Global IoT in Agriculture Market by Offering (Hardware, Software and Services); By Application (Livestock Monitoring Application, Precision Farming Application, Smart Greenhouse Application, Precision Forestry Application and Fish Farm Monitoring Application); By Region (North America, Latin America, Europe, Asia-Pacific and Middle-East & Africa) – Analysis of market share, size & trends for 2016-19 and forecasts to 2030.
IoT integrates technically advanced tools, frameworks, devices and solutions in IoT-based agricultural sector to improve operational performance, optimize production and reduce energy waste through real-time farm data collection, data storage, data evaluation and system management creation. The weather, humidity, plant health, mineral conditions, chemical implementations, the prevalence of pests and many more can be converted into huge data sets, which enable data analytics engineers to generate understanding into the farm with different coarseness levels using smart technologies. The agricultural production has to be increased in order to meet the world’s growing demand for food.
IoT in Agriculture Market is estimated to grow from USD 14.5 billion in 2019 to USD 34.81 billion in 2030 with a CAGR of 12.55%. Growth in the smart agriculture market is driven by factors such as increasing pressure on the food supply system due to the rapidly growing population, rising use of modern technologies such as drones in agricultural holdings, rising income levels and demand for protein-rich aqua-food, and increasing emphasis on reducing management costs. Moreover, it is estimated that the global IoT in agriculture market will expand due to reduced technology costs as a result of continued Research and development activities in IoT and initiatives by diverse nations’ government around the world to increase agricultural produce and quality.
IoT in Agriculture Market: Segments
Hardware offerings are anticipated to be the fastest growing over 2020-2030
On the basis of offering, the IoT in Agriculture is segmented into hardware, software and services. The hardware segment held a major share in 2019 and is projected to have the largest share during the forecast period. During the forecast timeframe, the growing use of emerging technology and modern smart agricultural devices would contribute to the growth of the IoT in agricultural market for hardware supply. A new approach to agricultural practice that boosts market growth has been established through a greater popularity of automated systems like GPS / GNSS sensors, irrigation controls and guiding and navigating systems.
IoT in Agriculture Market: Market Dynamics
Growing global demand for food, increasing research and development activities, enhancing precision farming to enable farmers to take a decision about health and performance monitoring, and increasing government support for the adoption of modern farming techniques are key factors driving market growth. The growing population has increased food demand. Additionally, over the forecast period, the demand for food in direct proportion to the increasing population will grow rapidly.
High Procurement Cost
Some of the factors limiting the growth of the smart agriculture market are the high cost of devices used in smart agriculture and the lack of awareness among farmers. High costs incurred in the production of smart agricultural equipment, in turn, increase the price of the final product, which is likely to restrict the growth of the market over the forecast period.
IoT in Agriculture Market: Region
Asia-Pacific to register a remarkable CAGR during the forecast period
IoT in Agriculture market is segmented on the basis of regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific and rest of the world is classified as Middle-East and Africa. Geographically, North America contributed the highest market share of XX% in 2019 and is anticipated to grow at a CAGR of XX%. However, Asia-Pacific is estimated to grow at highest CAGR of XX% over 2020-30. The increasing demand for food and other food products would likely stimulate agriculture and related enterprises in the Asia-Pacific region. As a result of the rising population of countries like India, China, and other Asian nations, demand for food products has risen substantially.
o Company overview
o Business Strategy
o Key Product Offerings
o Financial Performance
o Key Performance Indicators
o Risk Analysis
o Recent Development
o Regional Presence
o SWOT Analysis
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• The Climate Corporation
• AGCO Corporation
IoT in Agriculture Market Report also contains an analysis on:
• Smart Agriculture Market by segment:
o By Offering
o By application/ end-use industry
Livestock Monitoring Application
Precision Farming Application
Smart Greenhouse Application
Precision Forestry Application
Fish Farm Monitoring Application
o By Region
Middle east and Africa
• IoT in Agriculture Market Size
• IoT in Agriculture Market Dynamics
• Supply and Demand
• Current Issues/trends/challenges
• Competition and Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints