The Agriculture IoT Market is expected to grow at a steady rate of around 11% during the forecast period (2022-2028) with the surging world population and simultaneous increase in food demand, overall agricultural productivity must be increased drastically. The current world population of 7.6 billion is expected to reach 8.6 billion in 2030, 9.8 billion in 2050, and 11.2 billion in 2100, according to a new United Nations report.
The adoption of contemporary technologies for cultivating sustainable farming methods is known as agriculture IoT, which aims to increase farm productivity. In addition, multiple IoT sensors are used in smart farming, which is based on the internet of things, and they may analyze and update themselves based on the working conditions in order to collect real-time data created throughout the product development phase. As a result, the demand for the agriculture IoT market has increased due to the growing use of precision farming techniques and the expanding acceptance of IoT.
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Based on the component, the market is segmented into hardware, software, and services. The hardware category to witness significant CAGR during the forecast period owing to smart cameras, sensors, and real-time monitoring tools are examples of hardware used in IoT-based smart agriculture that assists in gathering data for use by software, services, and solutions including farm management systems, AI, ML, and other analytical tools.
On the basis of application, the market is categorized into precision farming, precision livestock, and others. Among these, precision farming to hold a significant share of the market in 2020. The goal of precision farming is to analyze the data, generated via sensors, to react accordingly. Further, Precision Farming helps farmers to generate data with the help of sensors and analyze that information to take intelligent and quick decisions.
For a better understanding of the market adoption of the Agriculture IoT industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing application in agriculture, and the rising demand for monitoring livestock performance and health, increasing demand for food worldwide will drive the agriculture IoT market. For instance, In July 2020, DeLaval had acquired milkrite|InterPuls (UK), a milking point solution provider to dairy farmers to enhance its product portfolio. Milkrite|InterPuls would continue to operate as a stand-alone company after the acquisition.
Some of the major players operating in the market include Deere & Company, Trimble Inc, Raven Industries, AKVA Group ASA, Topcon Positioning Systems Inc., AgJunction Inc., Ponsse Oyj, Komatsu Forest AB, InnovaSea Systems Inc., AGCO Corporation.
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Global Agriculture IoT Market Segmentation
Market Insight, by Type
- Hardware
- Software
- Services
Market Insight, by Drive Type
- Large-Sized Farms
- Mid-Sized Farms
- Small-Sized Farms
Market Insight, by Application
- Precision Farming
- Precision Livestock
- Others
Market Insight, by Region
- North America
- The US
- Canada
- Rest of North America
- Europe
- Germany
- The United Kingdom
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
- Deere & Company
- Trimble Inc
- Raven Industries
- AKVA Group ASA
- Topcon Positioning Systems Inc.
- AgJunction Inc.
- Ponsse Oyj
- Komatsu Forest AB
- Innovasea Systems Inc.
- AGCO Corporation
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