- 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.
The agriculture IOT market is 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.
The agriculture IoT market is getting impacted by technological trends such as big data analytics, cloud platforms, and mobile computing. Extensive data helps farmers or growers in making prompt and productive decisions. Big data analytics involves current and historical information on weather forecast, crop features, and soil characteristics, among others. Cloud platforms enable real-time monitoring and guidance in agricultural production.
The information exchange between farmers and agricultural enterprises is smooth and hassle-free. Mobile computing involves the connection of hardware devices and software services to collect information about the field. Companies such as Trimble Navigation Limited (US) and Deere & Company (US) provide farm management applications.
The agriculture IoT market for services is expected to grow at the highest CAGR during the forecast period.
The increasing demand for managed services and the rising installations of smart agriculture devices worldwide are the primary reasons behind the high growth of this market. Agriculture IoT service providers mainly include companies that provide farm operation services, data services, and farm data analytics to software companies or directly to farmers. Most companies or farmers/agronomists outsource the responsibility of handling operations to managed service providers. These service providers then take care of the majority of operations and provide suggestions to farmers to enhance production.
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The agriculture IoT market for navigation systems is expected to grow at the highest CAGR during the forecast period.
A drone well equipped with a navigation system and an autopilot system, including a camera, gives plenty of aerial options. For aerial photogrammetry and 3D mapping, it is essential to deploy a drone with a navigation system, an autopilot flight system, and a camera.
The agriculture IoT market for fish farm monitoring is expected to grow at the highest CAGR during the forecast period.
The increasing demand for various hardware devices, such as GPS/GNSS, and different types of sensors is contributing to the growth of the agriculture IoT market for fish farming. Drones are used as a fisheries assessment tool by natural resource agencies in Texas and Nebraska in the US. These agencies have used fixed-wing drones to conduct in-channel habitat mapping in low waters in the Guadalupe (Texas) and Niobrara (Nebraska) rivers.
The agriculture IoT market in APAC is expected to grow at the highest CAGR during the forecast period.
Agriculture IoT techniques are expected to be adopted at a high rate in APAC as this region consists of emerging countries such as India, China, and countries in South East Asia. Rapidly growing population, availability of arable land, and strong government support for farmers through subsidies are the major factors driving the adoption of agriculture IoT technologies in APAC.
Opportunities for the growth of the market include the advent of big data in agriculture farm, integration of smartphones with hardware devices and software applications and rise in use of unmanned aerial vehicles (UAVs)/drones in precision farming. Big Data is expected to positively impact smart farming as it has a role in every stage of the food supply chain and can cause a major shift in transforming agriculture industry. In developing and developed countries, smartphones incorporated with multiple user-friendly applications (apps) related to agriculture are gaining popularity among farmers.
Unmanned aerial vehicles (UAVs) or drones are capable of capturing highly accurate aerial images—up to hundreds of hectares/acres in a single flight—and generating real-time data. Agricultural drones are cheaper than surveillance drones and are equipped with advanced sensors and imaging tools that help farmers make informed decisions to increase crop yield and reduce crop damage.