Bharat Book Bureau Provides the Trending Market Research Report on “Agriculture IoT Market by Component (Hardware, Software, Connectivity & Services), Application (Precision Farming, Smart Greenhouse, Livestock Monitoring, Smart Irrigation, and Other Applications), and Geography — Global Forecasts to 2028”under Services Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence and Market reports.
Agriculture IoT Market by Component (Hardware, Software, Connectivity & Services), Application (Precision Farming, Smart Greenhouse, Livestock Monitoring, Smart Irrigation, and Other Applications), and Geography — Global Forecasts to 2028
The research report titled “Agriculture IoT Market by Component (Hardware, Software, Connectivity & Services), Application (Precision Farming, Smart Greenhouse, Livestock Monitoring, Smart Irrigation, and Other Applications), and Geography — Global Forecasts to 2028”, provides an in-depth analysis of the agricultural IoT market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2028.
The global agriculture IoT market is expected to grow at a CAGR of 10.8% from 2021 to reach $22.6 billion by 2028.
Changing climate & shrinking of arable land, rising population & growing demand for high-quality agriculture products, and growing need for proper water utilization drive the growth of this market. In addition, increasing public-private partnerships and the integration of high-end analytics with IoT offer prominent growth opportunities for this market.
The global agriculture IoT market is segmented based on component (hardware, software, connectivity & services), application (precision farming, smart greenhouse, livestock monitoring, smart irrigation, and other applications), and geography.
Based on component, the hardware accounted for the largest share of the global agriculture IoT market in 2021. The hardware segment is further segmented into automation & control systems, sensing & monitoring devices, guidance & navigation, drones, handheld computers, displays, smart harvesters & forwarders, RFID tags & readers, and LED grow lights.
The easy availability of IoT hardware, declining prices, and consistently growing adoption of IoT hardware in agriculture, especially in developing countries of Asia-Pacific, contributed to the large market share of the IoT hardware segment.
However, as the market matures in the coming years, the services segment is expected to witness significant growth and grow at the highest growth rate throughout the forecast period.
Based on application, the precision farming segment accounted for the major share of the global agriculture IoT market in 2021. With a consistently growing population expected to reach almost 10 billion by 2050, as stated by United Nations Organization, the demand for high-quality food products is expected to pose one of the biggest challenges to the human race.
In order to counter these issues and increase the productivity of limited arable land, governments are encouraging farmers to adopt IoT-enabled precision farming techniques. Thus the precision farming segment dominated the global agriculture IoT market in 2019.
However, the smart greenhouse segment is slated to register the highest growth rate over the coming years. Regulation of controlled environment helps boost the productivity within limited resources in greenhouse agriculture. Therefore, the integration of IoT in greenhouse farming can help achieve a high production rate of quality food. Hence, the smart greenhouse segment is expected to witness significant growth over the forecast period.
Geographic Review:
An in-depth analysis of the geographical scenario of this market provides detailed qualitative and quantitative insights about the five major regions, namely, 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, followed by Europe and Asia-Pacific. The large share of this region is mainly attributed to its open-minded approach towards smart agriculture and high adoption rate of technologies, presence of key players & start-ups, and established infrastructure.
However, Asia-Pacific is expected to witness the fastest growth rate in the global agriculture IoT market due to factors, including high disposable income, the participation of the young population in modernized farming, and the increasing government initiatives supporting agricultural digitalization.
Key Players
Key players operating in the global Agriculture IoT market include 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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