IOT in Agriculture Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of IOT in the agriculture market was valued at USD 12.5 billion in 2022, and a CAGR of 9.5% is expected during the forecast period. There is an increasing demand for collaboration with IOT in precision farming and livestock monitoring. Increasing demand for data-driven technologies is helping precision farming and the involvement of IOT in the market.

The global IOT in agriculture market is quickly expanding due to the increasing adoption of technological advancements in agriculture. In order to increase productivity, the demand for IOT in the agriculture market is driving growth in the market. In order to measure soil moisture remotely, the IOT in the agriculture market is growing significantly. The expanding demand for real-time data analytics is driving the growth of the market.

Impact of Covid-19

COVID-19 had an adverse effect on the IOT in the agriculture market due to various factors like economic uncertainties, stringent lockdown, and physical distancing, which affected the market badly. The COVID-19 pandemic has influenced the IOT in the agriculture market by accelerating the adoption of technology to enhance efficiency in farming operations. Remote monitoring and automation solutions have gained importance, allowing farmers to manage their fields with minimal physical presence. The pandemic highlighted the need for resilient and tech-driven agriculture practices, further promoting IOT integration for improved productivity and resource management in the sector.

Growth Drivers

Increasing demand for precision farming, which is enabled by IOT by providing real-time data on soil conditions, weather patterns, and crop health, is allowing farmers to optimize resource usage and increase yields. IOT facilitates automation of farm equipment and remote monitoring of crops, livestock, and equipment, reducing labor costs and improving overall operational efficiency. With a growing global population, there is a rising demand for food. IOT in agriculture helps address this challenge by improving productivity, reducing waste, and ensuring sustainable farming practices. Technological advancements in small sensors enable precise data collection, monitoring, and control, enhancing the effectiveness of IOT applications in agriculture.

IOT solutions help farmers optimize input usage, reduce waste, and minimize operational costs, leading to improved profitability. Advancements in connectivity technologies, such as 5G, enhance communication between devices and enable seamless data transfer, improving the overall performance of IOT systems in agriculture. IOT facilitates automation of farm equipment and remote monitoring of crops, livestock, and equipment, reducing labor costs and improving overall efficiency worldwide.

Segmentation

Application

·         Precision Farming

·         Precision Live-stock

·         Precision Aquaculture

·         Precision Forestry

·         Precision Greenhouse

·         Livestock Monitoring

·         Smart Green Houses

·         Fish Farm Monitoring

System Segmentation

·         Automation and Control Systems

·         Sensing and Monitoring Devices

·         Livestock Monitoring Hardware

·         Fish Farming Hardware

·         Smart Greenhouse Hardware

·         Software

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Middle East and Africa

·         Europe

IOT in Agriculture Market Application Segmentation

On the basis of the application segmentation, the IOT in agriculture market is segmented into precision farming, precision livestock, precision aquaculture, precision forestry, precision greenhouses, livestock monitoring, smart greenhouses, and fish farm monitoring. Precision Aquaculture is the leading segment and is expected to lead the market significantly during the forecast period. Precision aquaculture involves using IOT technologies for efficient and data-driven management of aquaculture operations. It includes monitoring water quality, controlling feeding systems, tracking fish health, and optimizing environmental conditions to enhance productivity in aquaculture.

Precision farming is another leading segment that utilizes IOT technologies to optimize crop management. It involves the precise application of resources such as water, fertilizers, and pesticides based on real-time data and analytics. IOT sensors, GPS technology, and data analytics help farmers make informed decisions and increase efficiency and sustainability in agricultural practices. Increasing use of smart irrigation systems and advanced information about weather, according to which a farmer schedules his farming practices now, is driving the growth in the market significantly. IOT applications help farmers optimize input usage, reduce waste, and minimize operational costs.

Regional Outlook

On the basis of the regions, the IOT in agriculture market is segmented into 5 parts: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. The Asia-Pacific region is expected to dominate the IOT in the agriculture market during the forecast period significantly. The presence of emerging countries such as China, India, and South Korea provides the market with significant growth opportunities. Increasing population worldwide and arable land are driving the growth of this market, which is one of the major factors driving the demand for IOT in the agriculture market. Increasing demand for precision farming as well is driving the growth. Organic products are globally in demand, and they are positively influencing the growth of the market. IOT enables smart farming practices.

IOT devices such as sensors, drones, and automated machinery help monitor and optimize various aspects of agriculture. It includes real-time data on soil moisture, temperature, and crop health, facilitating more efficient irrigation and resource management. IOT contributes to precision farming, enhancing crop yields, and minimizing environmental impact. As farmers are embracing digital technologies to enhance productivity and sustainability, IOT applications in European countries emphasize precision farming, smart irrigation systems, livestock monitoring, and supply chain optimization. These technologies leverage sensors, drones, and data analytics to provide real-time insights into crop conditions. North America is experiencing significant growth, driven by the adoption of advanced technologies to improve farm efficiency.

IOT applications in agriculture encompass precision farming, smart irrigation practices, and the use of technology for better crop production. Farmers utilize sensors and connected devices to gather real-time information on soil conditions and weather patterns. North American agriculture benefits from IOT-enabled equipment and machinery. Emphasis on enhancing crop yield and minimizing the environmental impact are the key benefits of IOT in the agriculture market. The United States of America, Germany, France, Turkey, and Spain are the key players in the region and will witness significant growth during the forecast period.

Key Players

·         John Deere and Co.

·         Trimble Inc

·         Ponsse

·         Allflex

·         Agjunction

·         Topcon Positioning Systems

·         Raven Industries

·         Akva Group

·         Farmers Edge Inc

·         The Climate corporation

·         Grownetics Inc

·         Auroras s.r.l

·         Granular Inc

·         Conservis

·         Dickey-John

·         Ag Leader Technology

·         Other Players