Portland, OR, July 22, 2019 (GLOBE NEWSWIRE) -- According to a recent report published by Allied Market Research, the global Internet of Things (IOT) in agriculture market accounted for $16.33 billion in 2017 and is projected to attain $48.71 billion by 2025, growing at a CAGR of 14.7% during the forecast period, 2018-2025.
The growth of the global IOT in agriculture market is driven by surge in demand for food with rise in global population, adoption of new technologies for improving yield, and implementation of IOT-based technologies to mitigate impacts of climate change. However, high capital investment to upgrade the existing infrastructure and setup in the ecosystem impede market growth. Nonetheless, growth in public-private partnerships between the government and state-owned enterprises is set to provide lucrative opportunities for emerging market players.
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By system, the software segment occupied more than one-third of the overall share in 2017 and is expected to continue its dominance through 2025. The segment is also poised to register the highest CAGR of 19.9% during the forecast period, due to the rise in usage of connected devices and essential insights offered by collecting data from devices.
By application, the precision farming segment generated nearly half of the global market revenue in 2017 and is expected to maintain its lion’s share by 2025. The segment is also projected to grow at the highest CAGR of 15.6% during the forecast period, owing to increase in food demand for feeding the growing population along with availability of innovative IoT solutions in precision farming to increase the productivity of farm.
Regionally, Asia-Pacific contributed to more than one-third of the total market share in 2017 and is expected to lead throughout the forecast period. The region is also projected to register the highest CAGR of 16.4% from 2018 to 2025. This is due to surge in population along with food demand, government initiatives for utilization of remote sensing technology and growth of satellite imaging applications.
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The key players analyzed in the report include International Business Management Corporation (IBM), Cisco Systems, Inc., Hitachi, Ltd., Telit, Trimble Inc., Decisive Farming, SlantRange, Inc., Farmers Edge Inc., OnFarm Systems Inc., and The Climate Corporation. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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