Internet of Things (IoT) is an ecosystem of connected physical objects that are accessible through the internet and have the ability to collect and transfer data over a network without manual assistance. In agriculture, it aids in continuous monitoring of the land so that precautions, if any, can be taken at an early stage. Agriculture Internet of Things (IoT) also helps in soil management such as pH level management so that farmers can sow crops accordingly. Water management can be resourcefully done using IoT with no wastage of water using sensors. Because of this, crop sales will be increased in the global market and farmers can easily connect to the global market without any geographical restriction. Above mentioned advantages, coupled with growing investment in the agriculture sector and increasing government efforts to modernize agriculture are driving the Agriculture IoT Market.
According to Food and Agriculture Organization, global food availability grew by 250 million tons, or 5.1 percent from 2014 and 2018, to 5.1 billion tons. The growth in food availability indicates an increase in crop yields across the world. The investments, too, have increased substantially in agriculture. According to the Department for Promotion of Industry and Internal Trade, the Indian food processing industry has cumulatively attracted an FDI inflow of about USD 10.24 billion in the period of 2000-2020. The initial setup cost of IoT in the agricultural fields is high due to the use of many sensors and other costly technological equipment. This may act as a restraint for its growth. However, increasing innovation in the agricultural IoT field with the advent of drones, robots, and mobile applications acts as an opportunity for Agriculture IoT Market in the subsequent decades.
Global Agriculture IoT Market is valued at approximately USD 9.7 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 9.4% over the forecast period 2021-2027 and is estimated to reach USD 19.9 billion by 2027.
Key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World are analyzed to provide a holistic picture of the Agriculture IoT Market. Due to high investments in IoT technology as well as higher per capita income, North America emerged as a significant region across the world in terms of market share. Whereas, Asia-Pacific is expected to exhibit the highest growth rate for the forecast period 2021-2027 owing to the growing crop production and demand for crops as well as rising disposable income.
Major market players included in this report are Deere & Company, Trimble Inc., Raven Industries, Akva Group, DeLaval (Subsidiary of Tetra Laval International, S.A.), Agjunction, Topcon Positioning Systems, Allflex (Subsidiary of Merck & Co., Inc.), Ponsse, and Komatsu Forest
The detailed segments and sub-segment of the market are explained below:
By Hardware Type: Automation and Control Systems, Sensing and Monitoring Devices, Precision Forestry Hardware, Livestock Monitoring Hardware, Precision Aquaculture Hardware, Smart Green House Hardware, Other Agriculture Hardware
By Farm Production Planning Stage: Pre-Production Planning, Production Planning, Post-Production Planning
By Farm-Size: Small Farms, Medium-Sized Farms, Large Farms
By Application: Precision Farming, Precision Forestry, Livestock Monitoring, Precision Aquaculture, Smart Greenhouse, Other Applications
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