Dublin, Jan. 16, 2024 (GLOBE NEWSWIRE) -- The "Agriculture IoT Technology Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
The global Agriculture IoT Technology Market is poised to experience significant growth, with projections estimating robust expansion and a compound annual growth rate (CAGR) of 8.19% through 2028. As the industry pivots towards more precise and sustainable agricultural methods driven by cutting-edge technology, the market's value, which stood at USD 7.77 billion in 2022, is anticipated to reach new heights.
Key Drivers Accelerating Market Expansion
Several pivotal factors are catalyzing growth within the Agriculture IoT sector. The surge in global population, paralleled by a rise in food demand, necessitates more efficient and sustainable farming practices. IoT enables real-time monitoring and management of crops and livestock, ultimately optimizing yield and resource allocation. Concomitantly, precision agriculture is gaining traction as farmers seek to refine operations with data-backed insights, reducing waste and expenses while addressing shifting weather patterns and market demands.
Harnessing IoT to Combat Climate Change Effects
IoT technology emerges as a beacon of hope amidst growing climate change concerns, offering adaptive capabilities to buffer the agricultural sector against fluctuating environmental conditions. Additionally, governments worldwide are rallying behind IoT, offering incentives that fuel interest and investment in technology that promises to revolutionize traditional farming practices.
Remote Monitoring Segment Dominating Market Share
The dominance of remote monitoring in the Agriculture IoT Technology Market underscores the sector's rapid advancement. Real-time data collection facilitates proactive decision-making in managing crops, soil, weather, and livestock, underscoring the revolutionary impact of IoT on farming efficiency and productivity.
Regional Market Highlights
North America maintains a stronghold on the Agriculture IoT Technology market share, thanks to a robust infrastructure for agricultural organizations, widespread technology adoption, and ample governmental support. Meanwhile, the Asia Pacific is fast becoming a significant player in the market, spurred by escalating investments in AgTech and mounting food demands.
- Connectivity IC Segment: Integral to IoT deployment, ensuring stable and secure data transmission amidst challenging agricultural landscapes.
- Remote Monitoring: A cornerstone feature facilitating crop health supervision, soil condition analysis, weather forecasting, irrigation management, and livestock monitoring.
Market Challenges and Strategic Insights
The Agriculture IoT Technology Market faces key challenges, chief among them being the considerable initial costs associated with deploying these advanced systems. Additionally, data privacy and security issues present considerable hurdles to widespread adoption. However, strategic policies and regulations around data management and technology standards are gradually easing these concerns, paving the way for broader implementation.
Competitive Landscape and Market Segmentation Analysis
The competitive landscape is detailed in the analysis, highlighting the prominence of key players within the vast Agriculture IoT Technology Market. Moreover, an extensive segmentation analysis offers insights into the various components, services, and regional markets, enhancing understanding of this complex sector.
In sum, the Agriculture IoT Technology Market is on an upward trajectory, buoyed by the critical need for sustainable agriculture, technological advancements, and strategic government initiatives. As the sector continues to evolve, these technologies hold the promise of shaping the future of global food production, ensuring efficiency and resilience against an ever-changing environmental backdrop.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 178 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $7.77 billion |
| Forecasted Market Value (USD) by 2028 | $12.57 Billion |
| Compound Annual Growth Rate | 8.1% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes:
- Trimble Inc.
- Raven Industries Inc
- AGCO Corporation
- CNH Industrial NV
- Yara International ASA
- PrecisionHawk Inc.
- AgJunction Inc.
For more information about this report visit https://www.researchandmarkets.com/r/oe61m9
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