Market Research Report
Agriculture IoT market by component (hardware, software, services), by application (precision farming, smart greenhouse, livestock monitoring, smart irrigation, other applications), and Region - Global Forecast to 2027
|Published by||Meticulous Market Research Pvt. Ltd.||Product code||962889|
|Published||Content info||236 Pages
Delivery time: 1-2 business days
|Agriculture IoT market by component (hardware, software, services), by application (precision farming, smart greenhouse, livestock monitoring, smart irrigation, other applications), and Region - Global Forecast to 2027|
|Published: October 5, 2020||Content info: 236 Pages||
The agriculture IoT market is expected to grow at a CAGR of 15.2% from 2020 to reach $32.75 billion by 2027. The growth of the agriculture IoT market is driven by the factors such as positive encouragement from local governments and development organizations for the adoption of modernized farming techniques. Furthermore, the rising population and subsequently growing demand for high-quality food products and consistently shrinking arable land are the other prominent factors promoting the growth of the agriculture IoT market. Besides, the factors such as increasing awareness about AI and big data analytics, consistent proliferation of IoT devices across different end-use sectors, and enhanced end-user experience are also contributing to the growth of this market.
The study offers a comprehensive analysis of the global agriculture IoT market with respect to various types. The global agriculture IoT market is segmented on the basis of component (hardware, software, and services), application (precision farming, smart greenhouse, livestock monitoring, smart irrigation and other applications), and geography.
On the basis of component, hardware segment is estimated to account for the largest share of the overall agriculture IoT market. The hardware segment is further segmented into automation & control system, sensing & monitoring devices, guidance & navigation, drones, handheld computers, displays, smart harvesters & forwarders, RFID tags & readers, and LED grow lights. Easy availability, declining prices, and consistently growing adoption of IoT hardware in agriculture, especially in developing countries of Asia Pacific, helped agriculture IoT hardware market to dominate other segments. However, in coming years, the market is expected to mature, and hence, the services segment is expected to grow with the fastest growth rate throughout the forecast period. The service segment is further classified into professional & managed services.
On the basis of application, precision farming segment is estimated to account for the largest share of the overall agriculture IoT market. With consistently growing population which is expected to reach almost 10 billion by 2050 as stated by United Nation Organization, the demand for high-quality food products is expected to pose one of the biggest challenges to human race. In order to counter such issues and increase the productivity of limited arable land, governments are encouraging farmers to adopt IoT enabled precision farming techniques. Thus, the precision farming segment dominated the overall agriculture IoT market. However, the smart greenhouse segment is expected to register maximum growth rate over the coming years. Regulation of controlled environment can help boost the productivity within limited resources in greenhouse agriculture. Integration of IoT in greenhouse farming can help to achieve high production rate of good quality food. Hence, the smart greenhouse segment is expected to grow with a healthy growth rate over the forecast period.
An in-depth analysis of the geographical scenario of this market provides detailed qualitative and quantitative insights about the five regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2020, North America is estimated to command the largest share of the global agriculture IoT market, followed by Europe and Asia Pacific. The large share of this region is mainly attributed to its open-minded approach towards smart agriculture and high technology adoption rate, presence of key players & start-ups, and established infrastructure. However, the factors such as high spending power, participation of young population in modernize farming, and government initiatives supporting agricultural digitalization is helping Asia Pacific to register the fastest growth in the global agriculture IoT market.
Key players operating in the global agriculture IoT market are: Deere and Company (U.S.), Trimble Inc. (U.S.), AGCO Corporation (U.S.), Raven Industries (U.S.), Delaval (Sweden), GEA Group (Germany), Agjunction (U.S.), Antelliq (France), Ponsse (Finland), Komatsu Forest (Sweden), Farmer's Edge Inc. (U.S.), The Climate Corporation (U.S.), DICKEY-john (U.S.), and CropMetrics LLC (U.S.) among others.