The Agriculture IoT Market is expected to reach $22.6 billion by 2028, at a CAGR of 10.8% during the forecast period of 2021–2028. Agriculture IoT refers to the adoption of advanced technologies for cultivating clean and sustainable farming practices for increased farm productivity. Smart farming based on IoT includes multiple IoT sensors that can analyze and update themselves according to working conditions to collect real-time data generated in the product development phase.
However, the lack of connectivity and infrastructure, especially in developing regions, restrains the growth of this market to a notable extent. In addition, the lack of technical knowledge among farmers and the lack of standardization in smart agriculture sectors pose a major challenge for the growth of the agriculture IoT market.
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The global agriculture IoT market is segmented based on component, application, and geography. The study also evaluates industry competitors and analyses the market at the country level.
Some of the key players operating in the global Agriculture IoT market are Deere & Company (U.S.), Trimble Inc. (U.S.), AGCO Corporation (U.S.), DeLaval (Sweden), Raven Industries, Inc. (U.S.), GEA Group AG (Germany), Komatsu, Ltd. (Japan), Ponsse PLC (Finland), Farmer Edge Inc. (Canada), DICKEY-john (U.S.), CropX, Inc. (Israel), The Climate Corporation (U.S.), Topcon Positioning Systems, Inc. (U.S.), AgJunction Inc. (U.S.), Antelliq Corporation (U.S.), and TeeJet Technologies (U.S.).
Based on geography
Asia-Pacific is expected to grow at the highest CAGR throughout the forecast period. The high market growth in Asia-Pacific is attributed to the growing demand for the adoption of digital solutions in product development processes for reducing downtime and the rising investment potential in digital solutions by users to gain a competitive edge in the market. Also, the adoption of digital solutions by enterprises is rapidly increasing in Asia-Pacific, providing significant growth opportunities for the agriculture IoT market.
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Scope of the Report:
Agriculture IoT Market, by Application
• Precision Farming
Weather Tracking & Forecasting
Variable Rate Technology
Other Precision Farming Applications
Agriculture IoT Market, by Component
o Automation and Control Systems
Flow and Application Control Devices
Variable Rate Controllers
o Sensing and Monitoring Devices
Sensors for Livestock
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Some instances of government initiatives are:
• Through the Badious Navigation Satellite System (BDS), the Gaofen faraway sensing satellites and 5G networks enabled China to undertake precision agriculture technologies.
• The Japanese Central Government made policy modifications to facilitate research and product development through private organizations and researchers. Also, in 2018, legislation regarding protection assistance to have unmanned aerial vehicles (UAV) was formed. This legislation allowed self-sufficient flights on farms as long as the drones met protection regulations.
• The Digital Transformation of Greek Agriculture initiative, developed by the Ministry of Digital Policy, Telecommunications and Media, in collaboration with the Ministry of Agriculture, primarily based on precision farming technologies, aimed to standardize farming practices in Greece and allow data generated from the farms to be analyzed at data centers to help and support farmers.
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