Agriculture IoT Market Insights
The global agriculture IoT market is estimated to grow at a high CARG during the forecast period [2020-2026]. Growing demand for agriculture products, technological advancements, and increasing adoption of IoT devices by farmers are the major factors driving the market growth. Agriculture IoT system uses sensors, computers, and robots for monitoring crops, automating irrigation systems, and providing data to the farmers for a management plan. It helps farmers to make an operational decision, saves time, and reduces efforts. Additionally, increasing awareness about the latest technology in the agriculture sector among farmers owing to the rise in internet penetration and smartphone users is also expected to boost the agriculture IoT market. However, the lack of skilled employees for implementing IoT in agriculture, high technological cost, and risk related to data security are likely to hamper the market growth during the forecast period.
Agriculture IoT Market: By Component
On the basis of component, the global agriculture IoT market is segmented into hardware, software, and services. The service component is projected to grow at a high CAGR during the forecast period. Systems fuse with service providers are involved in damage assessment and determining farm management solutions, which also comprise in development of new concepts related to the hardware and software equipment. Service providers include those companies which provide data services, operation services, and farm data analytics to software companies or directly to farmers. Hardware segment is also expected to hold a large market share during the forecast period.
Agriculture IoT Market: By Application
On the basis of application, the global agriculture IoT market is classified into precision farming, precision forestry, livestock monitoring, fish farm monitoring, and smart greenhouses among others. Precision farming is expected to dominate the overall agriculture IoT market during the forecast period. Increasing focus on improving farm productivity and efficiency is driving the market growth. Precision farming is a technique that involves observing, measuring, and responding to inter and intra-field variability in crops while nurturing animals on the field as well. It provides several benefits to farmers such as cost reduction, increase yield, better working conditions, and profitability in production. Furthermore, precision agriculture technologies include automatic machine setting, steering systems, and yield mapping among others.
Agriculture IoT Market: By Region
Asia Pacific region is expected to hold the largest market share in the global agriculture IoT market during the forecast period. Increasing demand for food owing to the rise in population, and government initiatives to use remote sensing technology to collect data and detect agriculture conditions is expected to drive the growth of the market. Europe is also projected to witness considerable growth due to technological innovation and the increasing adoption of smart agriculture technologies such as GNSS technology, yield monitoring, and other livestock monitoring technologies.
Agriculture IoT Market Share & Competitor Analysis
Some of the key players operating in the global agriculture IoT market include: The Climate Corporation (U.S.), Ponsse (Finland), Delaval (Sweden), Raven Industries (U.S.), and Deere & Company (U.S.) among others.
Please note: This is not an exhaustive list of companies profiled in the report.
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