The IoT in agriculture market size was valued at $16,330 million in 2017, and is now estimated to reach $48,714 million by 2025, growing at a CAGR of 14.7percent from 2018 to 2025.
Internet of things (IoT) technology is anticipated to play a significant role in increasing the current agricultural productivity to cater to the rising demand for food. IoT in agriculture business incorporates IoT-based advanced technological tools, systems, equipment, and solutions to enhance the operational efficiency, maximize yield, and minimize wastage of energy through real-time field data collection, data storage, data analysis, and development of control platform.
Diverse IoT-based applications such as precision farming, livestock tracking, smart greenhouse, and fish farm monitoring, are expected to be instrumental in increasing the speed of the agriculture procedures.
IoT technology can address agriculture-based issues and optimize the quantity and quality of agriculture production, by linking farms through a single platform and making them more intelligent by sharing, storing, and analyzing the information.
The global IoT in agriculture market is estimated to rise at a notable CAGR of 14.7percent from 2018 to 2025, as a result of lowered cost of technology as a result of continuing R&D in IoT, and efforts by various governments of the countries across the globe to increase the quality and quantity of agriculture production.
Factors like the rise in global population and increase in demand for food across the planet have fueled the adoption of new technologies to maximize the agriculture production, are expected to enhance the growth of the IoT in agriculture market.
In addition, climate change plays a drastic role in impacting the global agriculture production.
As a result, severe weather condition supports the deployment of IoT-based technology to maximize agriculture production. However, the agriculture sector comprises of numerous small players that provide solutions for various stages of the agriculture value chain.
As a few of the agricultural processes accomplish economic feasibility, growth of the market is expected to be hampered throughout the forecast period.
Regardless, increase in smartphone users and internet penetration among farmers boosts their awareness about the latest developments in the agriculture market, which is anticipated to drive the market growth.
The global IoT in agriculture market is segmented based on system, application, and area. Based on system, it is classified to automation and control systems, sensing and monitoring devices, livestock monitoring hardware, fish farming hardware, smart greenhouse hardware, and software.
Based on system, the market is categorized into automation and control systems, sensing and monitoring devices, livestock monitoring hardware, fish farming hardware, smart greenhouse hardware, and software.
In 2017, software was the leading segment in the global market, as it consists of numerous tools to control hardware such as yield monitors, soil sensors, water sensors, climate sensors that are used in wide range of precision farming, smart greenhouse farming, and fish farming applications.
The precision farming segment dominates IoT in agriculture market in 2017, accounting for around 44.7 percent of the overall market revenue. Precision farming enables IoT, information technology, and communication to revolutionize the global agriculture sector, by optimizing its production and efficiency.
Livestock monitoring and integration of IoT system technology for detection of livestock location and health are expected to rise significantly during the forecast period.
In 2017, the precision farming segment used IoT for field application as well as in farm equipment to collect data that can be analyzed and used to maximize production and save energy is projected to lead the market throughout the forecast period.
The livestock monitoring segment, including global positioning system (GPS), and sensors is anticipated to be the fastest growing segment. IoT in livestock helps growers to track livestock health by discovering illness and taking the preventive measure is anticipated to drive the market growth during forecast period.
By region, Asia-Pacific was the largest market for IoT in agriculture in 2017 owing to rise in population coupled with increased demand for food in the area.
In addition, government initiative to utilize remote sensing technology to collect ground data information and satellite image to detect agriculture condition in various region is expected to further boost the market development.
Key Benefits for Internet of Things (IOT) in Agriculture Market:
This report provides a quantitative analysis of the current trends, estimations, and dynamics of the global IoT in agriculture market size from 2018 to 2025 to identify the prevailing market opportunities.
The key countries in all the major areas are mapped based on their market shares.
Porter’s five forces analysis highlights the effectiveness of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier buyer network.
A thorough and comprehensive analysis of factors that drive and limit the growth of the IoT in agriculture market is supplied.
An in-depth analysis of the global IoT in agriculture market helps determine the prevailing market opportunities.