IoT in Agriculture Market Size, Share & Trends Analysis Report, By Component (Hardware and Software), By Application (Precision Farming, Livestock Monitoring, Indoor Farming, Aquaculture, and Others), By Region, Forecasts, 2025-2034
Global IoT in Agriculture Market Size was valued at USD 23.0 Bn in 2024 and is predicted to reach USD 78.8 Bn by 2034 at a 13.2% CAGR during the forecast period for 2025-2034.
The Internet of Things in agriculture highlights how IoT technology is applied to farming and agricultural operations. The use of networked sensors and gadgets that can exchange data and communicate online without requiring human intervention is known as IoT in agriculture technology. Internet of Things (IoT) in agriculture is being propelled by a number of factors, including the rising demand for cloud-based services, automation and control systems in a variety of industries, and real-time data analytics. Sensors, gateways, and networking gear are just a few of the many gadgets that are in high demand in the Internet of Things (IoT) industry in agriculture. The agricultural sector could be entirely transformed by forming a global IoT in the agriculture market.
By using IoT technology in agriculture, suppliers can increase their chances of reaching a worldwide audience, and countries can better accommodate the increasing need for food. In addition, the growing interest in IoT in agriculture and its potential to improve crop yield optimization aided in the growth of the farming industry.However, the high cost is hampered by the market growth because small and medium-sized farms need help to afford the high upfront expenses of Internet of Things (IoT) technologies in agriculture. One more thing that gets in the way of farmers and agricultural workers using IoT technologies effectively is their general need for more technical knowledge, a major obstacle to the adoption of the IoT in the agriculture market. In addition, the expansion of the IoT in the agriculture market is expected to be driven by the rising number of farmers who are well-informed about the newest advances in the industry, owing to the proliferation of smartphones and internet access.
Competitive Landscape
Some of the Major Key Players in the IoT in Agriculture Market are
- Deere & Company
- Microsoft
- CNH Industrial N.V.
- Robert Bosch GmbH
- Kalera Inc.
- Heliospectra AB
- Signify Holding
- AKVA Group ASA
- Eruvaka Technologies
- AGRIVI
- Climate LLC
- AeroFarms
- AmHydro
- Connecterra B.V.
- OSRAM GmbH
Market Segmentation:
The IoT in the agriculture market is segmented based on component, and application. Based on the component, the market is segmented into hardware and software. By application, the market is segmented into precision farming, livestock monitoring, indoor farming, aquaculture and others.
Based on the Component, The Hardware Segment is Accounted as a Major Contributor to the IoT in Agriculture Market
The hardware segment is expected to hold a significant market share in 2023 because hardware components such as sensors, gateways, and drones serve as the foundational infrastructure for IoT in agriculture systems. Without these physical devices to collect data from the field, there would be no data to analyze or act upon. Thus, the hardware segment plays a critical role in enabling the functionality of IoT solutions. As IoT technology becomes more widely adopted in agriculture, there may be a surge in demand for hardware components. Farmers recognize the value of real-time data collection and monitoring for optimizing crop yields, resource utilization, and operational efficiency. This increasing adoption drives the growth of the hardware segment.
Precision Farming Segment to Witness Growth at a Rapid Rate
Precision farming is growing rapidly because of an increase in agricultural output, and efficiency is required to meet the world’s rising food demand and keep the population from starving. This need is met by precision farming, which allows for the more accurate application of water, fertilizers, and pesticides; this enhances agricultural yields while simultaneously reducing waste and environmental effects. Internet of Things (IoT) innovations have also reduced the price and increased accessibility of sensors, drones, and other precision agriculture assets. Improved crop health and productivity can be achieved through the use of these technologies, which offer real-time insights into farm conditions.
In the Region, The North American IoT in Agriculture Market Holds a Significant Revenue Share
The North American IoT in the agriculture market is expected to register the highest market share in revenue in the near future. It can be attributed to the government's actively encouraging progress in modern agricultural technologies and implementation of Internet of Things (IoT) technology, increasing tendency toward precision farming, and robust supporting infrastructure. In addition, Asia Pacific is projected to grow rapidly in the global IoT agriculture market because of rising concern for ecologically responsible and sustainable agricultural methods, and the governments of developing nations have taken various steps to promote the use of IoT agricultural techniques.
Recent Developments:
- In March 2024, Cisco introduced new multifunctional devices designed for modern hybrid workforces, improving collaborative experiences. In addition to the Cisco Desk Phone 9800 Series, which aims to provide a contemporary and customized workstation for every user, the business also announced the release of the Cisco Board Pro G2, a collaboration device powered by artificial intelligence and equipped with touch capabilities.
- In February 2024, IBM and the Government of Gujarat’s Commissionerate of Technical Education signed an MoU to strengthen professional and technical education in the state. Working together, we will use IBM SkillsBuild to provide students in Gujarat with the tools they need to succeed in the modern workforce, including proficiency with artificial intelligence and its subfields, cybersecurity, hybrid cloud computing, and other cutting-edge technologies.
IoT in Agriculture Market Report Scope
| Report Attribute | Specifications |
| Market Size Value In 2024 | USD 23.0 Bn |
| Revenue Forecast In 2034 | USD 78.8 Bn |
| Growth Rate CAGR | CAGR of 13.2% from 2025 to 2034 |
| Quantitative Units | Representation of revenue in US$ Bn, and CAGR from 2025 to 2034 |
| Historic Year | 2021 to 2024 |
| Forecast Year | 2025-2034 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Component, By Application and By Region |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
| Competitive Landscape | Deere & Company, Microsoft, CNH Industrial N.V., Robert Bosch GmbH, Kalera Inc., Heliospectra AB, Signify Holding, AKVA Group ASA, Eruvaka Technologies, AGRIVI, Climate LLC, AeroFarms, AmHydro, Connecterra B.V. and OSRAM GmbH |
| Customization Scope | Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
| Pricing And Available Payment Methods | Explore pricing alternatives that are customized to your particular study requirements. |
Segmentation of IoT in the Agriculture Market-
IoT in the Agriculture Market- By Component
- Hardware
- Processors and Sensors
- Communication Modules
- Wi-Fi
- Bluetooth
- Cellular
- Others (Radio-Frequency Distribution (RFID), Satellite Communications, etc.)
- Others (Actuators, Cameras, etc.)
- Software
IoT in the Agriculture Market- By Application
- Precision Farming
- Livestock Monitoring
- Indoor Farming
- Aquaculture
- Others
IoT in the Agriculture Market- By Region
North America-
- The US
- Canada
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Mexico
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
Research Design and Approach
This study employed a multi-step, mixed-method research approach that integrates:
- Secondary research
- Primary research
- Data triangulation
- Hybrid top-down and bottom-up modelling
- Forecasting and scenario analysis
This approach ensures a balanced and validated understanding of both macro- and micro-level market factors influencing the market.
Secondary Research
Secondary research for this study involved the collection, review, and analysis of publicly available and paid data sources to build the initial fact base, understand historical market behaviour, identify data gaps, and refine the hypotheses for primary research.
Sources Consulted
Secondary data for the market study was gathered from multiple credible sources, including:
- Government databases, regulatory bodies, and public institutions
- International organizations (WHO, OECD, IMF, World Bank, etc.)
- Commercial and paid databases
- Industry associations, trade publications, and technical journals
- Company annual reports, investor presentations, press releases, and SEC filings
- Academic research papers, patents, and scientific literature
- Previous market research publications and syndicated reports
These sources were used to compile historical data, market volumes/prices, industry trends, technological developments, and competitive insights.
Primary Research
Primary research was conducted to validate secondary data, understand real-time market dynamics, capture price points and adoption trends, and verify the assumptions used in the market modelling.
Stakeholders Interviewed
Primary interviews for this study involved:
- Manufacturers and suppliers in the market value chain
- Distributors, channel partners, and integrators
- End-users / customers (e.g., hospitals, labs, enterprises, consumers, etc., depending on the market)
- Industry experts, technology specialists, consultants, and regulatory professionals
- Senior executives (CEOs, CTOs, VPs, Directors) and product managers
Interview Process
Interviews were conducted via:
- Structured and semi-structured questionnaires
- Telephonic and video interactions
- Email correspondences
- Expert consultation sessions
Primary insights were incorporated into demand modelling, pricing analysis, technology evaluation, and market share estimation.
Data Processing, Normalization, and Validation
All collected data were processed and normalized to ensure consistency and comparability across regions and time frames.
The data validation process included:
- Standardization of units (currency conversions, volume units, inflation adjustments)
- Cross-verification of data points across multiple secondary sources
- Normalization of inconsistent datasets
- Identification and resolution of data gaps
- Outlier detection and removal through algorithmic and manual checks
- Plausibility and coherence checks across segments and geographies
This ensured that the dataset used for modelling was clean, robust, and reliable.
Market Size Estimation and Data Triangulation
Bottom-Up Approach
The bottom-up approach involved aggregating segment-level data, such as:
- Company revenues
- Product-level sales
- Installed base/usage volumes
- Adoption and penetration rates
- Pricing analysis
This method was primarily used when detailed micro-level market data were available.
Top-Down Approach
The top-down approach used macro-level indicators:
- Parent market benchmarks
- Global/regional industry trends
- Economic indicators (GDP, demographics, spending patterns)
- Penetration and usage ratios
This approach was used for segments where granular data were limited or inconsistent.
Hybrid Triangulation Approach
To ensure accuracy, a triangulated hybrid model was used. This included:
- Reconciling top-down and bottom-up estimates
- Cross-checking revenues, volumes, and pricing assumptions
- Incorporating expert insights to validate segment splits and adoption rates
This multi-angle validation yielded the final market size.
Forecasting Framework and Scenario Modelling
Market forecasts were developed using a combination of time-series modelling, adoption curve analysis, and driver-based forecasting tools.
Forecasting Methods
- Time-series modelling
- S-curve and diffusion models (for emerging technologies)
- Driver-based forecasting (GDP, disposable income, adoption rates, regulatory changes)
- Price elasticity models
- Market maturity and lifecycle-based projections
Scenario Analysis
Given inherent uncertainties, three scenarios were constructed:
- Base-Case Scenario: Expected trajectory under current conditions
- Optimistic Scenario: High adoption, favourable regulation, strong economic tailwinds
- Conservative Scenario: Slow adoption, regulatory delays, economic constraints
Sensitivity testing was conducted on key variables, including pricing, demand elasticity, and regional adoption.
Request Customization
Add countries, segments, company profiles, or extend forecast — free 10% customization with purchase.
Customize This Report →Enquire Before Buying
Speak with our analyst team about scope, methodology, pricing, or deliverable formats.
Enquire Now →Frequently Asked Questions
Global IoT in Agriculture Market Size was valued at USD 23.0 Bn in 2024 and is predicted to reach USD 78.8 Bn by 2034
Global IoT in Agriculture Market is expected to grow at a 13.2% CAGR during the forecast period for 2025-2034.
Robert Bosch GmbH, Kalera Inc., Heliospectra AB, Signify Holding, AKVA Group ASA, Eruvaka Technologies, AGRIVI, Climate LLC, AeroFarms, AmHydro, Conne
Component and Application are the key segments of the IoT in Agriculture Market.
North America region is leading the IoT in Agriculture Market.