ID: MRFR/ICT/7004-HCR | February 2021 | Region: Global | 111 pages
Further, productivity in the agricultural industry is rising due to IoT technology. Smart farming IoT devices help in every aspect of farming. From irrigation, planting, harvesting in all these tasks IoT devices is useful. Also, the sensors are the crucial IoT devices. The sensors can analyse the climate conditions. It prevents wastage and increases efficiency in the agriculture industry. Precision farming techniques are providing more scope for the IoT in the agriculture sector. IoT in Agriculture Market Forecast shows a high market value of 36 billion.
IoT in Agriculture Market Covid Analysis:
There are plenty of key players in IoT in Agriculture Industry. They manufacture the hardware of the agriculture IoT devices. However, these market operations are disrupted due to covid 19. The IoT hardware manufacturing companies are facing plenty of losses during this period.
The restrictions in the export of these products are declining the market demand. The supplies and distributing networks are slowing down their operations due to the pandemic. The demand rate is expected to raise post covid 19. Also, the production of IoT devices is expected to grow. The adoption rate will reach a peak during the forecast period.
IoT in Agriculture Market Dynamics:
Crucial Market Drivers:
Smart-farming known as precision-farming is providing more returns for the agriculture sector. There are plenty of factors that can have a damaging impact on farming. Nature, climate, soil, plant, field are some of the crucial factors in agriculture. Smart farming includes irrigation, planting, fertilizing, and reducing wastages in agriculture. The overall cost and expenses I farming am efficient with smart devices. The use of VRT technology is a crucial driver for the IoT in the agriculture market. Other technologies such as sensors, GPS, mapping, data management software enhance the profitability in the agriculture sector.
Some of the other benefits of smart farming are sustainability, cost reduction and decrease in labour cost. All these benefits are possible with IoT in agriculture. These are the crucial actors that drive market demand. Further, the VRT offer site-specific services in the agricultural field. There are environmental advantages due to IoT in agriculture. The IoT technologies reduce the green gas emission and soil erosion.
The growth in the VRT market will positively impact the IoT in the agriculture market. Moreover, many governments are interested in smart technologies in farming. The governmental support for IoT in agriculture is massive. It is another crucial driver for the market. The governmental support will lead to more adoption of IoT in agriculture. The cost benefits and plenty of other governmental subsidies attract more end-users towards IoT in agriculture practice. All these factors will contribute to high IoT in Agriculture Market Profit in the forecast period.
Due to precision farming in many regions, the adoption rate of these drones is higher. It will lead to more IoT in Agriculture Market Sales. It is expected that more than 80% of the frames will have UAV drones. Due to cost-efficiency, the adoption will be quick. Smart climate agriculture techniques will create growth possibilities for the market. The wastage in the agriculture sector is high due to climate changes. However, with IoT predicting climate is effortless. It will reduce wastage in the industry.
The farms with the advanced system can only deploy this device. Otherwise, adoption of the IoT devices is complex. IoT in agriculture includes robotic devices. Handling it in the farms requires expertise. These are the restraints of the IoT in the agriculture market.
The storage and careful accessing of data are essential for product decisions. However, there are no standard ways to manage farming data. It is a significant challenge in this market. Also, the farmers are not aware of the collecting, analyzing and decision-making process of the technology. The market challenge can decline demand in upcoming years.
The Asia pacific top players are taking plenty of steps to develop the market. Further, new products of are launched in this region. The investment is high in the region. Furthermore, the implementation of the IoT in agriculture is happening at a large scale in this region.
IoT in Agriculture Market Segment Overview:
By Farm Type:
Farm Production Planning Stage:
The competition in the IoT in the agriculture market is moderate. However, in the upcoming year, the competition is massive. There is a new entry of key players in the market.
Developments, acquisitions, market expansions are the key strategies in the competitive landscape. The launch of a new IoT based agricultural tool is high in the forecast period. Also, the partnerships with prevalent agricultural industries are high in the competitive landscape.
IoT in Agriculture Market Regional Analysis:
The IoT in the agriculture market is fragmented into the Asia Pacific, Middle East Africa, Latin America, North America and Europe. Asia pacific will lead other IoT in the agriculture market. The governmental initiatives to adopt the technology are high in the Asia Pacific region. It is a crucial driver of the market in the region. The presence of IoT in the Agriculture Market Top Leaders is advantageous for the market.
In the upcoming years, the adoption rate of IoT in agriculture will increase massively in this region. The Asia Pacific market is making plenty of new developments. The Asia Pacific region is increasing its portfolio in 2025. Also, Europe is witnessing a high demand rate in the forecast period. The high investments will lead to the earlier adoption of IoT in agriculture. North America will record the highest market growth rate. Further, all these are the key contributors to Global IoT in Agriculture Market.
The key players of the IoT in the agriculture market are
The key players of the market are new IoT tools in the agriculture industry. The planter system can fertilize the field quickly than traditional methods. The speed and efficiency of the tool are exceptional.
Raven industries are launching the first-ever driverless technology in the market. Location monitoring, speed control and setting plants are the features of the technology.
|Market Size||USD 36 Billion (2026)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Deere & Company (US), Dickey John (US), Grownetics (US), Scicrop (Brazil), Precisionhawk Inc. (US), Shivrai Technologies Pvt. Ltd (India), CropIn (US), Rapidsoft Technologies Pvt. Ltd (US), Trimble Inc. (US), Raven Industries (US), Topcon Corporation (Japan), Proagrica (US), AG Leader Technology (US), and IBM Corporation (US).|
|Key Market Opportunities||The growing application of IoT in agriculture has led to increased competition among the vendors in the market.|
|Key Market Drivers||The need for efficient farming and increasing government interest in the promotion of technologies in farming are other factors that drive the growth of the global IoT in the agriculture market.|
Frequently Asked Questions (FAQ) :
An income level touching USD 34.88 Billion by 2025 is likely to be recorded with the aid of a CAGR of 13.6%.
The North American region is projected to play an unmatched role in the advancement of the market in the forecast period.
Scicrop (Brazil), Precisionhawk Inc. (US), CropIn (US), Rapidsoft Technologies Pvt. Ltd (US), John (US), Shivrai Technologies Pvt. Ltd (India), Grownetics (US), Raven Industries (US), Trimble Inc. (US), Topcon Corporation (Japan), Proagrica (US), AG Leader Technology (US) are the top contenders for the market share in the forecast period.
The presence of cutting-edge precision agriculture technologies is foreseeable in motivating the market progress single-handedly in the forecast period.