Global IoT in Agriculture Industry Research 2023-2033: Established Players Dominate the Growing Market

News provided by

Mar 27, 2024, 20:30 ET

DUBLIN, March 27, 2024 /PRNewswire/ -- The "Global IoT in Agriculture Market: Focus on Application, Product, and Country-Wise Analysis - Analysis and Forecast, 2023-2033" report has been added to ResearchAndMarkets.com's offering.

The relevance of IoT in the agriculture business cannot be emphasized, as it offers a tremendous leap forward in the potential to control and optimize agricultural processes. Farmers and agribusinesses who use IoT get access to a variety of real-time data from sensors that monitor soil moisture, crop health, weather conditions, and other variables. This data is used in advanced analytics to enable precision farming, which allows for the precise application of water, fertilizers, and pesticides, lowering costs and environmental impact while increasing yield and quality.

Furthermore, IoT technology allows for the automation of agricultural activities ranging from planting to harvesting, which can help to alleviate manpower shortages and increase production. The use of IoT in agriculture not only improves efficiency and sustainability but also contributes to food security by allowing smarter, more responsive agricultural systems that can adjust to changing climatic circumstances and rising global demand.

Asia-Pacific was the highest-growing market among all the regions, registering a CAGR of 14.93%. Rest-of-the-World is anticipated to gain traction in terms of IoT in agriculture adoption owing to the growing demand for modern agricultural methods among countries. Moreover, favorable government policies are also expected to support the growth of the IoT in agriculture market in North America and Europe during the forecast period.

In North America, the U.S. is anticipated to show the highest growth in the IoT in agriculture market among other countries in North America. The U.S. is anticipated to grow at a CAGR of 12.67%. The growth of the U.S. in the IoT in agriculture market is mainly due to the factor that the U.S. has a robust start-up ecosystem that drives innovation in the agricultural IoT sector. Start-ups such as Farmers Edge and Arable Labs are pushing this innovation by offering cutting-edge solutions.

Market Introduction

The modern agricultural sector uses the Internet of Things (IoT) to transform farming processes, resulting in what is commonly referred to as 'Precision Agriculture.' The Internet of Things enables a network of smart devices to interact and automate decision-making processes in real time. Sensors distributed across fields capture data on soil moisture, nutrient levels, meteorological conditions, and crop health and send it to central management systems.

Farmers and agribusinesses use this data to make educated decisions about when to plant, water, and harvest, reducing waste while increasing yields. Drones with superior imaging technology monitor crop health from above, while self-driving tractors and harvesters operate with GPS precision, lowering labor requirements and boosting field management. The incorporation of IoT technology thereby simplifies agricultural operations, increases resource efficiency, improves product quality, and promotes sustainability, signaling a substantial shift from traditional farming practices to a more data-centric strategy in agriculture.

Industrial Impacts

The Internet of Things (IoT) has had a disruptive industrial influence on the agriculture business, prompting a fundamental rethinking of agricultural techniques and supply chain management. The introduction of the Internet of Things (IoT) into agriculture, often known as 'smart farming,' has resulted in a data-driven business. Sensors placed across fields assess a range of characteristics, including temperature, humidity, soil moisture, and crop health, allowing farmers to make better-informed decisions. The real-time data acquired aids in the correct application of water, fertilizers, and pesticides, lowering costs and minimizing environmental effects. Furthermore, with IoT, agricultural machinery such as tractors and harvesters are becoming more self-sufficient, enhancing operating efficiency.

On a larger scale, the use of IoT technology in agriculture is causing alterations in labor dynamics, investment patterns, and even regional development strategies. As farms become more technologically advanced, there is a greater demand for a workforce that is proficient in both agriculture and technology, resulting in the development of new educational and training programs.

Furthermore, the data-centric approach of IoT is drawing substantial investment from technology firms, venture capitalists, and even governments, all looking to capitalize on the efficiency and opportunities it offers. The industrial environment is being transformed, with technology providers and agribusinesses forming strategic partnerships and alliances to harness IoT to gain a competitive advantage in the ever-changing agriculture industry.

Market Segmentation:

Precision Crop Farming Segment to Dominate the Global IoT in Agriculture Market (by Application)

The IoT in agriculture market is led by the precision crop farming segment, with a $7,829.3 million in 2022 in terms of revenue. Increasing demand for precision farming techniques is driving the growth of the IoT in agriculture industry.

Precision farming can rigorously monitor and control the micro-variables of farming by integrating IoT sensors, devices, and platforms, ranging from soil moisture levels and nutrient content to microclimate conditions and plant health. This detailed level of data collecting allows for the precise distribution of water, fertilizers, and pesticides where they are required, dramatically decreasing waste and environmental effects. IoT-enabled devices may automate irrigation and application systems, resulting in accurate and timely interventions that maximize plant growth and production.

Software Segment to Witness the Highest Growth between 2023 and 2033

The software segment dominated the global IoT in agriculture market (by component) in 2023, with a $9,748.8 million in terms of revenue due to the need to be integrated into various platforms to carry out the tasks.

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on thorough secondary research, which includes analyzing company coverage, product portfolio, market penetration, and insights gathered from primary experts.

The IoT in agriculture market comprises key players who have established themselves thoroughly and have the proper understanding of the market, accompanied by start-ups who are looking forward to establishing themselves in this highly competitive market. In 2022, the IoT in agriculture market was dominated by established players, accounting for 73% of the market share, whereas the start-ups managed to capture 27% of the market. With the growth in advancements in agricultural technologies among the nations, more players will enter the global IoT in agriculture market with each passing year.

Scope and Definition

Trends: Current and Future Impact Assessment

Agricultural Drones
Autonomous Systems and Agricultural Robots
Blockchain for Traceability

Market Drivers

Increase in Demand for Agricultural Efficiency and Productivity
Advancements in Agricultural Technologies
Rise in Adoption of Precision Farming

Market Restraints

Lack of Trained Personnel
High Initial Investment Costs

Market Opportunities

Integration of IoT in Robotics
Livestock Monitoring and Management

Supply Chain Analysis

Value Chain Analysis
Research and Development Review
Patent Filing Trend (by Country, Number of Patents)
Regulatory Landscape

Competitive Benchmarking & Company Profiles

Deere & Company
Microsoft
CNH Industrial N.V.
Robert Bosch GmbH
Kalera Inc.
Heliospectra AB
Signify Holding
AKVA Group ASA
Eruvaka Technologies
AGRIVI
Climate LLC
AeroFarms
AmHydro
Connecterra B.V.
OSRAM GmbH

For more information about this report visit https://www.researchandmarkets.com/r/94d8uc

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo - https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets