Meticulous Research®– leading global market research company published research report titled “Agriculture IoT market by component (hardware, software, services), by application (precision farming, smart greenhouse, livestock monitoring, smart irrigation, others), and Region – Global Forecast to 2027”.
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According to this latest publication from Meticulous Research®, the global Agriculture IoT market is expected to grow at a CAGR of 15.2% from 2019 to reach $32.75 billion by 2027. Substantial growth in the global agriculture IoT market is mainly attributed to the extensive government initiatives taken towards modern farming techniques, rise in population and increase in demand for food and shrinking arable land leading to rising demand for IoT solutions. In addition, advent of big data analytics in smart farming and precision farming is providing significant opportunities for the agriculture IoT providers. Also, advent of Industry 4.0 with its optimized digital solutions is creating ample opportunities for the agriculture IoT market to proliferate. However, risk associated with data security and lack of skilled farmers to effectively implement technologically advanced agriculture practices is expected to hinder the rapid growth of the Agriculture IoT market to a certain extent.
Global Agriculture IoT market study presents historical market data in terms of values (2018), estimated current data (2019), by component (hardware, software, services), by application (precision farming, smart greenhouse, livestock monitoring, smart irrigation, other application), and Region – Global Forecast to 2027-. The study also evaluates industry competitors and analyzes the market at country level.
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Study of the Report
Agriculture IoT Market by Component
- Automation and Control Systems
- Irrigation controllers
- Flow and Application Control Devices
- Variable Rate controllers
- Sensing and Monitoring Devices
- Soil Sensors
- Water Sensors
- Climate Sensors
- Sensors for livestock
- Guidance and Navigation
- Handheld computers
- Harvesters & Forwarders
- RFID tags and readers
- LED Grow Lights
- Automation and Control Systems
- Cloud based
- Professional Services
- Managed Services
Agriculture IoT Market by Application
- Precision Farming
- Yield Monitoring
- Field Mapping
- Crop Scouting
- Weather Tracking & Forecasting
- Variable Rate Technology
- Inventory Management
- Financial Management
- Others (precision forestry)
- Smart Greenhouse
- Ambient Environmental Monitoring
- Yield Monitoring
- Water & Nutrient Management
- Livestock Monitoring
- Feeding Management
- Breeding Management
- Behavior Monitoring and Management
- Smart Irrigation
Agriculture IoT Market by Geography
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
Middle East & Africa
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On the basis of component, agriculture IoT market is classified into hardware, software and services. Further, hardware segment is classified into automation and control systems, sensing and monitoring devices, guidance and navigation, drones, handheld computers, displays, harvesters & forwarders, RFID tags and readers and led grow lights. The automation and control systems accounts for the largest share in the hardware market followed by sensing & monitoring devices. The larger share of this sub-segment is attributed to increasing automation, extensive adoption of precision farming and growing emphasis on increasing farm productivity and profits. Growing proliferation of steering devices and GPS technology in smart farming industry is gaining traction and thus, automation and control systems is expected to reflect high growth rate in coming years. The software segment is projected to grow at a faster rate as compared to other two components as there is an increasing demand for cloud-based services and solution providers that offer affordable solutions to the farmers.
On the basis of application, agriculture IoT market is classified into precision farming, smart greenhouse, livestock monitoring, smart irrigation, other applications. Further precision farming is segmented into yield monitoring, field mapping, crop scouting, weather tracking & forecasting, variable rate technology, inventory management, financial management, others. Precision farming helps farmers with increased yields, profitability of production, better working conditions, increased animal welfare and the potential to improve various aspects of environmental stewardship. Thus, precision farming contributes to the broader goal of achieving sustainability in agricultural production. In addition, use of variable rate technology devices for weather forecasting, crop scouting, yield monitoring and field mapping are influencing the adoption of precision farming while contributing to drive the overall market growth. Moreover, smart greenhouse is projected to witness high growth rate in forecast period as farmers have realized the significance of technology in protecting the environment simultaneously along with increasing farm productivity.
On the basis of geography, global Agriculture IoT market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. With respect to revenue, North America accounts for the largest share in the market and is expected to maintain its dominance throughout the forecast period. The market growth in North America is majorly attributed to the presence of global key players of the Agriculture IoT market and increasing adoption of modernized tools in industrial processes. However, Asia Pacific is offering some serious challenges to North America in the global Agriculture IoT market. The growth in this market is driven by growing demands for adopting digital solutions in product development processes to reduce downtime and rising potential of users to invest in digital solutions to survive in competitive markets. Thus, adoption of digital solutions by enterprises is rapidly increasing in Asia Pacific region while ensuring high growth opportunities for Agriculture IoT market. Hence, the region is expected to grow with the fastest growth rate throughout the forecast period.
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Key players operating in 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.), CropMetrics LLC (U.S.) among others.
Key questions answered in the report-
- 1. What is the historical market for agriculture IoT across the globe?
- 2. What are the market forecasts and estimates from the period of 2020-2027?
- 3. How is COVID-19 pandemic impacting the growth of agriculture IoT market?
- 4. Are there any government initiatives supporting agriculture IoT and its complementary technologies?
- 5. What are the recent developments in the global agriculture IoT market?
- 6. What are the different strategies adopted by the major players in the market?
- 7. What are the geographic trends and high growth countries?
- 8. Who are the local emerging players in the global agriculture IoT market and how do they compete with the other players?
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