Agriculture IoT Market by Component (Hardware, Services, Software), Application (Fish Farm Monitoring Application, Livestock Monitoring Application, Precision Farming Application) - Global Forecast 2024-2030

Agriculture IoT Market by Component (Hardware, Services, Software), Application (Fish Farm Monitoring Application, Livestock Monitoring Application, Precision Farming Application) - Global Forecast 2024-2030

The Agriculture IoT Market size was estimated at USD 12.33 billion in 2023 and expected to reach USD 13.92 billion in 2024, at a CAGR 14.08% to reach USD 31.03 billion by 2030.

Agriculture IoT refers to the application of modern IoT technologies to the agricultural industry. This innovative approach entails incorporating various IoT devices, such as sensors, drones, GPS systems, and other connected equipment that can collect and transmit data regarding crop health, soil conditions, weather patterns, and livestock. The agriculture Internet of Things (IoT) market comprises devices and solutions that harness the power of connected sensors, actuators, and other devices to optimize farming practices. The rising demand for agricultural production owing to the increasing population and increased approach of precision agriculture techniques to farming are driving the market growth. Moreover, a focus on livestock monitoring and disease detection in plants to improve farming efficiency also fuels market development. The lack of skilled farmers for implementing IoT in agriculture and the risk associated with the data security of IoT can limit market growth. Government initiatives for encouraging modernized farming techniques, along with technological advancements and rising investments in IoT, are expected to create expansion opportunities.

Regional Insights

In the Americas, demand for Agriculture IoT solutions is largely driven by the push for increased efficiency and productivity on large-scale farms. The adoption of precision farming, which leverages data collection and analysis for decision-making, has gained significant traction, particularly in the United States, Canada, and Brazil. Government support through subsidies and grants and collaboration between tech firms and agricultural companies play crucial roles in driving the market forward. The Asia-Pacific region is witnessing a rapid boost in the demand for Agriculture IoT, driven by a growing population and the need for enhanced food security. Countries such as China, India, and Australia are investing heavily in smart farming technologies to modernize their agricultural sectors. Constraints such as limited arable land and water scarcity have led to adopting technologies for precise irrigation and monitoring. Government initiatives also promote deploying smart agricultural practices to boost productivity and support small to medium-sized farmholders. In the EMEA region, Europe stands out as an early adopter of IoT in agriculture with a substantial focus on sustainability and animal welfare. The European Union supports the transition to smart agriculture through research funding and policy frameworks. In the Middle East, adoption is driven by the necessity to tackle extreme weather conditions and water scarcity, leading to an interest in precision agriculture and greenhouses. While still at nascent stages, Africa is showing potential for IoT to leapfrog traditional agricultural practices, guided by mobile technology proliferation and external investments.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Agriculture IoT Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Rising Demand for Agricultural Production Owing to Increasing Population
    • Increase Approach of Precision Agriculture Techniques to Farming
    • Focus on Livestock Monitoring and Disease Detection in Plants to Improve Farming Efficiency
    • Market Restraints
      • Lack of Skilled Farmers for Implementing IoT in Agriculture
      • Market Opportunities
        • Government Initiatives for Encouraging Modernized Farming Techniques
        • Technological Advancements and Rising Investments in IoT
        • Market Challenges
          • Risk Associated with Data Security of IoT
          • Market Segmentation Analysis
            • Component: Growing adoption of advanced drones for aerial surveillance by the larger farms
            • Application: Rising adoption of IoT devices to improve the quantity and quality of livestock production
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Agriculture IoT Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Agriculture IoT Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • CultYvate and Dhiway collaborate to Transform Agriculture through Innovative Blockchain-Backed IoT Integration
              
              FARM2FORK Technologies Pvt. Ltd. partnered with Dhiway to revolutionize the digital sphere of agriculture. The fusion of CORD's blockchain prowess and CultYvate's IoT-driven insights promises to bolster agricultural data reliability and traceability, streamline efficiency, and maintain productivity.
              
              Krish-e launches IoT based Smart Kit for farm equipment
              
              Mahindra & Mahindra Limited's AgTech division, Krish-e, launched its groundbreaking product, the Krish-e Smart Kit (KSK), developed in collaboration with Carnot Technologies. This innovative after-market IoT device is designed to revolutionize farm equipment management, providing real-time insights via a GPS-enabled platform that can be accessed through smartphones and desktops.
              
              KORE to Acquire Twilio's IoT Business Unit and Accelerate Progress Towards Building the World's First 'IoT Hyperscaler'
              
              KORE Group Holdings, Inc. acquired Twilio's IoT business to bolster its market position. The transaction is set to enhance KORE's ability to deliver end-to-end IoT solutions by assimilating Twilio's advanced digital capabilities in the sector.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Agriculture IoT Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Agriculture IoT Market, highlighting leading vendors and their innovative profiles. These include Accenture PLC, AGCO Corporation, AgriData Incorporated, Aker Technologies, Arable, Azotic Technologies, Bright Wolf by Cognizant, Ceres Imaging, Inc., Deere & Company, Delaval, Inc., DroneDeploy, Inc., ECF Farmsystems, Farmers Edge, Inc., Flux Farm, Inc., Gamamya S.A., GEA Group Aktiengesellschaft, Hexagon AB, Hitachi, Ltd., International Business Management Corporation, Kubota Corp., Merck and Co. Inc., Ponsse Oyj, Raven Industries, Inc., SemiosBio Technologies Inc., SlantRange, Inc., SZ DJI Technology Co., Ltd., Topcon Positioning Systems, Inc., and Zyter, Inc..
            
            Market Segmentation & Coverage
            
            This research report categorizes the Agriculture IoT Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Component
              • Hardware
                • Fish Farm Monitoring Hardware
                • Livestock Monitoring Hardware
                • Precision Farming & Forestry Hardware
                • Smart Greenhouse Hardware
                • Services
                • Software
                • Application
                  • Fish Farm Monitoring Application
                    • Feeding Management
                    • Fish Tracking & Fleet Navigation
                    • Water Quality Management
                    • Livestock Monitoring Application
                      • Animal Comfort Management
                      • Animal Feeding Management
                      • Behavior Monitoring & Management
                      • Breeding Management
                      • Heat Stress Management
                      • Milk Harvesting Management
                      • Precision Farming Application
                        • Crop Scouting
                        • Farm Labor Management
                        • Farm Yield Monitoring
                        • Field Mapping
                        • Financial Management
                        • Inventory Management
                        • Irrigation Management
                        • Weather Tracking & Forecasting
                        • Precision Forestry Application
                          • Genetics & Nursery
                          • Harvesting Management
                          • Inventory & Logistics Management
                          • Silviculture & Fire Management
                          • Smart Greenhouse Application
                            • HVAC Management
                            • Water & Fertilizer Management
                            • Yield Monitoring
                          • Region
                            • Americas
                              • Argentina
                              • Brazil
                              • Canada
                              • Mexico
                              • United States
                                • California
                                • Florida
                                • Illinois
                                • New York
                                • Ohio
                                • Pennsylvania
                                • Texas
                                • Asia-Pacific
                                  • Australia
                                  • China
                                  • India
                                  • Indonesia
                                  • Japan
                                  • Malaysia
                                  • Philippines
                                  • Singapore
                                  • South Korea
                                  • Taiwan
                                  • Thailand
                                  • Vietnam
                                  • Europe, Middle East & Africa
                                    • Denmark
                                    • Egypt
                                    • Finland
                                    • France
                                    • Germany
                                    • Israel
                                    • Italy
                                    • Netherlands
                                    • Nigeria
                                    • Norway
                                    • Poland
                                    • Qatar
                                    • Russia
                                    • Saudi Arabia
                                    • South Africa
                                    • Spain
                                    • Sweden
                                    • Switzerland
                                    • Turkey
                                    • United Arab Emirates
                                    • United Kingdom
                                    
                                    
                                    Please Note: PDF & Excel + Online Access - 1 Year