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.
The researchers have considered all the factors influencing the growth of the IoT in Agriculture market on the global and regional scale. The report considers the COVID-19 pandemic as one of the key influencing factors of the IoT in Agriculture market. The pandemic has disrupted the supply chains and economic scenario of the market and has hindered the growth of the market. The report discusses in detail the overall impact of the COVID-19 pandemic on the IoT in Agriculture market and its key segments. The report also offers a current and future impact of the COVID-19 pandemic on the market.
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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.
Furthermore, the report provides details about the new players entering the market, entry-level barriers and offers strategic recommendations to overcome those barriers to gain a substantial industry presence.
Key Players operating in the industry are:
AGCO Corporation, Deere & Company, GEA Group Aktiengesellschaft, Trimble Inc., AgJunction Inc., Raven Industries, Inc., DeLaval, CropMetrics, Intervet Inc., and AKVA group.
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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
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Livestock Monitoring
- Smart Greenhouse
- Precision Forestry
- Fish Farm Monitoring
- Precision Farming
The Global IoT in Agriculture Market is further analyzed across the key geographical locations where the market has expanded to a significant size. The key region analyzed are North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The report offers a country-wise analysis to provide a comprehensive analysis of the IoT in Agriculture market in terms of production and consumption patterns, supply and demand ratio, import/export, revenue contribution, trends, and presence of prominent players in each region.
Regional Analysis Covers:
- 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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The all-inclusive report on the Global IoT in Agriculture Market added by Emergen Research demonstrates that the global IoT in Agriculture market is presumed to grow at a steady CAGR throughout the forecast timeline. The report analyzed the key market drivers, restraints, growth opportunities, investment opportunities, threats, and limitations of the IoT in Agriculture market. The report also offers accurate forecast estimation at a global and regional level to impart a better understanding of the scope of the market.
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Radical Features of the IoT in Agriculture Market Report:
- The report encompasses IoT in Agriculture market overview along with market share, demand and supply ratio, production and consumption patterns, supply chain analysis, and other ley elements
- An in-depth analysis of the different approaches and procedures undertaken by the key players to conduct business efficiently
- Offers insights into production and manufacturing value, products and services offered in the market, and fruitful information about investment strategies
- Supply chain analysis along with technological advancements offered in the report
- The report covers extensive analysis of the trends, drivers, restraints, limitations, threats, and growth opportunities in the IoT in Agriculture industry
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