IoT in Agriculture Market Research Report: Information By Component (Software System, Sensing, and Monitoring Systems, Fish Farming Systems, Smart Greenhouse Systems, Livestock Monitoring Systems, and Automation and Control Systems Services), By Application (Livestock Monitoring, Precision Crop Farming, Indoor Farming Aquaculture, Integrated Pest Management, Water Supply Management) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032.
ID: MRFR/ICT/7004-HCR | 111 Pages | Author: Shubham Munde | December 2023
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IoT in Agriculture Market Overview
IoT in Agriculture Market Size was valued at USD 12.5 billion in 2022. The IoT in the Agriculture market industry is projected to grow from USD 15.178 Billion in 2023 to USD 71.753 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 45.80% during the forecast period (2023 - 2032). The global IoT in the agriculture market is driven by the rising demand for efficient farming practices and the growing government support for agricultural technologies. These factors contribute to the market drivers and drive the adoption of IoT solutions in the agriculture sector.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
IoT in Agriculture Market Trends
Increased adoption of VRT is driving the market growth
The growing adoption of Variable Rate Technology (VRT) drives market growth in precision farming. By leveraging advanced technologies like remote sensing, GPS, and data management software, precision farming enables farmers to optimize resources, reduce costs, and maximize productivity. It provides valuable insights into soil conditions, crop health, and irrigation needs, leading to better decision-making and improved agricultural outcomes. Precision farming also helps mitigate the impact of environmental factors on crops, resulting in higher returns for agribusiness while promoting sustainable agriculture practices. This factor drives market CAGR.
Additionally, unmanned aerial vehicles (UAVs) or drones are increasingly used in agriculture to capture high-resolution aerial images, offering cost-saving benefits. Equipped with advanced sensors and imaging capabilities, agricultural drones provide farmers with new methods to improve crop yield and resource efficiency. Compared to traditional methods like satellite imagery and planes, drones offer faster data collection and analysis, saving time and effort. By 2030, the agricultural sector will contribute 80% of the commercial drone market, fostering job creation and tax revenue. Drones are crucial in precision farming, enabling real-time data collection, especially for extensive agricultural operations. As a result, adopting unmanned aerial vehicles (UAVs) or drones is expected to drive agriculture market revenue growth.
IoT in Agriculture Market Segment Insights
IoT in Agriculture Component Insights
Based on components, IoT in Agriculture market segmentation includes Software Systems, Sensing and Monitoring Systems, Fish Farming Systems, Smart Greenhouse Systems, Livestock Monitoring Systems, and Automation and Control Systems Services. The sensing and monitoring systems segment dominated the market because Sensing and monitoring systems integrate with automation and control systems to enable automated farming processes.
IoT in Agriculture Application Insights
The IoT in Agriculture market segmentation, based on Application, includes Livestock Monitoring, Precision Crop Farming, Indoor Farming Aquaculture, Integrated Pest Management, and Water Supply Management. The precision crop farming segment dominated the market because it helps farmers reduce costs and improve sustainability by minimizing inputs such as water, fertilizers, and pesticides.
Figure 1: IoT in Agriculture Market, by Application, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
IoT in Agriculture Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The Asia-Pacific IoT in the Agriculture Market area will dominate this market due to the increased demand in this Region, mostly the increased awareness of new agricultural technologies and supportive government policies that are driving the adoption of farm digitalization. Moreover, China’s IoT in Agriculture market held the largest market share, and the Indian IoT in Agriculture market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: IOT IN AGRICULTURE MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe IoT in Agriculture market accounts for the second-largest market share. The growing awareness of the benefits of agricultural technologies has led to increased demand in this Region for improved production practices. Further, the German IoT in Agriculture market held the largest market share, and the UK IoT in Agriculture market was the fastest-growing market in the European Region.
North America is expected to grow at the fastest CAGR from 2023 to 2032 because of the strong inclination for technologically advanced machinery and drone systems to boost farm output.
IoT in Agriculture Key Market Players& Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the IoT in the Agriculture market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. IoT in Agriculture must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the IoT in the Agriculture industry to benefit clients and increase the market sector. The IoT in Agriculture has recently offered some of the most significant medical advantages. Major players in the IoT in Agriculture market include Deere & Company (US), Dickey John (US), Grownetics (US), Scicrop (Brazil), Precisionhawk Inc. (US), Shivrai Technologies Pvt. Ltd (India), Cropln (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).
John Deere, an American corporation specializing in agricultural machinery and equipment, recently introduced an enhanced version of Exact Rate. This advanced on-planter system allows for faster and more efficient fertilization of crops, reducing the need for frequent tank refills during planting.
Raven Industries, a leading provider of precision agriculture solutions, has unveiled its inaugural driverless technology for harvesting operations. This innovative system enables farmers to remotely monitor driverless vehicles, manage field plans, adjust speeds, and track location activities.
Key Companies In The IoT in Agriculture Market Include
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Eruvaka Technologies
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Raven Industries
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Descartes Labs
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AKVA group
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IoT in Agriculture Industry Developments
Sept 2020: Atlantech Online has successfully installed fiber optic connectivity at Anthem Row, benefiting the tenants at 700 K Street, NW, and 800 K Street with affordable high-speed Internet bandwidth. Additionally, tenants can leverage Atlantech's Hosted PBX Service, further enhancing the company's service offerings.
Oct 2020: Vonage has joined forces with Hacktoberfest to promote and honor contributions to the Open Source community. As part of their commitment, Vonage provides access to their libraries, code snippets, and demos on GitHub to support developers in their Open Source endeavors.
IoT in Agriculture Market Segmentation
IoT in Agriculture Component Outlook
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Software System
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Sensing and Monitoring Systems
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Fish Farming Systems
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Smart Greenhouse Systems
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Livestock Monitoring Systems
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Automation and Control Systems Services
IoT in Agriculture Application Outlook
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Livestock Monitoring
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Precision Crop Farming
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Indoor Farming Aquaculture
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Integrated Pest Management
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Water Supply Management
IoT in Agriculture Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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Report Scope:
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 12.5 billion |
| Market Size 2023 | USD 15.178 billion |
| Market Size 2032 | USD 71.753 billion |
| Compound Annual Growth Rate (CAGR) | 21.43%(2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Service, Organization Size, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Â Deere & Company (US), Dickey John (US), Grownetics (US), Scicrop (Brazil), Precisionhawk Inc. (US), Shivrai Technologies Pvt. Ltd (India), Cropln (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 expanding use of IoT in agriculture has intensified market competition among vendors. |
| Key Market Dynamics | The demand for enhanced farming efficiency and increasing government support for agricultural technology advancements drives the global IoT in the agriculture market. |
Frequently Asked Questions (FAQ) :
The IoT in Agriculture market size was valued at USD 11.2 billion in 2022.
The global market is estimated to grow at a CAGR of 45.80% during the forecast period, 2023-2032.
Asia-Pacific has the largest share of the global market
The major players in the market are Deere & Company (US), Dickey John (US), Grownetics (US), Scicrop (Brazil), Precisionhawk Inc. (US), Shivrai Technologies Pvt. Ltd (India), Cropln (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 Sensing and Monitoring Systems IoT in Agriculture category dominated the market in 2022.
Precision Crop Farming has the largest share of the global market.
Key Questions Answered
- ✅Global Market Outlook
- ✅In-depth analysis of global and regional trends
- ✅Analyze and identify the major players in the market, their market share, key developments, etc.
- ✅To understand the capability of the major players based on products offered, financials, and strategies.
- ✅Identify disrupting products, companies, and trends.
- ✅To identify opportunities in the market.
- ✅Analyze the key challenges in the market.
- ✅Analyze the regional penetration of players, products, and services in the market.
- ✅Comparison of major players’ financial performance.
- ✅Evaluate strategies adopted by major players.
- ✅Recommendations
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