USD 27.1 billion
Internet of Things (IoT) in Agriculture Market Size, Share, Growth Analysis, By Type(Small Farms, Mid-Sized, Large), By Component(Hardware (Irrigation Controllers, Flow and Application Control Devices, Variable Rate Controllers, Soil Sensors), By Application(Precision Aquaculture, Precision Farming, Smart Greenhouses, Precision Livestock), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45I2075 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
110
|Figures:
76
Internet of Things (IoT) in Agriculture Market Insights
Internet of Things (IoT) in Agriculture Market size was valued at USD 27.1 billion in 2019 and is poised to grow from USD 30.51 billion in 2023 to USD 78.85 billion by 2031, growing at a CAGR of 12.6% in the forecast period (2024-2031).
The driving factors of the market growth are the rising demand for agricultural products, technical advancements, and farmers' increased usage of IoT devices. Sensors, computers, and robots are used in agriculture IoT systems to monitor crops, automate irrigation systems, and give farmers data for management plans. It saves time, lowers effort, and aids in operational decision-making for farmers. The agriculture IoT market is also anticipated to grow as a result of farmers becoming more knowledgeable about the newest technologies in the agricultural sector as a result of an increase in smartphone and internet adoption. However, the shortage of qualified workers for IoT implementation in agriculture, high technology costs, and data security risks are anticipated to limit market growth over the forecast period.
The main factor limiting the growth of the IoT in Agriculture Market size is farmers' ignorance of the application of IoT in agriculture. Additionally, the management of data effectively in the agriculture sector is a major difficulty because IoT applications in agriculture are still in their infancy. It is challenging to deploy large-scale IoT-based designs in agriculture because this sector is dominated by start-ups. Driving IoT firms are offering extremely limited IoT applications in agriculture, which also inhibits farmers from adopting smart technologies.
US Internet of Things (IoT) in Agriculture Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Precision Farming
Fastest Growth
Precision Farming
Growth Rate
12.6% CAGR
Global Internet of Things (IoT) in Agriculture Market ($ Bn)
Country Share for North America Region (%)
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Internet of Things (IoT) in Agriculture Market Segmental Analysis
Global Internet of Things (IoT) in Agriculture Market is segmented based on the Type, Component, Application, and region. Based on Type, the Global market is segmented into Small Farms, Mid-Sized, Large. Based on the Component, it is segmented into Hardware (Irrigation Controllers, Flow and Application Control Devices, Variable Rate Controllers, Soil Sensors, Water Sensors, Climate Sensors, Sensors for Livestock, Automation and Control Systems, Sensing and Monitoring Devices, Guidance and Navigation, Drones, Handheld Computers, Displays, Smart Harvesters & Forwarders, RFID Tags and Readers, LED Grow Lights), Software (On-premise, Cloud-based), Connectivity & Services. Based on the Application into Precision Aquaculture, Precision Farming, Smart Greenhouses, Precision Livestock, Precision Forestry, Fish Farm Monitoring, Others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Internet of Things (IoT) in Agriculture Market Analysis by Component
Hardware, software, and services are the three segments of the market that are segmented based on component. The Global IoT in Agriculture Market's services segment is anticipated to experience the greatest CAGR during the period of forecasting. Businesses that give farm management services, computer processing, and agricultural data analytics to tech companies or farmers soon are referred to as service providers. To help farmers make better decisions, analytics technologies support the delivery of pertinent calls and warnings on farming processes.
Internet of Things (IoT) in Agriculture Market Analysis by Application
The market is segmented into precision farming, livestock monitoring, smart greenhouses, fish farm monitoring, and others based on application. The Global IoT in Agriculture Market's Precision Farming sector is anticipated to expand at the highest CAGR during the projection period. The importance of boosting farm productivity and output is cited as the reason for this segment's expansion. Precision farming has the potential to shift the agricultural paradigms by increasing the productivity and acceptance of traditional methods of farming.
Global Internet of Things (IoT) in Agriculture Market By Application
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Internet of Things (IoT) in Agriculture Market Regional Insights
The North American IoT in agriculture market is anticipated to increase over the forecast period as a result of rising government initiatives and regulations to improve the region's agriculture industry. The North America Climate Smart Agriculture Alliance (NACSAA), a platform for educating and equipping growers to sustainably boost agricultural productivity, is created by a coalition of different agricultural groups.
Asia Pacific's income share will be the second-largest. The growing interest in this area is typically due to more notable information on modern horticultural innovation and the implementation of excellent unofficial regulations to support ranch digitalization. Additionally, as urbanisation increases and the need for greater food security grows, interest in advanced agribusiness will increase, leading to IoT proposals in nearby horticulture regions. Additionally, increasing consumer demand choices brought on by more money have contributed to the district's market growth during the forecast period.
Global Internet of Things (IoT) in Agriculture Market By Region
- Largest
- Fastest
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Internet of Things (IoT) in Agriculture Market Dynamics
Internet of Things (IoT) in Agriculture Market Drivers
Increasing Growth of VRT to Bolster Market Growth
- The IoT in the agriculture market will benefit from the growth of the VRT market. Additionally, a lot of governments are interested in smart farming technologies. The government is heavily promoting IoT in agriculture. It is yet another significant market driver. Many other government subsidies as well as the cost advantages of IoT in farm practice draw more end users. During the forecast period, all of these elements will contribute to a high IoT in Agriculture Market Profit.
- If used to its maximum potential, precision farming and shrewd farming may eventually assist ranchers in fending against the damaging effects of nature on their crops by collecting geospatial data on the soil, animals, and plants, as well as other inter- and intra-field information. Accuracy farming also provides knowledge on the requirements for water systems, fluid composts, supplements, herbicides, and pesticides, as well as on how to reduce resource waste and overall farming costs.
Internet of Things (IoT) in Agriculture Market Restraints
High Cost to Hinder Market Growth
- One main challenge to the growth of the farming IoT business is the interest for large initial uses. Rural IoT tools and devices are currently too expensive for less wealthy farmers in developed nations and the majority of ranchers in developing economies. In addition to a significant initial financial commitment, accuracy cultivation requires a qualified team to operate GPS, drones, GIS, VRT, and satellite equipment.
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Internet of Things (IoT) in Agriculture Market Competitive Landscape
The competitive landscape for the internet of things (IoT) in agricultural market research includes information by competitor. Included information includes a business overview, financials, revenue generated, market potential, investments in R&D, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launches, product breadth and depth, and application dominance. The information above only relates to the companies' IoT (internet of things) concentration on the agriculture industry research.
Internet of Things (IoT) in Agriculture Market Top Player's Company Profiles
- IBM Corporation
- Cisco Systems, Inc.
- SAP SE
- Trimble Inc.
- Deere & Company
- Agco Corporation
- Hexagon AB
- Telit Communications PLC
- Decisive Farming Corp.
- Raven Industries, Inc.
- Ag Leader Technology
- Climate Corporation, The
- Farmers Edge Inc.
- Precision Planting LLC
- SemiosBio Technologies Inc.
- Topcon Corporation
- The Toro Company
- AG Junction Inc.
- Taranis
- FluroSat
Internet of Things (IoT) in Agriculture Market Recent Developments
- In February 2022, DeLaval added the RC550 and RC700 to their selection of robots. These machines were developed to improve cow comfort and hoof health on solid surfaces. Thanks to their unique rotational dung intake mechanism, the collector can handle any kind of manure and doesn't need any additional water.
- In April 2022, Exact Rate, an on-planter technology that fertilises new crops twice as quickly as before and reduces the number of fertiliser tank refills needed during planting, was updated by Deere & Company.
Internet of Things (IoT) in Agriculture Key Market Trends
- Automated aerial vehicles (UAVs), sometimes known as drones, are rapidly transitioning from battlefields to agricultural fields because they can take incredibly accurate flying images of large areas of land—up to many hectares—in a single flight, saving a lot of money. Rural robots are cheaper than reconnaissance robots and have superior sensors and imaging capabilities that allow ranchers new options to increase crop efficiency while reducing asset waste. When screening crops, ranchers typically utilise satellite imagery and aircraft. Drones are frequently used in precision agriculture to collect ongoing data, mainly on big ranches. Therefore, the use of robots or automated airborne vehicles would likely present prospects for the farming IoT industry to grow.
Internet of Things (IoT) in Agriculture Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
The internet of things (IoT) in agriculture market report's country section additionally lists specific market-impacting variables and information on native market regulations that have an impact on the market's present and future trends. Data points including consumption patterns, manufacturing locations and output, import-export analysis, price trend analysis, raw material costs, and downstream and upstream value chain analysis are some of the key indicators utilized to forecast the market environment for certain nations. When offering prediction analysis of the country data, the presence and accessibility of international brands as well as the difficulties they encounter owing to intense or minimal competition from local and domestic brands, influence of domestic tariffs, and trade routes are also thought about.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 27.1 billion |
| Market size value in 2031 | USD 78.85 billion |
| Growth Rate | 12.6% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Internet of Things (IoT) in Agriculture Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Internet of Things (IoT) in Agriculture Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Internet of Things (IoT) in Agriculture Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Internet of Things (IoT) in Agriculture Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Internet of Things (IoT) in Agriculture Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Internet of Things (IoT) in Agriculture Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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