Global Agriculture IoT Market Overview
The key driver impacting the Agriculture IoT market is the increasing demand for agricultural production output due to the rapidly growing population across the globe. For instance, As per the World Population datasheet, the global population is anticipated to reach 9.9 billion by 2050, increasing over 25% from the present 2020 population of 7.8 billion. As a result, food demand is possible to increase about 59% to 98% by the year 2050. The growing population increased demand for food which necessitates the need for IoT devices for monitoring and analyzing weather conditions, the status of crops and soil. It also assists in managing livestock, dairy, and other contemporary practices that lead to high agriculture production output. Moreover, increasing government support to adopt modern agricultural techniques contributes to Agriculture IoT market demand in the coming years.
According to Value Market Research, the global Agriculture IoT market size was valued at about USD 12750 million in 2020 and is estimated to grow at a CAGR of around 10% during the forecast period 2021 to 2027.
The rising focus of farmers on livestock monitoring and disease detection is likely to augment the market demand in the forecast period. Also, growing technological advancement in the field of agriculture is positively impacting the market growth. For example, Monitoring and controlling crop irrigation systems via smartphone, Ultrasounds for livestock, Crop sensors help apply fertilizers effectively and maximize uptake. However, a fragmented agriculture industry may hamper the market in the long run. Also, the high technological cost and limited technical knowledge and skills of farmers negatively impact the market. Nonetheless, the current industry trends, such as the emergence of big data in agriculture farms and the rising adoption of drones in precision farming, are expected to offer several beneficial market opportunities to the key players.
The Agriculture IoT market is vast, with many local and global players. The Agriculture IoT market is extensive, with many regional and international players. The market leaders follow various strategies to enhance their position in the market, such as extending product portfolio, acquisitions, contracts, amalgamation, product upgrades to raise their market share globally. For Instance, In July 2019, Mitsubishi Electric Corporation launched the first diagnostic technology based on the company's proprietary Maisart artificial intelligence (AI) technology. It is the first in the world and uses machine learning to examine sensor data and then produce models. The significant players studied in the report include Deere & Company, Trimble, Raven Industries, AgJunction Inc. (AgJunction), DeLaval, GEA Farm Technology, Lely, AGCO Corporation (AGCO), AG Leader Technology, Tigercat, Antelliq, Ponsse, Komatsu Forest AB, Caterpillar, DICKEY-john Corporation, Treemetrics, and Topcon Positioning Systems.
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In this research report, the Agriculture IoT market is segmented by offering type, application, and region.
Analysis by Offering Type:
By offering type, the report is categorized into hardware, software, and services. The services segment dominates the offering type segment with over 20% share in 2020. It is due to the rising adoption of analytics services as it helps in providing the right calls and alerts on farming operations to improve the farmers’ decision-making capabilities. Moreover, the existence of many companies that provide farm data services, operation services, and farm data analytics to software companies or directly to farmers contributes to the growth of the services segment in the forecast period.
Analysis by Application:
By application, the report is categorized into precision farming, precision forestry, livestock monitoring, fish farm monitoring, smart greenhouse, and others (horticulture and orchids). The precision farming segment dominates the application segment with over 35% share in 2020. It is due to the rising focus on improving farm efficiency and productivity. Moreover, the rise in usage of various software and hardware devices by farmers to collect farm-related data, which would help them make better decisions and increase the productivity of their lands and crops, contribute to the growth of the precision farming segment in the forecast period.
Analysis by Region:
In the regional outlook of the global Agriculture IoT market, the Europe region is expected to hold the second-largest market share of around 20% in the forecast period. It is due to the huge adoption of smart agriculture technologies such as GNSS technology in guidance and steering, yield monitoring, crop scouting, and variable rate application. Also, Germany has a high adoption rate of technologies such as dairy cattle management, animal tracking, and other livestock monitoring technologies. Moreover, the growing demand for food , changing diets patterns, rapid changes in climate, and increasing scarcity of natural resources contributes to the tremendous market growth across Europe.
Market Segmentation covered in the Report:
By Offering Type
- Precision Farming
- Precision Forestry
- Livestock Monitoring
- Fish Farm Monitoring
- Smart Greenhouse
- Others (Horticulture and orchids)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.