Internet of Things (IoT) in Agriculture

Global Internet of Things (IoT) in Agriculture Market to Reach US$31.2 Billion by 2030

The global market for Internet of Things (IoT) in Agriculture estimated at US$17.7 Billion in the year 2023, is expected to reach US$31.2 Billion by 2030, growing at a CAGR of 8.5% over the analysis period 2023-2030. Software Component, one of the segments analyzed in the report, is expected to record a 9.6% CAGR and reach US$12.5 Billion by the end of the analysis period. Growth in the Automation & Control Systems segment is estimated at 8.0% CAGR over the analysis period.

The U.S. Market is Estimated at US$4.9 Billion While China is Forecast to Grow at 7.9% CAGR

The Internet of Things (IoT) in Agriculture market in the U.S. is estimated at US$4.9 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.8 Billion by the year 2030 trailing a CAGR of 7.9% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 8.1% and 6.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.7% CAGR.

Global Internet of Things (IoT) in Agriculture Market - Key Trends and Drivers Summarized

How Is Internet of Things (IoT) Revolutionizing Agriculture?

The Internet of Things (IoT) is transforming agriculture by enabling smart farming techniques that improve crop yields, reduce resource consumption, and enhance operational efficiency. IoT devices, such as soil sensors, drones, and smart irrigation systems, allow farmers to monitor crop health, soil moisture levels, and weather conditions in real-time, making data-driven decisions that optimize farm management. Precision agriculture, powered by IoT, enables farmers to apply the right amount of water, fertilizer, and pesticides, reducing waste and lowering costs. Additionally, IoT solutions help automate tasks such as irrigation, fertilization, and pest control, freeing up time for farmers and improving overall farm productivity. These innovations are crucial for addressing the challenges of feeding a growing global population while minimizing environmental impact.

How Are Technological Advancements Shaping the IoT in Agriculture Market?

Technological advancements in sensor technology, AI, and satellite imagery are driving the adoption of IoT in agriculture. Advanced sensors can now collect detailed data on soil health, crop conditions, and environmental factors, providing farmers with actionable insights to optimize their operations. AI and machine learning algorithms analyze this data to predict weather patterns, disease outbreaks, and crop yields, enabling more informed decision-making. Drones equipped with high-resolution cameras and multispectral sensors are being used for aerial surveillance of large farms, helping farmers detect issues such as water stress or pest infestations early. Moreover, cloud computing and edge computing solutions allow farmers to access and analyze their farm data from anywhere, improving their ability to respond to changing conditions in real time.

How Do Market Segments Define the Growth of IoT in Agriculture?

Components include hardware, software, and services, with hardware such as sensors, drones, and IoT-enabled machinery leading the market due to their critical role in data collection and automation. Applications include precision farming, livestock monitoring, and smart irrigation, with precision farming being the largest segment as farmers seek to optimize crop production and reduce resource consumption. Farm sizes range from small and medium farms to large-scale commercial operations, with large-scale farms adopting IoT technologies more rapidly due to the higher return on investment in automation and data analytics. The market is growing significantly in regions such as North America and Europe, where technological innovation and government initiatives are promoting smart farming practices.

What Factors Are Driving the Growth in the IoT in Agriculture Market?

The growth in the IoT in agriculture market is driven by several factors, including the increasing need for food security, advancements in sensor and AI technologies, and the rising demand for sustainable farming practices. As the global population continues to grow, the pressure on farmers to increase crop yields while minimizing environmental impact is intensifying, driving the adoption of IoT technologies that improve farm productivity and resource efficiency. Technological innovations in sensors, drones, and data analytics are enabling farmers to monitor and manage their fields more effectively, reducing waste and improving crop health. Additionally, the growing focus on sustainability and climate change mitigation is encouraging the use of IoT solutions that reduce water and pesticide usage, contributing to more sustainable agricultural practices.

Select Competitors (Total 87 Featured) -

• Agco Corporation
• Agjunction
• Antelliq
• Cropmetrics
• Deere and Company
• Delaval (Subsidiary of Tetra Laval International, S.A.)
• Dickey-John
• DJI
• GEA Group
• Granular
• Hexagon Agriculture
• Komatsu Forest
• Ponsse
• Precisionhawk
• Raven Industries
• Teejet Technologies
• Tigercat
• Topcon Positioning Systems
• Tree Metrics
• Trimble Inc.

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