Overview and Scope
IoT in the agriculture refers to the use of cameras, sensors, and other technologies to convert every aspect and action in farming into informed data. It enhances the overall agricultural system by continuously monitoring the field.
Sizing and Forecast
The internet of things (iot) in agriculture market size has grown rapidly in recent years. It will grow from $13.73 billion in 2023 to $15.21 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to data analytics for decision support, integration of autonomous machinery, crop monitoring solutions, livestock monitoring and welfare, water management solutions.
The internet of things (iot) in agriculture market size is expected to see rapid growth in the next few years. It will grow to $22.65 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to government initiatives and funding, integration of ai and machine learning, data-driven decision making, rise in demand for smart farming solutions, focus on sustainability and resource management. Major trends in the forecast period include precision agriculture adoption, rising demand for smart farming, climate change resilience, water management solutions, livestock monitoring and welfare.
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Segmentation & Regional Insights
The internet of things (iot) in agriculture market covered in this report is segmented –
1) By Component: Hardware, Software, Connectivity and Services
2) By Type: Small Farms, Mid-Sized, Large
3) By Application: Livestock Monitoring, Smart Greenhouse, Precision Forestry, Fish Farm Monitoring, Other Applications
Asia-Pacific was the largest region in the internet of things (IoT) in agriculture market in 2023. The regions covered in the internet of things (iot) in agriculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rise in food demand is significantly contributing to the growth of the Internet of Things (IoT) in the agriculture market going forward. Food demand refers to the consumer’s desire to buy the food products, which is measured by the demand and consumption. The usage of the Internet of Things (IoT) in agriculture boosts agricultural productivity by measuring many data connected to agriculture such as weather conditions, soil quality, livestock health, crop growth progress, and more. Through this, Farmers can reduce the risk of production loss by spotting abnormalities in crop growth or animal health. Due to such benefits, there is a rise in demand for internet of things (IoT) in agriculture. For instance, in July 2021, according to a study published by Nature Food, an online journal that publishes research on food production, the demand for food is expected to grow by 35 percent to 56 percent between 2010 and 2050. Therefore, a rise in food demand will drive the Internet of Things (IoT) market in the agriculture market.
Key Industry Players
Major companies operating in the IoT in the agriculture market are developing innovative products, such as fertilizer technologies, to meet larger customer bases, more sales, and increase revenue. Fertilizer technology refers to the scientific and engineering advancements involved in the development, production, and application of fertilizers. For instance, in October 2023, Enfarm Agritech, a Singapore-based agriculture technology company, launched smart fertilizer. The distinctive feature of Enfarm Agritech’s smart fertilizer lies in its ability to potentially cut farmers’ fertilizer costs and enhance yields by up to 20 percent. This technology utilizes sensors and IoT to continuously assess soil conditions, accurately determining the optimal amount of fertilizer needed for coffee plantations. Additionally, it provides precise irrigation recommendations based on specific soil types, integrates data on weather conditions, offers price forecasting insights, diagnoses pest and disease issues, and employs artificial intelligence to address farmers’ inquiries.
The internet of things (iot) in agriculture market report table of contents includes:
1. Executive Summary
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