Revolutionizing Agriculture: How IoT is Driving Efficiency and Profitability in Farming

Posted by Tom C on April 17th, 2023

The Internet of Things (IoT) has emerged as a transformative technology in various industries, including agriculture. IoT in agriculture involves the use of smart sensors, drones, and other IoT-enabled devices for precision farming, crop monitoring, livestock management, and other agricultural applications.

The global IoT in agriculture market is projected to grow from USD 11.4 billion in 2021 to USD 18.1 billion by 2026, at a CAGR of 9.8% during the forecast period.

The growth of the market can be attributed to the increasing demand for food due to the growing global population, the need for efficient resource management in agriculture, and the increasing adoption of precision farming techniques.

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The hardware segment is expected to hold the largest share of the IoT in agriculture market during the forecast period. This can be attributed to the growing demand for sensors, drones, and other IoT-enabled devices for precision farming and crop monitoring.

The precision farming application is expected to hold the largest share of the IoT in agriculture market by application during the forecast period. This can be attributed to the increasing adoption of precision farming techniques for efficient resource management and higher crop yields.

North America is expected to hold the largest share of the IoT in agriculture market during the forecast period. This can be attributed to the presence of major players in the region, the growing adoption of precision farming techniques, and the increasing investments in research and development activities.

Some of the key players operating in the IoT in agriculture market include IBM Corporation (US), Cisco Systems, Inc. (US), Deere & Company (US), AGCO Corporation (US), Trimble Inc. (US), Raven Industries, Inc. (US), SST Development Group, Inc. (US), The Climate Corporation (US), PrecisionHawk Inc. (US), and Farmers Edge Inc. (Canada), among others.

In conclusion, the global IoT in agriculture market is expected to witness significant growth during the forecast period due to the increasing demand for food, the need for efficient resource management in agriculture, and the increasing adoption of precision farming techniques. The market is highly competitive with the presence of several major players.