The agriculture IoT market is anticipated to grow from US$ 11.5 Bn in 2021 to US$ 32.8 Bn by 2032, registering a CAGR of 10% during the forecast period. Due to increasing competition, it is anticipated that the agriculture IoT market will exhibit encouraging growth prospects during the forecast period.
In order to meet the demand for agriculture IoT and increase customer accessibility, new competitors are providing a variety of options at competitive prices. Agriculture IoT sales are anticipated to increase significantly. Additionally, sales of agriculture IoT are growing and will reach US$18.5 billion by 2026.
The agriculture IoT (Internet of Things) market refers to the industry that produces and sells connected devices and solutions designed to optimize agricultural processes using data and analytics. These solutions may include sensors, drones, and other connected devices that enable farmers to monitor and manage various aspects of their operations, such as soil moisture, crop growth, and weather conditions.
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The market for agriculture IoT is driven by the increasing demand for sustainable and efficient farming practices, as well as the need to increase crop yields and reduce waste. IoT solutions can help farmers make more informed decisions by providing real-time data on crop conditions, enabling them to optimize irrigation, fertilization, and other key processes.
How is the Competitive Landscape in the Agriculture IoT Market
DeLaval, SmartCultiva Corporation, Crop Metrics, Raven Industries, and AeroFarms are among the leading companies in the agriculture IoT industry.
Which is the Key Agriculture IoT Market
Geographically, North America and Europe have a major in the agriculture IoT market share, owing to factors such as rising food trade value. Furthermore, the Asia Pacific industrial sales of agriculture IoT systems are predicted to expand as the region’s governments embrace precision farming. Agriculture IoT market prospects are emerging in the Middle East and Africa.
Recent developments in the Agriculture IoT Market:
- Deere & Company released an improved version of ExactRate in March 2021, which is an on-planter technology that fertilises new crops twice as fast as before and minimises the amount of fertiliser tank refills required during planting.
- DeLaval added the RC550 and RC700 to their robot lineup in February 2021. These robots were created to increase cow comfort and hoof condition on solid flooring. Any form of manure may be handled by the collector thanks to their innovative rotational dung intake technology, and no additional water is required.
The agriculture IoT market is expected to continue growing in the coming years, driven by the increasing adoption of connected devices and the growing trend towards precision agriculture. The market is also likely to benefit from the increasing use of data analytics and artificial intelligence in agriculture, which can help farmers make more informed decisions and improve their overall efficiency and productivity.
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Key Segments For Agriculture IoT Market
Agriculture IoT Market segmentation on basis of component:
- Hardware
- Software
Agriculture IoT Market segmentation on basis of the system:
- Sensing and monitoring system
- Automation and control system
- Others
Agriculture IoT Market segmentation on basis of application:
- Livestock Monitoring
- Smart Greenhouse
- Precision Farming
- Others
Agriculture IoT Market segmentation on basis of region:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
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