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IoT in Agriculture Market by Hardware Type (Precision Farming Hardware, Precision Livestock Hardware, Precision Aquaculture Hardware, Precision Forestry Hardware, Smart Greenhouses Hardware, Others Hardware) by Farm Type (Large, Mid-Sized, Small Farms) by Farm Production Planning Stage (Pre-Production Planning, Production Planning, Post-Production Planning): Global Industry Size, Share, Statistics and Forecast 2016 - 2028

IoT in Agriculture Market Analysis

The IoT in the agriculture market is projected to grow quickly over the next five years. The growth rate of IoT in agriculture is expected to be in double digits.

Smart farming will become a possibility thanks to IoT in agriculture. IoT has disrupted all kinds of industries, including agriculture. In addition, IoT will bring significant transformations in the form of driverless cars, automated machines, and smart wearables.

Global IoT in Agriculture market is expected to witness a CAGR of 10% during the forecast period. The revenue generated by the global IoT in Agriculture market in 2021 was over USD 17,825.19 million and is expected to generate revenue worth USD 36,315.17 million in 2028. Therefore, the incremental growth opportunity offered by the global IoT in Agriculture is estimated to be USD 194 billion between 2022 and 2028.

iot-in-agriculture-market

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Interesting Facts about IoT in Agriculture Industry

  • IoT in Agriculture is a part of smart agriculture technology.
  • IoT in Agriculture remote monitoring of farm conditions and infrastructure
  • IoT in Agriculture provides real-time data on farms
  • The average cost of deploying IoT in Agriculture is around USD 500 a year.
  • The use of IoT in Agriculture can help reduce energy costs by 35%, reduction in irrigation
  • water usage by 8%, and increase crop yield by 2%

Increasing Need to Improve Farming Efficiency

To support the increasing size of the world population, agriculture must leverage IoT. This will help IoT to deal with significant challenges it will face in the future, like rapidly expanding population and climate change. Weather conditions will become more extreme, and to deal with that, agriculture needs to make use of IoT.

Automation and Reduction in Cost of Farming

In short, a new workflow and paradigm are needed if agriculture is to supply increasing amounts of food in the near future. IoT in agriculture and related emerging technologies can do that. Thanks to IoT in agriculture, operating costs will be reduced since many processes will be automated. This reduced cost is one of the main drivers for IoT in agriculture. The number of connected devices in agriculture will increase rapidly over the next ten years. The year-on-year growth rate is expected to be in double digits.

Due to real-time data collection, monitoring and analysis, better decisions will be made. Thanks to IoT in agriculture, highly advanced sensors are being deployed that are connected by cellular networks. Since automatic systems will be used with increased IoT in agriculture, irrigation processes will become more efficient. Sensors are now being used to cover all aspects of farming, like how much resources a seed will consume before it starts producing crops.

IoT in Agriculture offers a Multitude of Benefits.

IoT in agriculture will bring the next green revolution. Farmers will be able to gain several benefits owing to IoT in agriculture. Among them are increased process automation and increasingly reliable monitoring of growing conditions. This means that crop production efficiency will rise. Smart farming will become the new reality that will allow improved yields and enough crop output that can keep pace with the rapidly increasing world population. Another major benefit that will be extended by IoT in agriculture is that more crops may be grown using the same land resources. Higher yield will prove to be one of the main drivers for IoT in agriculture.

Since many farming tasks will be automated, farmer productivity will increase, and costs will go down. This will make agriculture more profitable and sustainable. The Internet of Things will allow autonomous systems to make intelligent decisions by leveraging emerging technologies like machine learning, big data, deep learning, artificial intelligence, cloud network, and 5G. IoT in agriculture will help bring many significant improvements in farming methods and efficiencies. Interconnected sensors, controllers, and cameras will be able to give rise to sustainable agriculture that can keep up with the increasing world demand for food. Farmers will be able to automatically improve their workflow and daily operations to realize several benefits courtesy of IoT in agriculture.

Precision Farming Hardware for Large Farms Dominates the Market

Precision Farming Hardware, Precision Livestock Hardware, Precision Aquaculture Hardware, Precision Forestry Hardware, Smart Greenhouses Hardware, and Others Hardware are major hardware types used in IoT in the Agriculture industry. Precision farming dominates the revenue generated by the global IoT in Agriculture market with over 40% share in 2021. Large, Mid-Sized, and Small Farms are major end-users of IoT in Agriculture. However, there are many limitations to the use of IoT in Agriculture on small farms as it costs too high to justify overall yield in small and medium farms. However, for large farms, IoT in Agriculture is proving to be very crucial in increasing crop efficiency.

Smart Greenhouses to Increase at Rapid Pace

Precision Farming, Precision Livestock, Precision Aquaculture, Precision Forestry, Smart Greenhouses, and Others are major applications of IoT in Agriculture. Precision farming held over 35% share in 2020. Pre-Production Planning, Production Planning, and Post-Production Planning are significant steps where IoT in Agriculture is deployed.

Afimilk, AG Leader Technology, AgEagle, AgJunction, AKVA group, Allflex, CropX, Deere & Company, DeLaval, Descartes Labs, DICKEY-john, DJI, ec2ce, Eruvaka Technologies, Farmers Edge, Hexagon Agriculture, InnovaSea Systems, Komatsu Forest AB, Ponsse, PrecisionHawk, Raven Industries, Steinsvik, TeeJet Technologies, The Climate Corporation, Tigercat, Topcon Positioning Systems, and Trimble Inc. are major players operating in global IoT in Agriculture market. Key players are consistently striving for the development of the most innovative products.

Frequently asked questions about global IoT in Agriculture industry

Likewise other industries, COVID 19 also taken a toll on IoT in Agriculture market with around 10.39% decline in its revenue in 2020 as compare to 2019

North America is the largest regional market with highest share in the total volume of IoT in Agriculture consumed in 2021 followed by Europe

Increasing need for increasing crop yield and efficiency of farming

Precision Farming dominated the IoT in Agriculture market in 2021 with over 40% share

Large farms was the largest distribution channel of IoT in Agriculture in 2021 with over 55% share

IoT in Agriculture Report Scope

Report Attribute Details
Market Value in 2021 USD 17,825.19 million
Market Value in 2028 USD 36,315.17 million
CAGR 10% between 2021 and 2028
Past data 2016 – 2021
Forecast period 2022 – 2028
Report coverage Market Size Valuation, Share Analysis and Growth Rate by Segments such as Type and Distribution Channel, Company Share, Competitive Landscape and Trends Analysis
Segments covered

Hardware Type

Precision Farming Hardware

Precision Livestock Hardware

Precision Aquaculture Hardware

Precision Forestry Hardware

Smart Greenhouses Hardware

Others Hardware

Farm Type

Large

Mid-Sized

Small Farms

Farm Production Planning Stage

Pre-Production Planning

Production Planning

Post-Production Planning

Application

Precision Farming

Precision Livestock

Precision Aquaculture

Precision Forestry

Smart Greenhouses

Others

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Trusted By
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Published Date:  Jan 2022
Category:  Information and Communications Technology
Report ID:   60476
Report Format:   PDF
Pages:   125
Rating:    4.6 (32)
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