Internet of Things (IoT) in Agriculture - Thematic intelligence

Internet of Things (IoT) in Agriculture - Thematic intelligence

Summary

The IoT market is expected to grow to $1.2 trillion by 2027. The Internet of Things (IoT) describes the use of connected sensors and actuators to control and monitor the environment, the things that move within it, and the people that act within it. It encompasses many different technologies, with numerous use cases in automated home, smart cities, and wearable technology.

The IoT market is separated into three different sections: IoT hardware, IoT services, and IoT software, with all three having similar market revenue forecasts. In 2023, the services-based IoT sector was the smallest, contributing around $197 billion in revenue, while hardware-based IoT contributed the most, at $258 billion. The entire IoT technology is forecast to grow at a CAGR of 15.05% between the years of 2022 to 2027 with IoT software expected to grow the most with a CAGR of 16.68%.

IoT is essential to the fourth agricultural revolution. Smart farming refers to managing farms using modern information and communication technologies to increase the quantity and quality of products while optimizing the human labour required. IoT is at the center of smart farming innovations with sensors, drones, and data analytics all used to improve farmer productivity.

Key Highlights

Climate change is a major factor affecting agriculture industries today. While we accelerate towards exceeding the 1.5°C target, sea levels are rising at 3.9mm (0.15 inches) per year, more than double the rate of the 20th century according to Yale Climate Connections. There is also an increase in extreme weather events with rises in droughts, floods, and forest fires-all of which can be catastrophic to a farm. To minimize the risks of these events, the agriculture sector must invest in IoT and keep control of their farms during these events.

Precision farming is an umbrella concept for IoT-based approaches that optimize farming inputs and outputs. It can empower farmers to precisely minimize inputs including fertilizer and irrigation waste and monitor disease outbreaks while optimizing farm productivity. The data that is collected from the advanced sensors around the farms can then be analysed to allow farmers to make intelligent decisions and drive further revenue while also minimizing costs.

Scope

The Players section provides an overview of IoT, which is broken down into our value chain framework.

The report provides an analysis of the key challenges for the agriculture industry, IoT value chain where different companies within the agricultural value chain should focus their time and resources.

The value chain will help suggest that agricultural companies where to invest, explore, or ignore.

The report presents selected case studies highlighting the use of IoT within agriculture.

The report includes Market Size and Growth Forecasts for the IoT market.

Reasons to Buy

• Understand the impact of the -IOT theme for the -agriculture sector.
• Access the latest data on the IOT theme in the agriculture sector.
• Identify the leading digital transformation efforts from companies through investment into the IOT theme.