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.
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.
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 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.
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.
| 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. |
IoT in the Agriculture Market- By Component
IoT in the Agriculture Market- By Application
IoT in the Agriculture Market- By Region
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
This study employed a multi-step, mixed-method research approach that integrates:
This approach ensures a balanced and validated understanding of both macro- and micro-level market factors influencing the market.
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.
Secondary data for the market study was gathered from multiple credible sources, including:
These sources were used to compile historical data, market volumes/prices, industry trends, technological developments, and competitive insights.
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.
Primary interviews for this study involved:
Interviews were conducted via:
Primary insights were incorporated into demand modelling, pricing analysis, technology evaluation, and market share estimation.
All collected data were processed and normalized to ensure consistency and comparability across regions and time frames.
The data validation process included:
This ensured that the dataset used for modelling was clean, robust, and reliable.
The bottom-up approach involved aggregating segment-level data, such as:
This method was primarily used when detailed micro-level market data were available.
The top-down approach used macro-level indicators:
This approach was used for segments where granular data were limited or inconsistent.
To ensure accuracy, a triangulated hybrid model was used. This included:
This multi-angle validation yielded the final market size.
Market forecasts were developed using a combination of time-series modelling, adoption curve analysis, and driver-based forecasting tools.
Given inherent uncertainties, three scenarios were constructed:
Sensitivity testing was conducted on key variables, including pricing, demand elasticity, and regional adoption.