Iot in Agriculture Market - Sales Revenue, Future Demands, Latest Innovation
Posted by savnipandit on November 9th, 2019
The global IoT in agriculture market has been segmented based on component, application, and region/country.
By component, the global IoT in Agriculture market has been divided into software, system, and services. The market size of the system segment is expected to be the largest during the forecast period as the cost of the software, as well as that of services is not as high as compared to the system cost. The systems segment has further been divided into sensing and monitoring systems, fish farming systems, smart greenhouse systems, livestock monitoring systems, automation and control systems, and others. Among the aforementioned types of systems, the livestock monitoring systems are expected to grow with the highest CAGR during the forecast period, followed by fish farming systems and smart greenhouse systems. The sensing and monitoring systems have been categorized into soil sensors, water sensors, yield monitors, climate sensors and others. The fish farming systems are divided into GPS/GNSS, sensors and others. The livestock monitoring systems are categorized into RFID tags and readers, sensors, GPS, control system, and others. Further, the automation and control systems segment has been divided into flow and application control devices, irrigation controllers, drones/UAVs, GPS/GNSS systems, guidance and steering, handheld mobile devices/handheld computers, displays, and others.
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By application, the global IoT in agriculture market has been divided into livestock monitoring, precision crop farming, indoor farming, aquaculture, integrated pest management, water supply management, and others. Precision crop farming is expected to have the largest market size during the forecast period. The precision crop farming application is essential to monitor soil and plant parameters. It also automates field management and collects real-time data, which helps to make informed decisions, which are useful for gaining optimum results from labor and resources.
The global IoT in agriculture market has been analyzed for five regions;North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
The global IoT in agriculture market is projected to register a CAGR of 13.6% during the forecast period from 2019 to 2025 to reach USD 34.88 billion. The geographic analysis of the market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America is expected to be the dominating region in terms of the adoption of IoT in agriculture systems, software, and services. For the purpose of analysis, the North American market has been segmented into the US, Canada, and Mexico. The US is the leading country-level market, while Mexico is projected to be the fastest-growing during the forecast period. The US accounted for the highest market share, owing to the high adoption of smart farming due to extreme weather conditions and high technological advancements in agriculture. The presence of key players is expected to be another factor driving the growth of the market. Key players, such as IBM Corporation, AG Leader Technology, Proagrica, Raven Industries, Trimble Inc., Rapidsoft Technologies Pvt. Ltd., CropIn, Precisionhawk Inc, Deere & Company, Dickey John, Grownetics, DuPont Pioneer, Tigercat, Descartes Labs, and Autonomous Tractor Corporation along with several start-ups in the region are offering enhanced Internet of Things in agriculture services and IoT agriculture devices/sensors to cater the needs of farmers.
The European market has been divided into the UK, Germany, France, and the rest of Europe. In terms of market size, Europe is expected to be the second-largest. The UK is projected to be the leading country-level market, while Germany expected to register the highest growth over the review period. Increasing government interest in the promotion of technologies in farming is the main driving factor for this region. For instance, the Internet of Food & Farm 2020 (IoF2020), a €30-million H2020 co-funded project by the European Commission, was launched in Amsterdam in February 2017. IoF2020 is expected to pave the way for data-driven farming and virtual food chains.
The market in Asia-Pacific is projected to grow the fastest over the forecast period, with the regional market being segmented into China, Japan, India, and the rest of Asia-Pacific. The rapid economic growth in major countries such as China, Japan, India, and rapid digital transformation are the key factors driving the growth of the IoT in agriculture market in the region. The rising need among farmers to use technology for agriculture such as smart agriculture sensors, agriculture monitoring system is the driving factor for this region. The farmers have access to GPS, soil scanning, data management, and IoT technologies. They are able to increase the effectiveness of pesticides and fertilizers, by precisely measuring variations within a field. Similarly, IoT techniques, farmers in the region are monitoring the needs of individual animals and adjusting their nutrition as well as preventing disease and enhancing herd health.
The market in the Middle East & Africa is expected to register steady growth during the forecast period with the growing need for efficient farming. The increasing government interest in the promotion of technologies in farming in this region is expected to boost the market. For instance, in June 2019, South Africa implemented the Fourth Industrial Revolution (4IR). In the country’s National Development Plan, the government estimates to create 300,000 jobs through commercial farming by 2030. This proposed revolution would include finalizing 30-year leases with 900 farmers to enable them to mobilize funding for agricultural development, buy equipment and modernize their farming methods.
In South America, the market is still in the nascent stage and is expected to grow steadily in the near future.
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