Dublin, March 21, 2024 (GLOBE NEWSWIRE) -- The "Global IoT in Agriculture Market: Focus on Application, Product, and Country-Wise Analysis - Analysis and Forecast, 2023-2033" report has been added to ResearchAndMarkets.com's offering.
The Global IoT in Agriculture Market, valued at USD 20.14 billion in 2023 is projected to reach USD 71.92 billion by 2033, showcasing a CAGR of 13.6%.
The relevance of IoT in the agriculture business cannot be emphasized, as it offers a tremendous leap forward in the potential to control and optimize agricultural processes. Farmers and agribusinesses who use IoT get access to a variety of real-time data from sensors that monitor soil moisture, crop health, weather conditions, and other variables. This data is used in advanced analytics to enable precision farming, which allows for the precise application of water, fertilizers, and pesticides, lowering costs and environmental impact while increasing yield and quality.
Furthermore, IoT technology allows for the automation of agricultural activities ranging from planting to harvesting, which can help to alleviate manpower shortages and increase production. The use of IoT in agriculture not only improves efficiency and sustainability but also contributes to food security by allowing smarter, more responsive agricultural systems that can adjust to changing climatic circumstances and rising global demand. 
Industrial Impact
The Internet of Things (IoT) has had a disruptive industrial influence on the agriculture business, prompting a fundamental rethinking of agricultural techniques and supply chain management. The introduction of the Internet of Things (IoT) into agriculture, often known as 'smart farming,' has resulted in a data-driven business. Sensors placed across fields assess a range of characteristics, including temperature, humidity, soil moisture, and crop health, allowing farmers to make better-informed decisions. The real-time data acquired aids in the correct application of water, fertilizers, and pesticides, lowering costs and minimizing environmental effects. Furthermore, with IoT, agricultural machinery such as tractors and harvesters are becoming more self-sufficient, enhancing operating efficiency.
On a larger scale, the use of IoT technology in agriculture is causing alterations in labor dynamics, investment patterns, and even regional development strategies. As farms become more technologically advanced, there is a greater demand for a workforce that is proficient in both agriculture and technology, resulting in the development of new educational and training programs. Furthermore, the data-centric approach of IoT is drawing substantial investment from technology firms, venture capitalists, and even governments, all looking to capitalize on the efficiency and opportunities it offers. The industrial environment is being transformed, with technology providers and agribusinesses forming strategic partnerships and alliances to harness IoT to gain a competitive advantage in the ever-changing agriculture industry.
Market Segmentation
Segmentation 1: by Application
- Precision Crop Farming
- Livestock Monitoring and Management
- Indoor Farming
- Aquaculture
- Others
Precision Crop Farming Segment to Dominate the Global IoT in Agriculture Market (by Application)
The IoT in agriculture market is led by the precision crop farming segment, with a $7,829.3 million in 2022 in terms of revenue. Increasing demand for precision farming techniques is driving the growth of the IoT in agriculture industry.
Precision farming can rigorously monitor and control the micro-variables of farming by integrating IoT sensors, devices, and platforms, ranging from soil moisture levels and nutrient content to microclimate conditions and plant health. This detailed level of data collecting allows for the precise distribution of water, fertilizers, and pesticides where they are required, dramatically decreasing waste and environmental effects. IoT-enabled devices may automate irrigation and application systems, resulting in accurate and timely interventions that maximize plant growth and production.
Segmentation 2: by Component
- Hardware (Processors and Sensors, Communication Modules, Others)
- Software
Software Segment to Witness the Highest Growth between 2023 and 2033
The software segment dominated the global IoT in agriculture market (by component) in 2023, with a $9,748.8 million in terms of revenue due to the need to be integrated into various platforms to carry out the tasks.
Segmentation 3: by Region
- North America - U.S., Canada, and Mexico
- Europe - U.K., Germany, France, Spain, Italy, Netherlands, Denmark, and Rest-of-Europe
- Asia-Pacific - Japan, India, China, Australia and New Zealand, Indonesia, Vietnam, Malaysia, and Rest-of-Asia-Pacific
- Rest-of-the-World
Asia-Pacific was the highest-growing market among all the regions, registering a CAGR of 14.93%. Rest-of-the-World is anticipated to gain traction in terms of IoT in agriculture adoption owing to the growing demand for modern agricultural methods among countries. Moreover, favorable government policies are also expected to support the growth of the IoT in agriculture market in North America and Europe during the forecast period.
In North America, the U.S. is anticipated to show the highest growth in the IoT in agriculture market among other countries in North America. The U.S. is anticipated to grow at a CAGR of 12.67%. The growth of the U.S. in the IoT in agriculture market is mainly due to the factor that the U.S. has a robust start-up ecosystem that drives innovation in the agricultural IoT sector. Start-ups such as Farmers Edge and Arable Labs are pushing this innovation by offering cutting-edge solutions.
Recent Developments in the IoT in Agriculture Market
- In April 2023, Bosch announced that it would collaborate with AGCO Corporation to integrate and commercialize Smart Spraying technology on Fendt Rogator sprayers, as well as create further innovative features.
- In January 2024, Deere & Company established a partnership with SpaceX to deliver cutting-edge satellite communications (SATCOM) services to farmers. Using the industry-leading Starlink network, this solution would enable farmers experiencing rural connectivity issues to utilize precision agricultural tools fully.
- In March 2023, Bayer and Microsoft formalized their cooperation, which they announced a little over a year ago, to develop a cloud-based collection of data tools and data science solutions for the food and agriculture industries.
Increase in Demand for Agricultural Efficiency and Productivity Driving the Market
As labor shortages and agricultural input costs grow, there is an urgent need to enhance operational efficiency. IoT technology allows for automation in a variety of farming processes, lowering labor costs and enhancing efficiency. AGCO Corporation, for example, provides modern farming gear with IoT capabilities that automate processes such as planting, harvesting, and data gathering.
Integration of IoT in Robotics Presenting Opportunities
Integrating IoT in agricultural robots offers considerable cost reductions and efficiency improvements. For example, robotic systems outfitted with IoT sensors can outperform human labor in operations such as harvesting, weeding, and planting. The cost of establishing such systems varies, but a mid-sized IoT-enabled agricultural robot may range from $30,000 to $100,000, depending on its capability and sophistication. Over time, the return on investment is frequently recovered through labor cost reductions and greater agricultural yields.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on thorough secondary research, which includes analyzing company coverage, product portfolio, market penetration, and insights gathered from primary experts.
The IoT in agriculture market comprises key players who have established themselves thoroughly and have the proper understanding of the market, accompanied by start-ups who are looking forward to establishing themselves in this highly competitive market. In 2022, the IoT in agriculture market was dominated by established players, accounting for 73% of the market share, whereas the start-ups managed to capture 27% of the market. With the growth in advancements in agricultural technologies among the nations, more players will enter the global IoT in agriculture market with each passing year.
Some prominent names established in this market are:
- Deere & Company
- Microsoft
- CNH Industrial N.V
- Robert Bosch GmbH
- Kalera Inc.
- Heliospectra AB
- Signify Holding
- AKVA Group ASA
- Eruvaka Technologies
- AGRIVI
- Climate LLC
- AeroFarms
Other companies mentioned:
- AmHydro
- Connecterra B.V.
- OSRAM GmbH
Key Attributes
| Report Attribute | Details |
| No. of Pages | 188 |
| Forecast Period | 2023-2033 |
| Estimated Market Value (USD) in 2023 | $20.14 Billion |
| Forecasted Market Value (USD) by 2033 | $71.92 Billion |
| Compound Annual Growth Rate | 13.5% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/k5gczj
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