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 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.