The Agriculture IoT Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Agriculture IoT Global Market Report 2024, 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..
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.
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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
Technological advancement is a key trend gaining popularity in the agriculture IoT market. Major companies in the agriculture IoT market are advancing in new technologies such as artificial intelligence to develop efficient products and solutions. For instance, in December 2021, Zyter Inc., a US-based digital health and IoT-enablement platform, launched Zyter Smart Agriculture. Zyter’s Smart Agriculture solution provides farmers and agronomists with a comprehensive virtual view of the farm ecosystem using data from IoT sensors and AI (artificial intelligence) technologies. It emphasis on automating and optimizing basic crop management procedures to create more sustainable, precision agriculture.
The agriculture iot market report table of contents includes:
- Executive Summary
- Agriculture IoT Market Characteristics
- Agriculture IoT Market Trends And Strategies
- Agriculture IoT Market – Macro Economic Scenario
- Global Agriculture IoT Market Size and Growth
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- Global Agriculture IoT Market Competitive Benchmarking
- Global Agriculture IoT Market Competitive Dashboard
- Key Mergers And Acquisitions In The Agriculture IoT Market
- Agriculture IoT Market Future Outlook and Potential Analysis
- Appendix
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