Meticulous Research®—leading global market research company published a research report titled “Agriculture IoT Market by Component (Hardware, Software, Connectivity & Services), Application (Precision Farming, Smart Greenhouse, Livestock Monitoring, Smart Irrigation, Other Applications), and Geography — Global Forecasts to 2028”.
According to this latest publication from Meticulous Research®, the global Agriculture IoT market is expected to grow at a CAGR of 10.8% from 2020 to reach $22.6 million by 2028. Increasing public-private partnerships between key players and local government to promote agriculture IoT and integration of high-end analytics to improve the effectiveness of agriculture IoT is driving the growth of this market.
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.
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.
Based on component, the agriculture IoT market is broadly segmented into hardware, software, and connectivity & services. The hardware segment is further segmented into automation & control systems, sensing & monitoring devices, guidance & navigation, agriculture drones, handheld computers, displays, smart harvesters & forwarders, RFID tags & readers, and LED grow lights. The software segment is further categorized into on-premises and cloud-based software.
In 2021, the hardware segment accounted for the largest share of the agriculture IoT market. The large share of this segment is attributed to the rapid automation of agricultural processes, reduction in the prices of sensors, and the high adoption rate of livestock monitoring hardware, guidance controller systems, feed optimization devices, and smart greenhouse hardware.
However, the connectivity & services segment is expected to grow at the highest CAGR. The growth of this segment is attributed to the growing demand for network threat modeling, configuration management, vulnerability management, the need for identifying potential program risks concerning IoT system failure, the need for ensuring higher standards by offering 24/7 availability, and software integration & support.
Based on application, the agriculture IoT market is segmented into precision farming, smart greenhouses, livestock monitoring and management, smart irrigation, and other applications. The precision farming segment is further categorized into yield monitoring, field monitoring, crop scouting, weather tracking & forecasting, variable rate technology, inventory management, financial management, and others.
The smart greenhouse segment is further segmented into ambient environment monitoring, yield monitoring, and water & nutrient management.
The livestock monitoring and management segment is further segmented into feeding management, breeding management, behavior monitoring management, and others.
In 2021, the precision farming segment commanded the largest share of the global agriculture IoT market. The large share of this segment is attributed to the growing demand for high yield methods, availability of limited arable land, rising labor costs due to shortage of skilled laborers, government initiatives to adopt modern agricultural techniques, and the increasing adoption of variable rate technology (VRT), remote sensing technologies, and guidance technologies.
However, the livestock monitoring and management segment is expected to grow at the highest CAGR during the forecast period. The high growth rate of this segment is attributed to factors, such as the increasing need for livestock monitoring and disease detection, the growing adoption of IoT sensors by dairy farmers, and the rising population of cattle due to increasing dairy farms.
Based on geography, the global agriculture IoT market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2021, North America commanded the largest share of the global agriculture IoT market. The large market share of North America is attributed to the presence of global key players in the agriculture IoT market and the increasing adoption of modernized tools in industrial processes. The region dominated by the U.S is adopting disruptive technologies across the different end-use sectors, including agriculture.
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However, 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.
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.).
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