ID: MRFR/ICT/7004-HCR | February 2021 | Region: Global | 111 pages
Global IoT in Agriculture Market size is expected to reach USD 36 Billion by 2026 and register a CAGR of 13% during the forecast period.
The World Economic Forum published a report in 2028 where it emphasized IoT based farming to optimize the use of water and pesticides. In the future, the global food systems are expected to rely on smart robots, blockchain and the Internet of Things to manufacture synthetic foods for personalized nutrition. Advanced precision agriculture technologies that deploy machine vision, big data analytics, and advanced robotics could allow farmers to apply the optimal amount of inputs for each crop and assist with the management of livestock and aquaculture, thereby boosting yields and reducing water use and greenhouse gas emissions. By 2030, IoT-based agriculture and precision farming are expected to benefit 80–150 million farmers. 100-300 million tonnes more crops are expected to be produced, and 5-20 less megatonnes of CO2-equivalent emitted. Along with this, water use is estimated to decrease by 50-180 billion cubic meters. The high adoption of advanced technologies in agriculture has led to the 4th Industrial Revolution in agriculture which is expected to dramatically increase the crop yield while minimizing the cost of production. 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.
The global IoT in the agriculture market has been segmented based on component, application and region/country.
By component, the global IoT in Agriculture market has been divided into software, system, and services. The system segment has further been divided into sensing and monitoring systems, fish farming systems, smart greenhouse systems, livestock monitoring systems, automation and control systems, and others. The sensing and monitoring systems have been categorized into soil sensors, water sensors, yield monitors, climate sensors, and others. The fish farming systems are divided into GPS/GNSS, sensors, and others. The livestock monitoring systems are categorized into RFID tags and readers, sensors, GPS, control system, and others. Further, the automation and control systems segment has been divided into flow and application control devices, irrigation controllers, drones/UAVs, GPS/GNSS systems, guidance and steering, handheld mobile devices/handheld computers, displays, and others.
By application, the global IoT in the agriculture market has been divided into livestock monitoring, precision crop farming, indoor farming, aquaculture, integrated pest management, water supply management, and others.
The global IoT in the agriculture market has been analyzed for five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
The global IoT in the agriculture market is expected to register a CAGR of 13.6% till 2026. The geographic analysis of the global IoT in the agriculture market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America has the largest share in this smart farming market as the vendors in this region are investing significantly in R&D activities, which has led to advancements of technologies in sensing and monitoring systems, automation and control systems, use of IoT sensors for livestock monitoring, precision crop farming, indoor farming, and other purposes. The US leads the market in North America as it has high digitalization in the agricultural sector, and it is estimated that nearly 80% of farmers use smart farming technology. The extreme weather conditions due to climate change loss of arable land have given rise to high adoption of IoT for increasing the quantity and quality of crop yield.
Source: MRFR Analysis
The growing application of IoT in agriculture has led to increased competition among the vendors in the market. Major players have opted for partnerships and new product development as their key organic growth strategies to enhance their positions in the market and cater to the demands of farmers and agriculturists. For instance, in June 2019, Deere & Company, enhanced the HarvestLab 3000 product with manure constituent sensing. The HarvestLab 3000 with manure constituent sensing analyzes liquid manure 4,000 times per second to provide laboratory-quality values for important nutrient constituents to help producers manage their total fertilizer program. In August 2019, Topcon Agriculture and IBM announce a partnership to develop artificial intelligence dedicated to IT agriculture. In April 2019, Trimble Inc. launched Farmer Core, which is a software subscription that enables farmers to connect their farm operations. It can be accessed online and on any mobile device.
The Key Players in the Global IoT in Agriculture Market are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. These include 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). The key strategies adopted by most of the players are partnerships, agreements, and collaborations.
The other players in the global IoT in Agriculture market include Hexagon Agriculture (Sweden), DuPont Pioneer (US), Tigercat (US), Tree Metrics (Ireland), Descartes Labs (US), Decisive Farming (Canada), Cainthus (Ireland), Autonomous Tractor Corporation (US), Sky (Canada), Nileworks Inc. (Japan), and Gamaya (Switzerland).
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.