Increasing adoption of cloud computing in smart farming and technological developments in IoT sensors in agriculture is expected to drive the Global IoT in Farming Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “IoT In Farming Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global IoT In Farming Market stood at USD 11.87 Billion in 2022 and is anticipated to grow with a CAGR of 8.67% in the forecast period, 2024-2028. The Global IoT in Farming Market is primarily driven by several key factors. The rising population and the subsequent increase in food demand necessitate the use of advanced farming techniques. IoT helps in achieving this demand by offering improved crop yield and efficient resource management. Furthermore, government initiatives worldwide to modernize the agricultural sector and the rapid adoption of technologies in agriculture also bolster the growth of the Global IoT in Farming Market. The advent of affordable and improved internet connectivity in rural areas facilitates the implementation of IoT solutions in farming.
The Global Internet of Things (IoT) in Farming Market has experienced a significant positive impact with the emergence of smart farming practices. By integrating IoT technologies into agriculture, farmers have been able to enhance productivity, reduce wastage, and optimize yield. Through the utilization of smart sensors and advanced data analytics, real-time monitoring of crop health and soil conditions has become possible, resulting in the efficient utilization of resources. Farmers can now precisely monitor the moisture levels in the soil, detect nutrient deficiencies, and even remotely control irrigation systems, all leading to improved crop quality and higher yields.
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Furthermore, the increasing demand for sustainable farming practices, driven by concerns over the growing population and environmental issues, has propelled the growth of this market. Consumers are becoming more conscious of the need for environmentally friendly and ethical agricultural practices, creating a demand for IoT solutions that support sustainable farming methods. This includes technologies that enable precision farming, reduce the use of chemical inputs, and promote resource-efficient practices.
Moreover, the integration of IoT (Internet of Things) in farming has revolutionized the agricultural landscape, opening up new avenues for data-driven decision making. By harnessing the power of IoT technologies, farmers can now access and analyze real-time data from various sources, including weather forecasts, soil sensors, and crop health monitoring systems. With this wealth of information at their fingertips, farmers are empowered to make more informed decisions about crucial aspects of their operations. They can optimize planting schedules based on accurate weather predictions, fine-tune irrigation strategies to ensure optimal water usage, and implement targeted pest control measures to protect crops while minimizing the use of harmful chemicals. This data-driven approach not only leads to improved yields but also brings about significant cost savings and a reduced environmental impact. By utilizing IoT in farming, farmers can maximize productivity, minimize waste, and contribute to sustainable and efficient agricultural practices.
the Global IoT in Farming Market holds immense potential for revolutionizing the agricultural industry. By harnessing the power of IoT, farmers can improve their efficiency, reduce environmental impact, and meet the increasing demands of a growing population. However, it is crucial to address the challenges and ensure the responsible and secure implementation of IoT technologies in order to unlock the full benefits of this transformative trend in farming. The Global IoT In Farming Market is segmented into component, application, regional distribution, and company. Based on Component, Software is dominating the Global IoT in Farming Market due to its ability to optimize agricultural operations by providing real-time insights and analytics. With IoT software applications, farmers can analyze data from various sources such as soil sensors, weather reports, and GPS trackers, enabling them to make data-driven decisions with precision. These applications not only automate irrigation schedules and predict optimal harvesting times but also monitor livestock health, ensuring better efficiency and productivity in farming.
Moreover, IoT software solutions play a crucial role in mitigating the risks associated with unpredictable weather and disease outbreaks, making farming more sustainable and resilient. By continuously monitoring environmental conditions and analyzing data patterns, farmers can proactively adapt their farming practices, minimize crop losses, and maximize yield potential. This level of precision and control contributes to the overall success and profitability of modern agricultural operations. The dominance of IoT software in the Global IoT in Farming Market revolutionizes the way farmers manage their farms. By harnessing the power of real-time data and analytics, farmers can make informed decisions, optimize resource allocation, and mitigate risks, ultimately leading to a more sustainable and productive farming industry.
Based on region, North America takes the lead in the Global IoT in Farming Market, driven by a combination of compelling factors. Firstly, the region boasts some of the world’s most technologically advanced agricultural operations, where farmers eagerly embrace IoT technologies to optimize yields and enhance overall efficiency. Moreover, North America is home to a plethora of renowned tech companies that are at the forefront of developing cutting-edge IoT solutions tailored specifically to the unique needs of the farming sector. Additionally, the proactive government policies in countries like the United States and Canada actively foster digital innovation in agriculture, providing robust support and well-established infrastructure for these transformative technologies to truly flourish and revolutionize the industry.
Major companies operating in Global IoT In Farming Market are:
- Deere & Company
- Trimble Inc.
- Raven Industries
- AKVA group
- DeLaval, Inc.
- Topcon Positioning Systems
- AgJunction Inc.
- Allflex USA, Inc.
- TeeJet Technologies Illinois, Inc.
- Farmers Edge, Inc.
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“The future of the Global IoT in Farming Market looks incredibly promising. With the integration of emerging technologies such as AI, Machine Learning, and Big Data, the farming industry is experiencing a revolution in efficiency and productivity. These advancements have paved the way for precision farming, where real-time data on crop health, soil conditions, and weather patterns can be continuously monitored and analyzed. This wealth of information empowers farmers to make informed decisions and optimize their farming practices, resulting in maximized crop yield and minimized resource wastage. Moreover, the increasing demand for sustainable farming practices and the growing need for high-quality produce are driving the rapid growth of this market. Consumers are becoming increasingly conscious of the environmental impact of conventional farming methods, leading to a shift towards sustainable alternatives. The Global IoT in Farming Market not only addresses this demand but also offers innovative solutions to enhance the overall quality and safety of agricultural products. The integration of AI, Machine Learning, and Big Data with IoT has revolutionized the farming industry, enabling precision farming and sustainable practices. As the market continues to grow, it holds immense potential for transforming the way we cultivate crops and meet the global demand for high-quality, environmentally-friendly produce.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“IoT In Farming Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented Component (Hardware {Automation and Control Systems, Sensing and Monitoring Devices, RFID tags and readers, Drones, Navigation, Displays, Handheld Computers, LED Grow Lights, Others}, Software {On-Premise, Cloud-Based}, Services {Managed, Professional}), By Application (Precision Farming {Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking & Forecasting, Variable Rate Technology, Inventory Management, Financial Management, Others}, Smart Greenhouse {Ambient Environmental Monitoring, Yield Monitoring, Water & Nutrient Management}, Livestock Monitoring {Feeding Management, Breeding Management, Others}, Smart Irrigation, Others), By Region and Competition”, has evaluated the future growth potential of Global IoT In Farming Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global IoT In Farming Market.
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