Growing demand for agricultural output, increasing penetration of Internet of Things (IoT) & Artificial Intelligence (AI) technologies in the farming sector will drive market growth.
New York, New York--(Newsfile Corp. - July 8, 2021) - The global IoT in agriculture market size is expected to reach USD 30.8 billion in 2028, registering a CAGR of 10.6% over the forecast period, according to a 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 the 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, which is highly required to meet the rising food demand. By connecting farms through a common platform and providing them with knowledge exchange, storage, and review options, IoT technologies can solve agricultural problems and optimize the quantity and quality of agricultural output. IoT combines with advanced technical resources, machinery, and solutions in agriculture to improve operating efficiency and reduce energy waste. A system is built in IoT-based smart farming to track crop field using sensors, such as light, temperature, and humidity, as well as to automate the irrigation system.
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The UN Food and Agriculture Organization estimates that the world would need to generate 70% more food by 2050 in order to meet the food demand. With the rapid growth of global population diminishing agricultural lands and depletion of scarce natural resources, the need to improve farm yield has become crucial. The problem has been exacerbated by a lack of natural resources, such as fresh water and arable land, as well as declining yield patterns in sveral staple crops. The changing composition of the agricultural workforce is another impeding problem for the farming industry. Furthermore, farm labor has decreased in majority of countries. The adoption of internet connectivity solutions in farming practices has been triggered as a result of the declining agricultural workforce, in order to minimize the need for manual labor.
Most farms are located in remote areas, which results in poor internet connectivity. This is expected to restrain the market growth. Furthermore, the high cost of hardware and software involved in IoT in agriculture makes it difficult for farmers to implement advanced technologies. This is especially true for farmers in less developed countries where the technological advancement in farming is decades behind that in developed countries. Such factors may restrain market development in the coming years.
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Some Key Highlight in the Report:
- Among the offering segments, the services segment is projected to register largest market share over the forecast period.
- The precision farming segment is expected to register a significant CAGR among the agriculture type segments during the forecast period.
- The livestock monitoring application segment accounted for the largest revenue share among the other application segments in the global market in 2020.
- Growing government initiatives and regulations to enhance the agriculture industry in the region are expected to drive the North American IoT in agriculture market growth over the forecast period.
- The market revenue from Europe IoT in agriculture market is projected to grow at a significantly high rate over the forecast period, following that of North America.
Some of the prominent companies in the market include:
- Deere & Company
- Raven Industries
- AGCO Corporation (AGCO)
- AgJunction Inc. (AgJunction)
- GEA Farm Technology
- AG Leader Technology (AG Leader)
- Komatsu Forest AB
- Topcon Positioning Systems
- DICKEY-john Corporation.
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the global IoT in agriculture market on the basis of offering, agriculture type, application and region:
Offering Outlook (Revenue, USD Billion; 2018 - 2028)
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)
Regional Outlook (Revenue, USD Billion; 2018 - 2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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