft, Trimble Inc., AgJunction Inc., Raven Industries, Inc., DeLaval, CropMetrics, Intervet Inc., and AKVA group.
Global Internet of Things in Agriculture Market Report – Segmental Analysis:
Furthermore, the report divides the Internet of Things in Agriculture market into key segments and sub-segments to offer an analysis of the product type and application spectrum of the industry. It also offers predictions about the segments expected to show significant growth during the projected timeline.
Emergen Research has segmented global IoT in agriculture market on the basis of system, application, and region:
- System Outlook (Revenue, USD Billion; 2019-2030)
- Automation and Control Systems
- Sensing and Monitoring Devices
- Livestock Monitoring Hardware
- Fish Farming Hardware
- Smart Greenhouse Hardware
- Software
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Livestock Monitoring
- Smart Greenhouse
- Precision Forestry
- Fish Farm Monitoring
- Precision Farming
- Others
Regional Analysis of the Internet of Things in Agriculture Market:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Some Key Highlights From the Report
- Sensing and monitoring devices segment accounted for second-largest revenue share in 2021. Modern farming techniques such as precision farming, readily employs sensing technologies and monitoring devices to improve production. Sensing technologies generate actionable data that can be processed and implemented as needed to maximize crop yield while minimizing environmental impact. A variety of sensing technologies are used in agricultural practices to generate data that helps farmers monitor and optimize crops, as well as to adapt to changing environmental factors. These technologies include location sensors, optical sensors, electrochemical sensors, mechanical sensors, airflow sensors, agricultural weather sensors, and dielectric soil moisture sensors. The growing demand for sensing and monitoring devices is primarily owing to their effectiveness in field monitoring, yield mapping, salinity mapping, and guidance systems.
- Livestock monitoring segment accounted for moderate revenue share in 2021. Livestock monitoring allows farmers to track the health and vitality of their animals in real-time, allowing them to rapidly cure sick or diseased animals and avoid the spread of disease. It also allows for tracking of grazing animals in order to prevent them from getting lost and also to identify grazing patterns. Furthermore, livestock monitoring allows for the collection and analysis of historical data in order to spot patterns in animal health or follow the development of any disease. Furthermore, it keeps track of whether or not an animal is ready to mate or give birth, reducing the loss of new calves and improving breeding procedures.
- Market in North America accounted for largest revenue share in 2021. Increase in demand in this region is primarily owing to technological advancements such as drone systems for increasing farm output. The Department of Transportation (DOT) and the Federal Aviation Administration (FAA) have implemented favorable regulations to support commercial and small unmanned aerial systems by eliminating the need for pilot licenses, thereby encouraging advanced agricultural field monitoring systems. Furthermore, the US has a large customer base that comprises commercial farming companies that operate large farmlands across the country. This, along with the presence of adequate manufacturing companies, is responsible for increased demand for IoT in agriculture in the region.
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The report further sheds light on the emerging growth opportunities, challenges, market threats, limitations, and factors likely to restrict the growth of the Internet of Things (IoT) in agriculture market. The report further discusses in detail the market in international waters and the emerging trends in those regions. It also offers insights into the competitive landscape, market drivers, industrial scenario, and the latest product and technological developments to offer a comprehensive overview of the Internet of Things (IoT) in agriculture market landscape.
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