Global Agriculture IoT Market by Component & Application with Forecast to 2030
Global Agriculture IoT Market
Dublin, Jan. 28, 2024 (GLOBE NEWSWIRE) -- The "Global Agriculture IoT Market by Component (Hardware, Services, Software), Application (Fish Farm Monitoring Application, Livestock Monitoring Application, Precision Farming Application) - Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The Agriculture IoT Market size was estimated at USD 10.97 billion in 2022, USD 12.33 billion in 2023, and is expected to grow at a CAGR of 13.88% to reach USD 31.03 billion by 2030.
Agriculture IoT refers to the application of modern IoT technologies to the agricultural industry. This innovative approach entails incorporating various IoT devices, such as sensors, drones, GPS systems, and other connected equipment that can collect and transmit data regarding crop health, soil conditions, weather patterns, and livestock. The agriculture Internet of Things (IoT) market comprises devices and solutions that harness the power of connected sensors, actuators, and other devices to optimize farming practices. The rising demand for agricultural production owing to the increasing population and increased approach of precision agriculture techniques to farming are driving the market growth. Moreover, a focus on livestock monitoring and disease detection in plants to improve farming efficiency also fuels market development. The lack of skilled farmers for implementing IoT in agriculture and the risk associated with the data security of IoT can limit market growth. Government initiatives for encouraging modernized farming techniques, along with technological advancements and rising investments in IoT, are expected to create expansion opportunities.
Regional Insights
In the Americas, demand for Agriculture IoT solutions is largely driven by the push for increased efficiency and productivity on large-scale farms. The adoption of precision farming, which leverages data collection and analysis for decision-making, has gained significant traction, particularly in the United States, Canada, and Brazil. Government support through subsidies and grants and collaboration between tech firms and agricultural companies play crucial roles in driving the market forward. The Asia-Pacific region is witnessing a rapid boost in the demand for Agriculture IoT, driven by a growing population and the need for enhanced food security. Countries such as China, India, and Australia are investing heavily in smart farming technologies to modernize their agricultural sectors. Constraints such as limited arable land and water scarcity have led to adopting technologies for precise irrigation and monitoring.
Government initiatives also promote deploying smart agricultural practices to boost productivity and support small to medium-sized farmholders. In the EMEA region, Europe stands out as an early adopter of IoT in agriculture with a substantial focus on sustainability and animal welfare. The European Union supports the transition to smart agriculture through research funding and policy frameworks. In the Middle East, adoption is driven by the necessity to tackle extreme weather conditions and water scarcity, leading to an interest in precision agriculture and greenhouses. While still at nascent stages, Africa is showing potential for IoT to leapfrog traditional agricultural practices, guided by mobile technology proliferation and external investments.
Market Segmentation & Coverage
Component
Hardware
Fish Farm Monitoring Hardware
Livestock Monitoring Hardware
Precision Farming & Forestry Hardware
Smart Greenhouse Hardware
Services
Software
Application
Fish Farm Monitoring Application
Feeding Management
Fish Tracking & Fleet Navigation
Water Quality Management
Livestock Monitoring Application
Animal Comfort Management
Animal Feeding Management
Behavior Monitoring & Management
Breeding Management
Heat Stress Management
Milk Harvesting Management
Precision Farming Application
Crop Scouting
Farm Labor Management
Farm Yield Monitoring
Field Mapping
Financial Management
Inventory Management
Irrigation Management
Weather Tracking & Forecasting
Precision Forestry Application
Genetics & Nursery
Harvesting Management
Inventory & Logistics Management
Silviculture & Fire Management
Smart Greenhouse Application
HVAC Management
Water & Fertilizer Management
Yield Monitoring
Key Attributes:
Report Attribute | Details |
No. of Pages | 185 |
Forecast Period | 2023 - 2030 |
Estimated Market Value (USD) in 2023 | $12.33 Billion |
Forecasted Market Value (USD) by 2030 | $31.03 Billion |
Compound Annual Growth Rate | 13.8% |
Regions Covered | Global |
Companies Mentioned
Accenture PLC
AGCO Corporation
AgriData Incorporated
Aker Technologies
Arable
Azotic Technologies
Bright Wolf by Cognizant
Ceres Imaging, Inc.
Deere & Company
Delaval, Inc.
DroneDeploy, Inc.
ECF Farmsystems
Farmers Edge, Inc.
Flux Farm, Inc.
Gamamya S.A.
GEA Group Aktiengesellschaft
Hexagon AB
Hitachi, Ltd.
International Business Management Corporation
Kubota Corp.
Merck and Co. Inc.
Ponsse Oyj
Raven Industries, Inc.
SemiosBio Technologies Inc.
SlantRange, Inc.
SZ DJI Technology Co., Ltd.
Topcon Positioning Systems, Inc.
Zyter, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/2a187e
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