IOT

Agriculture IoT Industry is Expected to Reach $22.6 Bn by 2028

IoT

The “Agriculture IoT Market by Component (Hardware, Software, Connectivity & Services), Application (Precision Farming, Smart Greenhouse, Livestock Monitoring, Smart Irrigation, and Other Applications), and Geography – Global Forecasts to 2028″ report has been added to ResearchAndMarkets.com’s offering.

The global agriculture IoT market is expected to grow at a CAGR of 10.8% from 2021 to reach $22.6 billion by 2028.

Changing climate & shrinking of arable land, rising population & growing demand for high-quality agriculture products, and growing need for proper water utilization drive the growth of this market. In addition, increasing public-private partnerships and the integration of high-end analytics with IoT offer prominent growth opportunities for this market.

The global agriculture IoT market is segmented based on component (hardware, software, connectivity & services), application (precision farming, smart greenhouse, livestock monitoring, smart irrigation, and other applications), and geography.

Based on component, the hardware accounted for the largest share of the global agriculture IoT market in 2021. The hardware segment is further segmented into automation & control systems, sensing & monitoring devices, guidance & navigation, drones, handheld computers, displays, smart harvesters & forwarders, RFID tags & readers, and LED grow lights.

The easy availability of IoT hardware, declining prices, and consistently growing adoption of IoT hardware in agriculture, especially in developing countries of Asia-Pacific, contributed to the large market share of the IoT hardware segment.

However, as the market matures in the coming years, the services segment is expected to witness significant growth and grow at the highest growth rate throughout the forecast period.

Based on application, the precision farming segment accounted for the major share of the global agriculture IoT market in 2021. With a consistently growing population expected to reach almost 10 billion by 2050, as stated by United Nations Organization, the demand for high-quality food products is expected to pose one of the biggest challenges to the human race.

In order to counter these issues and increase the productivity of limited arable land, governments are encouraging farmers to adopt IoT-enabled precision farming techniques. Thus the precision farming segment dominated the global agriculture IoT market in 2019.

However, the smart greenhouse segment is slated to register the highest growth rate over the coming years. Regulation of controlled environment helps boost the productivity within limited resources in greenhouse agriculture. Therefore, the integration of IoT in greenhouse farming can help achieve a high production rate of quality food. Hence, the smart greenhouse segment is expected to witness significant growth over the forecast period.

Market Dynamics

Drivers

  • Changing Climate and Shrinking of Arable Land
  • Rising Population and Growing DemAnd for High-Quality Agriculture Products
  • Growing Need for Proper Water Utilization
  • Government Initiatives Encouraging Precision Farming

Restraints

  • Lack of Connectivity and Infrastructure

Opportunities

  • Increasing Public-Private Partnerships
  • Integration of High-End Analytics with IoT

Challenges

  • Lack of Technical-Know-How Among Consumers
  • Lack of Standardization in the Smart Agriculture Industry

Companies Mentioned

  • Deere & Company
  • Trimble Inc.
  • AGCO Corporation
  • DeLaval
  • Raven Industries Inc.
  • GEA Group AG
  • Komatsu Ltd.
  • Ponsse PLC
  • Farmer Edge Inc.
  • DICKEY-john
  • CropX Inc.
  • The Climate Corporation
  • Topcon Positioning Systems Inc.
  • AgJunction Inc.
  • Antelliq Corporation
  • TeeJet Technologies

For more such updates and perspectives around Digital Innovation, IoT, Data Infrastructure, AI & Cybersecurity, go to AI-Techpark.com.

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