The IoT in Agriculture Market Size was valued at USD 20.57 Bn in 2023 and is predicted to reach USD 54.45 Bn by 2031 at a 12.9% CAGR during the forecast period for 2024-2031.
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 2023 |
USD 20.57 Bn |
|
Revenue Forecast In 2031 |
USD 54.45 Bn |
|
Growth Rate CAGR |
CAGR of 12.9% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
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. |
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