Overview and Scope
Agriculture IoT (Internet of Things) refers to using sensors, cameras, and other gadgets to convert every aspect and action related to farming into data. Agriculture IoT helps in creating large data sets from weather, moisture, plant health, mineral status, chemical applications, insect presence, and many other variables, enabling big data engineers to derive insights about the farm at various degrees of granularity using software algorithms. Agriculture IoT helps farmers use these data to decide how to plant, irrigate, harvest, and more.
Sizing and Forecast
The agriculture iot market size has grown rapidly in recent years. It will grow from $14.16 billion in 2023 to $15.67 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to farm mechanization and automation, rise of smart farming practices, connectivity infrastructure development, farm size and large-scale operations, crop health monitoring, efficient resource management, weather and climate monitoring, affordability and scalability..
The agriculture iot market size is expected to see rapid growth in the next few years. It will grow to $22.94 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to global expansion of precision agriculture, government regulations and standards, drones and uavs integration, climate change mitigation, increasing adoption in developing regions, predictive analytics for disease management, customization for crop types, focus on sustainable agriculture.. Major trends in the forecast period include sensor technology advancements, integration of ai and machine learning, farm management software, autonomous machinery and robotics, edge computing in agriculture, subscription-based iot services, blockchain for transparency..
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Segmentation & Regional Insights
The agriculture iot market covered in this report is segmented –
1) By Component type: Hardware, Software, Connectivity and Services
2) By Farm Type: Large, Mid-Sized, Small Farms
Subsegment: Precision Farming Hardware, Precision Livestock Hardware, Precision Aquaculture Hardware, Precision Forestry Hardware, Smart Greenhouses Hardware, Others Hardware
North America was the largest region in the agriculture IoT market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the agriculture iot market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
A rise in the demand for food is driving the growth of the agriculture IoT market going forward. Food refers to the substance eaten by humans and animals to provide essential nutrition and nourishment to the body. The growing population of people across the globe is causing an increase in food demand. IoT solutions are geared toward assisting farmers in bridging the supply-demand gap by guaranteeing high yields, financial success, and environmental protection. For instance, according to data from The Food and Agricultural Organization, a Canada-based body of the United Nations, global food production will need to increase by 70% to meet the growing global population growth that is expected to reach 9.6 billion by 2050. Therefore, an increase in demand for food is driving the agriculture IoT market.
Key Industry Players
Major companies operating in the agriculture iot market report are Deere & Company, The Tetra Laval Group, Topcon Positioning Systems Inc., Trimble Inc., Raven Industries Inc., AgJunction Inc., Farmers Edge Inc., Field Group AS, AgEagle Aerial Systems, Komatsu Forest AB, InnovaSea Systems Inc., Steinsvik AS, Ponsse PLC, The Climate Corporation, OnFarm Systems Inc., SlantRange Inc., TELUS Agriculture Solutions Inc., Ag Leader Technology, Autonomous Solutions Inc., BouMatic Robotic B.V., Helium Systems Inc., Benchmark Labs Inc., Jala Corporation, Myriota Pty Ltd, Ketos Inc., FarmInsect Ltd., Orbital Insight Inc., M5Stack Technology Co. Ltd., KisanHub Ltd., Amber Agriculture Inc., Arable Labs Inc., Sencrop SAS
The agriculture iot market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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