London, Feb. 24, 2020 (GLOBE NEWSWIRE) -- According to a new market research report “Agriculture IoT Market by Component (Hardware, Software, Services), Application (Precision Farming, Smart Greenhouse, Livestock Monitoring, Smart Irrigation, Others), and Geography- Global Forecast to 2027”, published by Meticulous Research®, the agriculture IoT market is expected to grow at a CAGR of 14.1% from 2019 to reach $34.9 billion by 2027.
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Agriculture IoT refers to the adoption of advanced technologies for producing higher yield from farms in order to cater to increasing demands of masses and enhancement of productivity by optimizing fertilizer use, thereby increasing the efficiency of farm. Deployment of smart devices based on IoT in agriculture is changing the way data is being handled, processed, and utilized in the field. The global agriculture IoT market is witnessing a consistent growth owing to growing use of precision farming techniques and increasing adoption of IoT and cloud-based solutions. In addition, extensive government initiatives in encouraging modernized farming techniques, rise in population, increase in demand for high-quality food products, and shrinkage of arable land are driving the demand for IoT solutions in farming. However, lack of data privacy and security coupled with lack of internet infrastructure in agriculture industry are the key factors restraining the growth of the global agriculture IoT market.
The overall agriculture IoT market is mainly segmented by components (hardware, software, services), application (precision farming, smart greenhouse, livestock monitoring, smart irrigation, others), and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on component, the hardware segment accounted for the largest share of the overall agriculture IoT market in 2019. This is primarily attributed to the fact that the demand for IoT deployment is fuelling investments into hardware infrastructure. The factors such as increasing adoption of precision farming and profitable results achieved by implementing variable rate technology; and growing deployment of yield monitoring devices along with high usage of GPS/GNSS devices for farm planning, field mapping, and soil sampling are driving the growth of this segment.
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Based on application, the overall precision farming segment accounted for the largest share of the overall IoT in agriculture market. The large share of this segment is mainly attributed to the high proliferation of innovative sensor technology that is used to specify farmlands based on soil type, fertility levels, and other characteristics of the site by analysing a variety of data enabling farmers to maximise yields with fewer inputs and better savings. Additionally, several benefits including cost reduction in sensing and monitoring devices and timely managed and professional services assured by the solution providers are also encouraging the demand for modernized solutions in agriculture IoT market.
The agriculture IoT market scope varies greatly across different continents. The reason for this lies in the pace of technological development across different parts of the world. Large number of companies in North America are offering IoT solutions to enhance the agricultural output and leverage the benefits obtained from integrating new technologies, such as 5G and cloud computing with IoT solutions, which helps to streamline the agriculture businesses. The presence of a majority of established agriculture IoT players and start-ups have boosted the overall agriculture IoT market in the North American region. With respect to revenue, North America is currently the major market and expected to maintain its dominance throughout the forecast period. However, rising government initiatives towards digitization, increasing technology awareness, and growing adoption of agriculture IoT by the farmers are driving the Asia Pacific region to register the fastest growth in the overall agriculture IoT market.
The report also includes extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 4 years (2016-2019). The agriculture IoT market has witnessed larger number of new product launches in recent years. For instance, in November 2019, Trimble, Inc. (U.S.) introduced GFX-350™ display and NAV-500™ guidance controller to provide a cost-effective option for farmers. This enabled farmers to adopt the latest precision agriculture technology for their daily operations. Similarly, in June 2019, Komatsu Forest (Japan) launched a product, MaxiVision that helped the forest machine operators to visualize the state and conditions of the forest. This enabled operators to closely analyse the land and forest conditions and subsequently take further actions in their operations. This technology also has wide implications in the farm monitoring and crop health monitoring.
The global agriculture IoT market is consolidated and dominated by a few major players, namely Deere and Company (U.S.), Trimble Inc. (U.S.), AGCO Corporation (U.S.), Raven Industries (U.S.), Delaval (Sweden), GEA Group (Germany), Agjunction (U.S.), Antelliq (France), Ponsse (Finland), Komatsu Forest (Sweden), Farmer's Edge Inc. (U.S.), The Climate Corporation (U.S.), DICKEY-john (U.S.), and CropMetrics LLC (U.S.), among others.
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Scope of the Report:
IoT in Agriculture Market by Component
- Hardware
- Automation and Control Systems
- Irrigation Controllers
- Flow and Application Control Devices
- Variable Rate Controllers
- Sensing and Monitoring Devices
- Soil Sensors
- Water Sensors
- Climate Sensors
- Sensors for Livestock
- Guidance and Navigation
- Drones
- Handheld Computers
- Displays
- Harvesters & Forwarders
- RFID Tags and Readers
- LED Grow Lights
- Automation and Control Systems
- Software
- On-Premise
- Cloud-based
- Services
- Professional Services
- Managed Services
IoT in Agriculture Market by Application
- Precision Farming
- Yield Monitoring
- Field Mapping
- Crop Scouting
- Weather Tracking & Forecasting
- Variable Rate Technology
- Inventory Management
- Financial Management
- Others (Precision Forestry)
- Smart Greenhouse
- Ambient Environmental Monitoring
- Yield Monitoring
- Water & Nutrient Management
- Livestock Monitoring
- Feeding Management
- Breeding Management
- Behavior Monitoring and Management
- Others
- Smart Irrigation
- Others
IoT in Agriculture Market by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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