IoT in Agriculture Market

Introduction: -

The Internet of Things (IoT) technology in agriculture is crucial for increasing productivity to meet the growing demand for food. It comprises advanced tools and solutions that enhance operational efficiency, maximize yield, and minimize energy waste. Applications like precision agriculture and livestock monitoring help speed up agricultural processes. The market is driven by the demand for real-time data analysis, cloud-based services, and automation. The rise of 5G technology will further facilitate IoT device connectivity. Climate change impacts agriculture globally, leading to the adoption of IoT technology to optimize production in harsh conditions. Factors like population growth and food demand are accelerating the adoption of IoT in agriculture. However, small players in the industry providing solutions for different stages of the agricultural value chain may slow down market growth. Overall, IoT technology is essential for enhancing agricultural production to meet the demands of a changing climate and growing population.

The agricultural sector is fragmented with small players offering solutions for different parts of the value chain, making it hard for farmers to achieve economies of scale. There is no major player offering a comprehensive solution for the entire value chain. Farmers may not benefit financially from reducing costs like storage or transport. The increasing number of smartphone users and Internet access among farmers will raise awareness of developments in the agricultural market, potentially boosting IoT growth. Farmers use smartphones and mobile devices for the latest agricultural information and rely on broadband and wireless tech for knowledge-sharing. The Internet also offers agricultural resources in multiple languages, improving farmers' skills awareness.

IoT in Agriculture Market

Size, by Product, - (USD Billion)

Small Farms

Mid-Sized

Large

others

Other Products

The Market will Grow

At the CAGR of:

12.6%

The Forecast Market

Size for in USD:

$79.09 billion

The global IoT in Agriculture Market value was USD 31.10 billion in 2024, it is Expected to Hit USD 79.09 billion by 2032 with CAGR of 12.6%

Market overview: -

IoT in agriculture has seen significant growth fueled by the adoption of smart agricultural technologies and the increasing need for efficient resource management in the industry. The market has witnessed a steady growth trajectory and is expected to continue expanding due to factors like population growth, shrinking arable land, and the necessity to enhance agricultural productivity. Various applications of IoT technology in agriculture, including precision farming, livestock management, smart greenhouses, agricultural drones, and supply chain optimization, are helping farmers achieve higher yields, decrease resource wastage, and enhance overall efficiency. Advances in IoT technology such as sensors, drones, satellite imagery, and data analytics are enabling more precise monitoring and control of agricultural operations. While challenges like high initial costs, interoperability issues, and privacy concerns remain, the market is ripe with opportunities driven by government initiatives, subsidies, and IoT-as-a-service models, suggesting a promising future for IoT in agriculture.

Market Trends: -

• It includes the adoption of precision farming techniques, integration of AI and ML algorithms, rise of smart sensors for real-time monitoring, expansion of smart greenhouse systems, use of blockchain technology for traceability, focus on sustainability practices, emergence of IoT platforms tailored for agriculture, wider adoption of remote monitoring and control systems, collaboration between technology providers and agribusinesses, and government support for IoT adoption in agriculture.
• These trends are driven by the need for optimizing resource use, improving crop yield, ensuring food safety, enhancing environmental protection, and addressing industry challenges.
• The development and maturation of IoT technologies in the agricultural market are expected to continue to grow with the support of regulatory initiatives and partnerships to accelerate market growth and innovation.

Competitive landscape: -

• Trimble Inc. (USA)
• Deere & Company (USA)
• AGCO Corporation (USA)
• Raven Industries, Inc. (USA)
• Komatsu, Ltd (Japan)
• Farmer Edge Inc. (Canada)
• CropX, Inc. (USA)
• The Climate Corporation (USA)
• AgJunction Inc. (Canada)
• TeeJet Technologies(USA)
• Antelliq Corporation (France)
• Topcon Positioning Systems, Inc. (USA)
• ICKEY-john (USA)

Recent development: -

1. May 16, 2024 — Trimble (NASDAQ: TRMB)  announced the winners of its inaugural Trimble Infinity Awards, which recognize organizations for their remarkable accomplishments in achieving capital program and infrastructure management success.
2. May 16, 2024 — Deere & Company reported net income of $2.370 billion for the second quarter ended April 28, 2024, or $8.53 per share, compared with net income of $2.860 billion, or $9.65 per share, for the quarter ended April 30, 2023. For the first six months of the year, net income attributable to Deere & Company was $4.121 billion, or $14.74 per share, compared with $4.819 billion, or $16.18 per share, for the same period last year.

Growth factor-

• A global set of influencing factors, such as the integration of arrangements based on IoT and artificial intelligence instruments by livestock breeders and agriculturalists, as well as a growing focus on animal control and early detection of infectious diseases. rural IoT market. Moreover, revenue from improved new products and population growth are likely to propel the global rural IoT market higher than ever during the forecast period.
• Additionally, the rapid adoption of hydroponic observation and feeding devices by farmers in emerging economies and the growing poverty of rural areas are likely to add to the impression of the global Internet of Gardening Things market during the forecast period. In relation to the pair, the global Internet of Gardening Things market is likely to be driven by the convergence of modern innovations such as directional frameworks and variable innovations, along with remote monitoring and advanced data flow in the region.
• Additionally, factors such as increasing overall revenue with well-integrated rural IoT agriculture frameworks are likely to drive the global IoT for agriculture market during the forecast period, which may indicate the need to reduce development assets. In any case, increasing implementation costs, limited customer awareness and lack of skilled labor are likely to reduce the share of the global agricultural IoT industry during the forecast period.

Market segmentation: -

By Type

• Small Farms
• Mid-Sized
• Large
• Others 

By Component

• Sensing and Monitoring Devices
• Irrigation Controllers
• Flow and Application Control Devices
• Soil Sensors
• Water Sensors
• Climate Sensors
• Sensors for Livestock
• Guidance and Navigation
• Drones
• Handheld Computers
• Displays
• Smart Harvesters & Forwarders
• RFID Tags and Readers
• LED Grow Lights
• Software Connectivity & Services 

By Application

• Precision Aquaculture
• Precision Farming
• Smart Greenhouses 
• Precision Livestock 
• Precision Forestry
• Others

By Geography

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Malaysia
• Philippines

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of the Middle East & Africa

Key stakeholders: -

• Farmers and Growers
• IoT Solution Providers
• Technology Providers
• Government and Regulatory Bodies
• Research Institutions and Academia
• Industry Associations and Trade Organizations
• Farm Equipment Manufacturers
• Agribusinesses and Cooperatives
• Financial Institutions and Investors

IoT in Agriculture Market

Size, by Product, - (USD Billion)

The Market will Grow

At the CAGR of:

12.6%

The Forecast Market

Size for in USD:

$79.09 billion

Restraints: - 

• The limitations and challenges of implementing Internet of Things (IoT) technology in agriculture include high initial costs, which may deter small farmers from investing in IoT devices and infrastructure.
• Ongoing maintenance, data storage, and connectivity costs further add to the overall expense of deploying IoT solutions.
• Privacy and security concerns also make it difficult for farmers to adopt IoT technology, as the risk of data breaches and cyber-attacks is increased with the collection and transmission of sensitive farm data.
• Additionally, raw material shortages and supply delays impact the market scenario, requiring companies to evaluate strategic opportunities and make important decisions.
• The recession can also affect product prices and availability, prompting businesses to forecast sales and turnover while estimating profit and loss costs.
• Data Bridge Market Research offers advanced market analysis and reports to address these challenges, providing insights into market trends, trade regulations, and strategic growth opportunities.
• By staying informed and proactive in the face of these limitations, farmers and businesses can navigate the complexities of IoT adoption in agriculture.

IoT in Agriculture Market TO (USD BN)

CAGR OF

12.6%

IoT in Agriculture Market

79.09 billion %

Opportunity: -

Growing Use of Drones in Agriculture Expands Spatial Coverage Equipped with IoT sensors and cameras, drones can collect large amounts of data on crop health, soil moisture and pest prevalence with unprecedented efficiency and accuracy. When integrated with IoT platforms, this data provides farmers with real-time information and actionable data to optimize crop management practices. Drones improve the spatial coverage and resolution of IoT sensor networks, enabling comprehensive monitoring of large agricultural areas. Realizing the value of drone technology in improving yield, reducing costs and minimizing environmental impact, farmers are increasingly integrating drones into their IoT-based precision farming strategies, contributing to the overall growth of IoT in the agricultural sector.

Conclusion: - 

The market for IoT in Agriculture is developing very fast due to rapid demand of sustainability in agricultural practices through an efficient process. In many cases, internet of things applications in agriculture were carried out to monitor the situation in real time by following appropriate data-driven principles in decision-making and improvement of resource usage, which increases yields while lessening environmental footprint. These include major applications such as precision farming, livestock monitoring, greenhouse automation, and water management, which aim to enhance agricultural productivity.

Market growth is driven by increasing demand for food globally, efficient water uses practices, and advanced sensor technology. However, it may be very expensive at the beginning, and issues on data security and problems in connectivity within rural areas will tend to set limits on full-scale diffusion.

The competitive landscape comprises technology behemoths, alongside niche agritech start-ups, that thrive on innovation driven by collaboration and partnership. With more and more developing nations adopting the IoT solutions, this market holds much potential for future growth.

It designed solutions that heightened the rising need for efficient and sustainable ways of farming in agriculture. The potential of the IoT in agriculture market to transform agriculture is indeed huge; this will be realized fully with investments in the technologies, infrastructures, and education that the increased benefits will call for.