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IoT Agriculture Market Trends

ID: MRFR//7004-HCR | 111 Pages | Author: Shubham Munde| July 2024

IoT in Agriculture Market Overview

IoT in Agriculture Market is projected to grow from USD 18.43 Billion in 2024 to USD 71.75 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.52% during the forecast period (2024 - 2032). Additionally, the market size for IoT in Agriculture was valued at USD 15.17 billion in 2023.

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.

Figure 1: IoT in Agriculture Market Size, 2024-2032 (USD Billion)

IoT in Agriculture Market Overview2

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)

IoT in Agriculture Market, by Application, 2022 & 2032

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.



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

IoT in Agriculture Industry Developments

April 2024

Lindsay Corporation, a leading global manufacturer and distributor of irrigation and infrastructure equipment and technology, announced today that it will acquire a 49.9% minority stake in Austria-based Pessl Instruments GmbH with an option to buy the rest. METOS, a leading global provider of advanced agricultural technology solutions, offers IoT hardware and software tools for informed decision-making, including field monitoring systems with a wide range of agronomic data points that inform Lindsay's award-winning FieldNET remote irrigation management platform. Lindsay's investment comes less than a year after the two firms launched a strategic alliance in May 2023 to harness their expertise and increase farmer value.

With 50,000 FieldClimate users, Pessl has over 80,000 linked in-field data gathering devices worldwide. Weather stations, soil moisture probes, bug traps, crop monitoring cameras, soil and nutrient samples, machine and asset trackers, and other sensors provide real-time agronomic health indicators. Along with Lindsay's FieldNET Advisor platform, METOS and FieldNET offer a cutting-edge solution for agriculture, enabling future innovations in AI based on measurable, precise, and instantaneous data validation.

“Lindsay remains committed to providing world-class solutions to growers around the world while delivering incredible value for our shareholders,” stated Lindsay President and CEO Randy Wood. This investment expands and improves our cooperation with Pessl, speeding water management technologies, expanding our worldwide reach, and delivering innovative solutions to protect natural resources and boost our world's potential. I look forward to seeing how our teams revolutionize data utilization to make informed judgments and optimize our world's resources.”

The investment will boost Lindsay and Pessl's leadership positions in important worldwide markets, allowing Pessl to benefit from Lindsay's row crop leadership and Lindsay from Pessl's specialty crop leadership. Last year, the two organizations formed a strategic relationship that has shown synergistic potential to unleash additional value and problem-solving solutions for agricultural farmers globally. With this official investment, Lindsay and Pessl will dominate the worldwide in-field linked irrigation device market.

IoT in Agriculture Market Segmentation

IoT in Agriculture Component Outlook

  • Software System

  • Sensing and Monitoring Systems

  • Fish Farming Systems

  • Smart Greenhouse Systems

  • Livestock Monitoring Systems

  • Automation and Control Systems Services

IoT in Agriculture Application Outlook

  • Livestock Monitoring

  • Precision Crop Farming

  • Indoor Farming Aquaculture

  • Integrated Pest Management

  • Water Supply Management

IoT in Agriculture Regional Outlook

  • North America

  • US

  • Canada

  • Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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