PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1372056
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1372056
According to Stratistics MRC, the Global Agriculture Iot Market is accounted for $14.46 billion in 2023 and is expected to reach $34.97 billion by 2030 growing at a CAGR of 13.4% during the forecast period. The term "agriculture IoT" (Internet of Things) refers to the process of turning every aspect and action associated with farming into data using sensors, cameras, and other technology. With the use of the IoT for agriculture, massive data sets may be generated from weather, moisture, plant health, mineral status, chemical applications, insect presence, and many other variables. Using software algorithms, big data engineers can then draw insights about the farm at different granularities.
According to data from The Food and Agricultural Organization, a Canada-based body of the United Nations, global food production will need to increase by 70% to meet the growing global population growth that is expected to reach 9.6 billion by 2050. Therefore, an increase in demand for food is driving the agriculture IoT market.
The expansion of the VRT (variable rate technique) market will be advantageous for the IoT in agriculture. Governments are also keenly interested in smart farming technologies. IoT in agriculture is receiving strong government support. More end users are attracted by numerous different government subsidies as well as the cost advantages of IoT in agricultural practices. All of these components will result in a significant IoT in agriculture market profit throughout the course of the projection term.
A significant issue facing the agriculture IoT business is data aggregation. Managing agricultural data is not standardized in the business, which makes it challenging for growers to do their jobs. To guarantee operational homogeneity, the industry must standardize its data management system. Many farmers or growers are not aware of how data can be used effectively for decision-making. For them to properly obtain, manage, process, and utilize data, it is crucial to offer farmers and growers the appropriate data management tools and methodologies.
Unmanned aerial vehicles (UAVs) or drones are swiftly transitioning from combat zones to agricultural fields because they can take aerial photos that are extremely accurate and cover large areas in a single flight-up to hundreds of hectares or acres. Drones used for agriculture are less expensive than those used for surveillance, and they have more sophisticated sensors and imaging capabilities that give farmers new opportunities to boost crop productivity and cut resource waste. Thus, it is anticipated that the use of unmanned aerial vehicles (UAVs) or drones will open up potential for market expansion.
The interest in huge initial uses is one of the primary obstacles to the expansion of the farming IoT industry. Currently, the majority of ranchers in emerging economies as well as less well-off farmers in industrialized countries cannot afford rural IoT tools and equipment. Accuracy cultivation needs a competent crew to operate GPS, drones, GIS, VRT, and satellite technology, in addition to a substantial initial financial investment.
The functioning of production facilities for farm IoT hardware and related components was impacted by the closure of factories around the world as well as stringent limitations on social movement in various COVID-19-affected countries. In addition, COVID-19 is anticipated to have slowed down the development and deployment of next-generation agriculture IoT hardware solutions. All of these elements caused the market size for farm IoT to slightly decline. Because of the disturbances in the supply chain, raw materials and other commodities are now being purchased from local vendors to assure a steady supply.
During the forecast period, the precision aquaculture segment is anticipated to be the largest. The primary factor is the rapid expansion of the agriculture IoT market in aquaculture farm monitoring applications and the rising demand for real-time tracking of fishing activity. Additionally, there is growing government support for freshwater aquaculture production on a global scale, as well as growing investments in technology advancements and product innovations.
The sector of small farms is predicted to experience the highest CAGR during the projection period. Small-scale farmers have access to sophisticated tools and solutions that were previously only available to larger agricultural enterprises due to the advances of IoT technologies. Additionally, on small farms, IoT gadgets and sensors can be installed to track a variety of data in real-time, including crop health, soil moisture, temperature, and humidity. Therefore, farmers can use cloud-based systems to communicate this data and use it to make smart decisions about irrigation, fertilizer, and pest management.
During the forecast period, it is expected that North America have the largest share, due to a strong preference for mechanically advanced hardware and robot frameworks to improve farm efficiency. Additionally, leading market competitors' extensive specialized uses and early adoption of contemporary innovations like the Internet of Things are two major forces advancing the local business sector.
Asia Pacific is projected to have the highest CAGR over the forecast period. The growing interest in this area is typically due to more notable information on modern horticultural innovation and the implementation of excellent unofficial regulations to support ranch digitalization. Furthermore, as urbanization increases and the need for greater food security grows, interest in advanced agriculture will increase, leading to IoT proposals in nearby horticulture regions. Additionally, increasing consumer demand for choices brought on by more money has contributed to the regions market growth during the predicted term.
Some of the key players in Agriculture IoT market include: Ag Leader Technology, Agco Corporation , Cisco Systems, Inc., Climate Corporation ,Farmers Edge Inc., FluroSat, Hexagon AB,IBM Corporation, Precision Planting LLC, Raven Industries Inc.,SAP SE, Taranis, Telit Communications PLC, The Toro Company, Topcon Corporation and Trimble Inc.
In April 2022, Exact Rate, an on-planter technology that fertilises new crops twice as quickly as before and reduces the number of fertiliser tank refills needed during planting, was updated by Deere & Company.
In February 2022, DeLaval added the RC550 and RC700 to their selection of robots. These machines were developed to improve cow comfort and hoof health on solid surfaces. Thanks to their unique rotational dung intake mechanism, the collector can handle any kind of manure and doesn't need any additional water.
Table Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.