IoT in Agriculture Market: Segmented: by Offering (Hardware, Software and Services); By Application (Livestock Monitoring Application, Precision Farming Application, Smart Greenhouse Application, Precision Forestry Application and Fish Farm Monitoring Application); By Region (North America, Latin America, Europe, Asia-Pacific and Middle-East & Africa) - Analysis of market share, size & trends for 2016-19 and forecasts to 2030
IoT in Agriculture Market is anticipated to surpass USD 34.81 billion by 2030 from USD 14.5 billion in 2020 at a CAGR of 12.55% throughout the forecast period, i.e. 2020-2030
IoT integrates technically advanced tools, frameworks, devices, and solutions in the IoT-based agricultural sector to improve operational performance, optimize production and reduce energy waste through real-time farm data collection, data storage, data evaluation, and system management creation. The weather, humidity, plant health, mineral conditions, chemical implementations, the prevalence of pests, and many more can be converted into huge data sets, which enable data analytics engineers to generate understanding into the farm with different coarseness levels using smart technologies. Agricultural production has to be increased to meet the world's growing demand for food. The growing proliferation of the internet and the deployment of technological solutions are anticipated to accelerate the overall development of IoT in the agriculture industry. The government is also actively engaged in awareness-raising projects and activities that boost agricultural production.
Growth in the smart agriculture market is driven by factors such as increasing pressure on the food supply system due to the rapidly growing population, rising use of modern technologies such as drones in agricultural holdings, rising income levels, and demand for protein-rich aqua-food, and increasing emphasis on reducing management costs. Moreover, it is estimated that the global IoT in the agriculture market will expand due to reduced technology costs as a result of continued research and development activities in IoT and initiatives by diverse nations’ governments around the world to increase agricultural produce and quality. However, high technological costs associated and insufficient technical knowledge and skills amongst farmers are projected to hamper the market growth to a particular level. Nonetheless, a rise in smartphone users and internet usage among many farmers increases awareness of the latest agricultural market trends that are supposed to propel market growth.
Based on offering, the IoT in Agriculture is segmented into hardware, software, and services. The hardware segment held a major share in 2019 and is projected to have the largest share during the forecast period. During the forecast timeframe, the growing use of emerging technology and modern smart agricultural devices would contribute to the growth of the IoT in the agricultural market for hardware supply. A new approach to agricultural practice that boosts market growth has been established through the greater popularity of automated systems like GPS / GNSS sensors, irrigation controls, and guiding and navigating systems.
Based on the applications, the market is segregated into livestock monitoring applications, precision farming applications, smart greenhouse applications, precision forestry applications, and fish farm monitoring applications. The precision agriculture application accounted for a major share in 2019 and is projected to continue this trend due to its advantages. The quantity of fertilizer and irrigation required to grow the crop is tracked in precision farming using sensing and monitoring equipment. To achieve optimum crop yields, the exact quantities of nutrients, pesticides, and water needed in this agriculture is employed.
Growing global demand for food, increasing research and development activities, enhancing precision farming to enable farmers to decide on health and performance monitoring, and increasing government support for the adoption of modern farming techniques are key factors driving the market growth. The growing population has increased food demand. Additionally, over the forecast period, the demand for food in direct proportion to the increasing population will grow rapidly. Taking into consideration the rise in demand for foodstuffs, farmers must either raise crop production by increasing farmland or by using advanced agriculture methods such as precision farming.
High Procurement Cost
Some of the factors limiting the growth of the smart agriculture market are the high cost of devices used in smart agriculture and the lack of awareness among farmers. High costs incurred in the production of smart agricultural equipment, in turn, increase the price of the final product, which is likely to restrict the growth of the market over the forecast period. However, the cybersecurity of these internet-based structures obstructs the adoption of these systems by farmers as people hack the systems of farmers to collect data for immoral reasons or to damage the environmental controls of the farms.
Asia-Pacific to register a remarkable CAGR during the forecast period
IoT in Agriculture market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, and the rest of the world is classified as Middle-East and Africa. Geographically, North America contributed the highest market share of XX% in 2019 and is anticipated to grow at a CAGR of XX%. However, Asia-Pacific is estimated to grow at the highest CAGR of XX% over 2020-30. The increasing demand for food and other food products would likely stimulate agriculture and related enterprises in the Asia-Pacific region. As a result of the rising population of countries like India, China, and other Asian nations, the demand for food products has risen substantially.
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