PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1009802
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1009802
The agriculture IoT market is estimated to grow from USD 11.4 billion in 2021 to USD 18.1 billion by 2026 at a CAGR of 9.8% during 2021-2026. The growth of the agriculture IoT market is driven by factors such as increasing adoption of the Internet of Things (IoT) and artificial intelligence (AI) by farmers and growers, growing focus on livestock monitoring and disease detection, high demand for fresh produce, population growth, loss of arable land, surging adoption of aquaculture monitoring and feed optimization devices in developing countries, and strong government support for precision farming practices.
"Precision aquaculture application to register higher CAGR during the forecast period"
The agriculture IoT market for the precision aquaculture application segment is projected to register the higher CAGR during the forecast period, by application. Increasing demand for real-time tracking of fishing activity is the major reason behind the high growth of the agriculture IoT market in aquaculture farm monitoring applications. Additionally, increasing government support worldwide for freshwater aquaculture production, and growing investments in technological research and product innovations to further boost the demand for the market.
"Production planning stage is estimated to hold the largest share of the market during the forecast period"
The production planning stage segment of the agriculture IoT market is estimated to register the largest market share in 2026, by the farm production planning stage. Farmers are extensively using agriculture IoT hardware devices for monitoring and data analytics applications in order to formulate data-driven strategies to maximize profits. Data pertaining to production processes, crops, and equipment is collected with the help of sensors. This data is stored in the cloud, and data analytics solutions generate insights with such data. Farm owners can leverage these insights and make important decisions about their farms.
"Small farm segment to register higher CAGR during the forecast period"
The agriculture IoT market for small farm segment is projected to register the higher CAGR during the forecast period, by farm size. Small farms are expected to adopt automation and other advanced technologies at the highest rate in the coming years due to the reducing cost of farm automation equipment and advancements in technology that make it more feasible to deploy automation tools even on smaller farms to achieve high returns on investments.
"Automation and control systems for precision farming hardware segment is estimated to hold the largest share of the market during the forecast period"
The automation and control systems for the precision farming hardware segment of the agriculture IoT market is estimated to register the largest market share in 2026, by hardware type. The increasing demand for drones/unmanned aerial vehicles (UAVs) is a major reason behind the high growth of the market for automation and control systems. Also, the increasing adoption of automation and control devices such as GPS/GNSS, irrigation controllers, and guidance and steering systems is expected to drive the market for automation and control systems.
"APAC is projected to become the fastest geographical market between 2021 and 2026"
APAC is likely to be the fastest-growing agriculture IoT market during the forecast period. Agriculture IoT techniques are expected to be adopted at a high rate in APAC. This region consists of emerging countries such as India, China, and countries in South East Asia. Rapidly growing population, availability of arable land, and strong government support for farmers through subsidies in these regions are the major factors driving the adoption of agriculture IoT technologies in APAC.
The agriculture IoT market is dominated by a few established players such as Deere & Company (US), Trimble Inc. (US), Raven Industries (US), DeLaval (a subsidiary of Tetra Laval International, S.A.) (Sweden), and AKVA group (Norway).
This report offers detailed insights into the agriculture IoT market based on hardware type (precision farming hardware, precision livestock hardware, precision aquaculture hardware, precision forestry hardware, smart greenhouses hardware, and other hardware), farm size (large, mid-sized, and small farms), farm production planning stage (pre-production planning, production planning, and post-production planning stages), application (precision farming, precision livestock, precision aquaculture, precision forestry, smart greenhouses, and others) and region (North America, South America, Europe, Asia Pacific (APAC), and Rest of the World (RoW) which includes the Middle East and Africa (MEA)) and Africa.
The report also provides a comprehensive review of agriculture IoT market drivers, restraints, opportunities, and challenges in the market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying the Report
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the agriculture IoT market and provides them information on key market drivers, restraints, challenges, and opportunities.