The global IoT in agriculture market size is expected to reach USD 30.8 billion by 2028, registering a CAGR of 10.6% over the forecast period, according to the latest report by Reports and Data. Major factors driving market revenue growth are the growing demand for agricultural output, increasing penetration of Internet of Things (IoT) & Artificial Intelligence (AI) technologies in the farming sector, and increasing government support for adoption of latest agricultural technologies along with growing focus on livestock monitoring to enhance efficiency in farming.
Internet of Things plays a critical role in increasing agricultural productivity. IoT technologies can solve agricultural problems and maximise the quantity and quality of agricultural production by linking farms via a shared network and providing them with information sharing, storage, and review options. In agriculture, the Internet of Things (IoT) is combined with advanced technological tools, equipment, and solutions to increase operational performance and minimise energy waste. In IoT-based smart farming, a system is designed to monitor crop field and automate irrigation system using sensors such as light, temperature, and humidity.
According to the UN Food and Agriculture Organization, the world will need to produce 70% more food in 2050. The need to increase farm yield has become critical due to the exponential growth of global population, which is reducing agricultural lands and depleting limited natural resources. Lack of natural resources, such as fresh water and arable land, as well as declining yield trends in various staple crops have exacerbated the problem. Another stumbling block for the farming industry is the changing demographics of the workforce. Furthermore, farm labour has decreased in most of the countries. Owing to the shrinking agricultural workforce, the implementation of internet communication solutions in farming practises has accelerated in order to reduce the need for manual labour.
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The global population is expected to reach nearly 10 billion by 2050, and this will put significant pressure on the food system. The need to produce more food while conserving natural resources and mitigating climate change will be a major challenge for the agricultural sector. To address this challenge, farmers will need to adopt more efficient and sustainable farming practices.
Precision agriculture technologies, which use data and analytics to optimize crop yields, reduce waste and improve efficiency, are already helping farmers to achieve higher yields with fewer resources. For example, sensors and drones can be used to monitor crop health, soil moisture and nutrient levels, allowing farmers to make more informed decisions about when and where to irrigate, fertilize and harvest. Similarly, automated machinery, such as robotic harvesters and autonomous tractors, can help to reduce labor costs and increase efficiency.
Competitive Landscape:
The adoption of internet connectivity solutions, such as IoT sensors, cloud computing, and AI-powered analytics, can also help farmers to improve their yields and reduce their costs. For example, IoT sensors can be used to monitor environmental conditions in real-time, allowing farmers to adjust irrigation and fertilization rates as needed. Cloud computing can help to manage and store large amounts of data, allowing farmers to analyze and interpret the data in real-time. AI-powered analytics can help farmers to identify patterns and trends in their data, allowing them to make more informed decisions about their farming practices.
some leading companies operating in the global Keyword market:
Deere & Company, Trimble, Raven Industries, AGCO Corporation (AGCO), AgJunction Inc. (AgJunction), DeLaval, GEA Farm Technology, Lely, Antelliq, AG Leader Technology (AG Leader), Tigercat, Ponsse, Komatsu Forest AB, Caterpillar, Treemetrics, Topcon Positioning Systems, and DICKEY-john Corporation.
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The global market is further segmented into type and application:
Offering Outlook (Revenue, USD Billion; 2018 – 2028)
- Hardware
- Software
- Services
Agriculture Type Outlook (Revenue, USD Billion; 2018 – 2028)
- Precision Farming
- Precision Forestry
- Livestock Monitoring
- Fish Farm Monitoring
- Smart Greenhouse
- Others (Horticulture and orchids)
Application Outlook (Revenue, USD Billion; 2018 – 2028)
- Precision Farming Applications
- Precision Forestry Applications
- Livestock Monitoring Applications
- Fish Farm Monitoring Applications
- Smart Greenhouse Applications
- Other Applications (Horticulture and orchids applications)
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Overall, the adoption of precision agriculture technologies and internet connectivity solutions can help farmers to achieve higher yields, reduce waste, and improve efficiency, which will be crucial in meeting the growing demand for food while conserving natural resources and mitigating climate change.
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