IOT in Agriculture Market Set to Reach $84.5 Billion by 2031, Driven by Robust CAGR of 12.6%

IOT in Agriculture

IOT in Agriculture Market

The IOT in agriculture market is being driven by several factors, including the growing demand for real-time data analytics

There is a considerable increase in population, which boosts the food demand. This is one of the prime drivers of the IoT in agriculture market. ”
— Allied Market Research
PORTLAND, OR, US, November 30, 2023 / -- The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market. The global IOT in agriculture market Size was valued at $27.1 billion in 2021 and is projected to reach $84.5 billion by 2031, growing at a CAGR of 12.6% from 2022 to 2031.

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The report offers a detailed segmentation of the global IOT in agriculture market based on system, farm type, application and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.

In agriculture, IoT devices can be used to monitor various factors such as soil moisture, temperature, humidity, rainfall, wind speed, and other environmental conditions that impact crop growth. They can also be used to monitor the health and well-being of livestock, including tracking their movement, feeding patterns, and overall health.

The collected data is transmitted to cloud-based platforms where it can be analyzed using artificial intelligence (AI) and machine learning algorithms to identify patterns and provide insights. Farmers can use these insights to make informed decisions about when to water or fertilize crops, which fields to plant specific crops, and when to harvest them.

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Based on application, the precision farming segment accounted for the highest share in 2021, generating more than two-fifths of the global IOT in agriculture market revenue and is projected to maintain its dominant share in terms of revenue during the forecast period. However, the smart greenhouse segment would showcase the fastest CAGR of 16.0% throughout the forecast period. The livestock monitoring and fish farm monitoring segments are also analyzed throughout the report.

Leading Key Players

Some of the major players analyzed in the global Internet of Things (IoT) in agriculture report include Cisco Systems, Inc., International Business Management Corporation (IBM), Telit, Hitachi, Ltd, Decisive Farming, Trimble Inc., OnFarm Systems Inc., Farmers Edge Inc., SlantRange, Inc., and The Climate Corporation.

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The cost of IoT devices, sensors, and other related technologies can be high, especially for small-scale farmers or those in developing countries. This can limit their ability to adopt and implement these technologies. Also, Many farms are located in remote or rural areas with limited internet connectivity. This can make it difficult to transmit data from IoT devices to cloud-based platforms for IOT in agriculture market Analysis and decision-making. In addition, the collection and transmission of data from IoT devices raise concerns about data security and privacy. Farmers may be hesitant to share sensitive data with third-party providers for fear of data breaches or misuse. Thus, all the aforementioned factors hampers the market growth.

Based on region, Asia-Pacific held the major share in 2021, garnering nearly two-fifths of the global IOT in agriculture market revenue and is projected to rule the roost in terms of revenue during the forecast period. The same region would cite the fastest CAGR of 13.7% throughout the forecast period. The other provinces studied through the report include North America, Europe, and LAMEA.

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By application, the global IoT in agriculture market is classified into precision farming, livestock monitoring, smart greenhouse, and fish farm monitoring. The precision farming segment dominated the market with the largest share in 2021 and is expected to exhibit significant growth during the forecast period. Precision farming through application of communication and information technology including IoT is expected to revolutionize the global IoT agriculture market. IoT in farming is achieved by implanting sensors that provide real time data.

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