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

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.