- The agriculture IoT market for market for services offering to grow at the highest CAGR during the forecast period.
- Precision Farming to account for the largest share of agriculture IoT market during the forecast period.
- Agriculture IoT market in Europe is expected to hold the second-largest share during the forecast period.
According to the new market research report on “Agriculture IoT Market by Offering (Hardware, Software, & Services), Application (Precision Farming, Precision Forestry, Livestock Monitoring, Fish Farm Monitoring and Smart Greenhouse), Application, and Geography – Global Forecast to 2024″, agriculture IoT market expected to grow from $12.7 billion in 2019 to $20.9 billion by 2024, at a CAGR of 10.4% from 2019 to 2024.
A few key factors driving the growth of this market are increasing adoption of Internet of Things (IoT) and Artificial Intelligence (AI) technology by farmers and growers, focus on livestock monitoring and disease detection to improve farming efficiency, and rising demand for agricultural production owing to increasing population.
Hardware to hold the largest share of agriculture IoT market during the forecast period
Hardware is expected to account for the largest share of the agriculture IoT market during the forecast period. The increasing adoption of new technologies and advanced devices for smart agriculture is expected to drive the growth of the agriculture IoT market for hardware during the forecast period. Precision farming involves hardware devices and tools to minimize input and increase crop productivity (output). Automation and control systems such as a global positioning system (GPS) receivers, guidance, and steering devices, and variable rate technology (VRT) tools play a significant role in the precision farming industry.
Agriculture IoT precision farming market for automation and control systems to grow have higher growth during the forecast period
The agriculture IoT precision farming market for Automation and control systems was valued s expected to grow at a higher CAGR from 2019 to 2024. The increasing demand for drones/unmanned aerial vehicles (UAVs) is a major reason behind the high growth of the market for automation and control systems. Also, the increasing adoption of automation and control devices such as GPS/GNSS, irrigation controller, and guidance and steering has created a new approach to farming practices and is expected to drive the market for automation and control systems.
Agriculture IoT market in APAC is expected to grow at the highest CAGR during the forecast period
The agriculture IoT market in APAC is expected to grow at the highest CAGR during the forecast period. Factors driving the adoption of agriculture IoT technologies in APAC include the rising demand for food, growing pressure to improve yields with limited resources, and increasing requirement to protect crops from unexpected climatic changes. India, China, and Japan have embraced this technology and hold a major share of the agriculture IoT market.
Deere & Company (US), Trimble (US), Raven Industries (US), AGCO Corporation (AGCO) (US), AgJunction Inc. (AgJunction) (US), DeLaval (Sweden), GEA Farm Technology (Germany), Lely (Netherlands), Antelliq (France), AG Leader Technology (AG Leader) (US), Tigercat (Canada), Ponsse (Finland), Komatsu Forest AB (Sweden), Caterpillar (US), Treemetrics (Ireland), Topcon Positioning Systems (US), and DICKEY-john Corporation (US) are some of the major players in agriculture IoT market.