The global IoT in agriculture market size is expected to reach USD 30.8 billion by 2028, registering a CAGR of 10.6% over the forecast period, according to the latest report by Reports and Data. Major factors driving market revenue growth are the growing demand for agricultural output, increasing penetration of Internet of Things (IoT) Artificial Intelligence (AI) technologies in the farming sector, and increasing government support for adoption of latest agricultural technologies along with growing focus on livestock monitoring to enhance efficiency in farming.
Internet of Things plays a critical role in increasing agricultural productivity. IoT technologies can solve agricultural problems and maximise the quantity and quality of agricultural production by linking farms via a shared network and providing them with information sharing, storage, and review options. In agriculture, the Internet of Things (IoT) is combined with advanced technological tools, equipment, and solutions to increase operational performance and minimise energy waste. In IoT-based smart farming, a system is designed to monitor crop field and automate irrigation system using sensors such as light, temperature, and humidity.
According to the UN Food and Agriculture Organization, the world will need to produce 70% more food in 2050. The need to increase farm yield has become critical due to the exponential growth of global population, which is reducing agricultural lands and depleting limited natural resources. Lack of natural resources, such as fresh water and arable land, as well as declining yield trends in various staple crops have exacerbated the problem. Another stumbling block for the farming industry is the changing demographics of the workforce. Furthermore, farm labour has decreased in most of the countries. Owing to the shrinking agricultural workforce, the implementation of internet communication solutions in farming practises has accelerated in order to reduce the need for manual labour.
Since most farms are located in rural areas with limited internet access, market growth is expected to be limited. Furthermore, the high cost of IoT hardware and software makes it difficult for farmers to adopt advanced technologies. This is particularly true for farmers in developing countries, where agricultural technology legs behind that of developed countries by decades. Such factors could stifle market growth in the coming years.
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The report is an engaging document that provides vital statistical information about the market in terms of dales, revenue, market share, and market size with regards to product types, application spectrum, regional bifurcation, leading players, and technological advancements.
A comprehensive analysis of the competitive landscape is offered in the report along with a study of the company profiles, product portfolio, manufacturing and production capacity, technological developments, RD advancements, and strategic initiatives of the prominent players of the industry. Prominent players operating in the industry and profiled in the report include Deere Company, Trimble, Raven Industries, AGCO Corporation (AGCO), AgJunction Inc. (AgJunction), DeLaval, GEA Farm Technology, Lely, Antelliq, AG Leader Technology (AG Leader), Tigercat, Ponsse, Komatsu Forest AB, Caterpillar, Treemetrics, Topcon Positioning Systems, and DICKEY-john Corporation.
The Global IoT in Agriculture Market is segmented as follows:
Offering Outlook (Revenue, USD Billion; 2018 – 2028)
- Hardware
- Software
- Services
Agriculture Type Outlook (Revenue, USD Billion; 2018 – 2028)
- Precision Farming
- Precision Forestry
- Livestock Monitoring
- Fish Farm Monitoring
- Smart Greenhouse
- Others (Horticulture and orchids)
Application Outlook (Revenue, USD Billion; 2018 – 2028)
- Precision Farming Applications
- Precision Forestry Applications
- Livestock Monitoring Applications
- Fish Farm Monitoring Applications
- Smart Greenhouse Applications
- Other Applications (Horticulture and orchids applications)
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The report provides an explicit analysis of the market with regards to growth driving factors, restraining factors, regulatory framework, threats and opportunities, financial hurdles to offer a thorough outlook of the market. The report also covers value chain analysis, market share, market size, CAGR, sales and revenue, import/export, the scope of the market, growth prospects,and other key factors.The report offers a regional analysis that covers key geographies such as North America, Europe, AsiaPacific, Latin America, and Middle East Africa.
The report applies advanced analytical tools such as SWOT analysis, Porter’s Five Forces analysis, along with feasibility analysis and investment return analysis. It also offers strategic recommendations to new entrants as well as established companies about market barriers. It also offers insights into futuristic business opportunities, market scope, threats, and obstacles, to enable fruitful business decision-making process.
Furthermore, the report renders a complete analysis of the IoT in Agriculture market that allows readers to formulate profitable and lucrative business strategies by offering insights into the competitive landscape, crucial market details, growth prospects, regional rules and regulations, and other key factors.
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