According to
the new market research report on "Agriculture IoT Market by Offering (Hardware, Software, &
Services), Application (Precision Farming, Precision Forestry, Livestock
Monitoring, Fish Farm Monitoring and Smart Greenhouse), Application, and
Geography - Global Forecast to 2024", agriculture IoT
market expected to grow from USD 12.7 billion in 2019 to USD 20.9 billion by
2024, at a CAGR of 10.4% from 2019 to 2024.
A few key
factors driving the growth of this market are increasing adoption of Internet
of Things (IoT) and Artificial Intelligence (AI) technology by farmers and
growers, focus on livestock monitoring and disease detection to improve farming
efficiency, and rising demand for agricultural production owing to increasing
population.
Hardware to
hold the largest share of agriculture IoT market during the forecast period
Hardware is
expected to account for the largest share of the agriculture IoT market during
the forecast period. The increasing adoption of new technologies and advanced
devices for smart agriculture is expected to drive the growth of the
agriculture IoT market for hardware during the forecast period. Precision
farming involves hardware devices and tools to minimize input and increase crop
productivity (output). Automation and control systems such as a global
positioning system (GPS) receivers, guidance, and steering devices, and
variable rate technology (VRT) tools play a significant role in the precision
farming industry.
Agriculture
IoT precision farming market for automation and control systems to grow have
higher growth during the forecast period
The
agriculture IoT precision farming market for Automation and control systems was
valued s expected to grow at a higher CAGR from 2019 to 2024. The increasing
demand for drones/unmanned aerial vehicles (UAVs) is a major reason behind the
high growth of the market for automation and control systems. Also, the
increasing adoption of automation and control devices such as GPS/GNSS,
irrigation controller, and guidance and steering has created a new approach to
farming practices and is expected to drive the market for automation and
control systems.
Agriculture
IoT market in APAC is expected to grow at the highest CAGR during the forecast
period
The
agriculture IoT market in APAC is expected to grow at the highest CAGR during
the forecast period. Factors driving the adoption of agriculture IoT
technologies in APAC include the rising demand for food, growing pressure to
improve yields with limited resources, and increasing requirement to protect
crops from unexpected climatic changes. India, China, and Japan have embraced
this technology and hold a major share of the agriculture IoT market.
Deere & Company (US), Trimble (US), Raven Industries (US), AGCO Corporation
(AGCO) (US), AgJunction Inc. (AgJunction) (US), DeLaval (Sweden), GEA Farm
Technology (Germany), Lely (Netherlands), Antelliq (France), AG Leader
Technology (AG Leader) (US), Tigercat (Canada), Ponsse (Finland), Komatsu
Forest AB (Sweden), Caterpillar (US), Treemetrics (Ireland), Topcon Positioning
Systems (US), and DICKEY-john Corporation (US) are some of the major players in
agriculture IoT market.
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