New York, United States , Aug. 22, 2024 (GLOBE NEWSWIRE) -- The Global IoT In Agriculture Market Size is to Grow from USD 17.82 Billion in 2023 to USD 46.79 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 10.13% during the projected period.
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The Internet of Things (IoT) has given rise to a new generation of agricultural innovation that promises increased productivity, sustainability, and efficiency. With a network of connected devices and sensors that collect and send data, IoT in Agriculture will enhance agricultural cultivation and animal management while fostering efficiency and predictability. By using the Internet of Things in the agriculture industry, farmers and agribusinesses can automate various tasks, maximize resource utilization, monitor crop health, and make data-driven decisions. Furthermore, precision farming uses sensors to collect data and analyze it so that farmers can make decisions fast and wisely. To increase productivity and effectiveness, a variety of precision farming techniques are necessary, such as vehicle tracking, livestock management, and irrigation management. By using precision farming to analyze soil conditions and other pertinent features, farmers might increase the efficiency of their operations. Furthermore, farmers can forecast crop yields and weather trends by using trend analysis. By helping farmers manage the fertility of the land and the quality of their crops, IoT in agriculture has increased the amount and quality of products produced. However, one of the key obstacles hindering the farm loT industry's growth is the requirement for substantial upfront investments.
Browse key industry insights spread across 270 pages with 110 Market data tables and figures & charts from the report on the "Global IoT In Agriculture Market Size, Share, and COVID-19 Impact Analysis, By Applications (Livestock Monitoring, Precision Farming, Fish Farm Monitoring, Smart Greenhouse, and Others), By Offerings (Software, Hardware, and Services), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The precision farming segment is anticipated to hold the greatest share of the global IoT in the agriculture market during the projected timeframe.
Based on the application, the global IoT in the agriculture market is divided into livestock monitoring, precision farming, fish farm monitoring, smart greenhouse, and others. Among these, the precision farming segment is anticipated to hold the greatest share of the global IoT in the agriculture market during the projected timeframe. Due to the Internet of Things, farmers can now look more closely at the processes at their locations. Instantaneous data transfer about crop status, soil quality, weather, and worker performance from Internet of Things (IoT) sensors and devices put on the farm will lead to improved knowledge of all agricultural operations. The market for IoT in precision farming will continue to grow as a result of recent trends and advances.
The hardware segment is expected to hold the largest market share in the global IoT in the agriculture market during the projected timeframe.
Based on the offering, the global IoT in the agriculture market is divided into software, hardware, and services. Among these, the hardware segment is expected to hold the largest market share in the global IoT in the agriculture market during the projected timeframe. These hardware tools are crucial for collecting data from livestock operations, greenhouses, and agricultural areas to enable real-time monitoring and analysis. The growing requirement for precise and effective data collection, along with the increasing availability of affordable hardware solutions, has created a demand for IoT technology in the agriculture sector.
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Asia Pacific is expected to hold the largest share of the global IoT in the agriculture market over the forecast period.
Asia Pacific is expected to hold the largest share of the global IoT in the agriculture market over the forecast period. Government efforts to monitor agricultural conditions across different regions using satellite data and remote sensing technology are also expected to drive demand development. The deployment of IoT solutions in agriculture is being driven by the need to boost productivity, make the most use of resources, and ensure food security for the expanding population in the Asia Pacific region.
North America is predicted to grow at the fastest pace in the global IoT in the agriculture market during the projected timeframe. Climate change, unequal economic expansion, and demographic movements have all had significant and interconnected effects on the agricultural sector, causing rapid changes in this field. The agricultural sector in North America has been able to keep up with the global population growth through the use of mechanization, breeding, irrigation, fertilization, and other innovations in agriculture, but at the expense of significant environmental and health effects.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global IoT In Agriculture Market include IBM Corporation, Cisco Systems, Inc., SAP SE, Trimble Inc., Deere & Company, Agco Corporation, Hexagon AB, Telit Communications PLC, Decisive Farming Corp., Raven Industries, Inc., Ag Leader Technology, Climate Corporation, The, Farmers Edge Inc., Precision Planting LLC, SemiosBio Technologies Inc., Topcon Corporation, and Others.
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Recent Developments
- In July 2024, the agricultural industry's artificial intelligence game-changer, Ag Assistant, was launched by Taranis, a global pioneer in crop intelligence. Driven by a generative AI model with strong agronomic understanding, Ag Assistant is a first for agricultural retailers and producers, integrating data sources from numerous modalities, including photographs, text, and audio.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global IoT In Agriculture Market based on the below-mentioned segments:
Global IoT In Agriculture Market, By Applications
- Livestock Monitoring
- Precision Farming
- Fish Farm Monitoring
- Smart Greenhouse
- Others
Global IoT In Agriculture Market, By Offerings
- Software
- Hardware
- Services
Global IoT In Agriculture Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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