Redding, California, Jan. 20, 2022 (GLOBE NEWSWIRE) -- According to a new market research report, “Agriculture IoT market by Component (Hardware, Software, Connectivity & Services), Application (Precision Farming, Smart Greenhouse, Livestock Monitoring, Smart Irrigation, and Other Applications), and Geography — Global Forecasts to 2028”, published by Meticulous Research®, the agriculture IoT market is expected to grow at a CAGR of 10.8% from 2021–2028 to reach $22.6 billion by 2028.
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Agriculture IoT refers to the adoption of advanced technologies to produce higher yields from farms to cater to increasing food demands and enhance productivity by optimizing fertilizer use for increased efficiency. The deployment of smart devices based on IoT is changing how agriculture data is handled, processed, and delivered. The agriculture IoT market is witnessing consistent growth due to the growing utilization of precision farming techniques and the increasing adoption of IoT and cloud-based solutions.
In addition, extensive government initiatives towards encouraging modernized farming techniques, the rise in population, the increasing demand for high-quality food products, and shrinking arable land are driving the growth of this market. However, the lack of data privacy & security restrains the growth of the global agriculture IoT market to a notable extend.
Impact of COVID-19 on the Agriculture IoT Market
The COVID-19 pandemic adversely impacted the global economy. Nationwide lockdowns and social distancing norms were imposed across several countries, negatively affecting multiple industries, including the agriculture IoT industry.
The uncertainty regarding the duration of the lockdowns made it difficult for the key market players to anticipate the recovery of the agriculture IoT market. Thus, numerous agriculture IoT providers are under immense pressure across various fronts due to the ongoing COVID-19 pandemic.
However, economies are shifting their focus from responding to the pandemic to economic recovery, and hence, various growth opportunities are expected to emerge for the agriculture IoT market players due to the growing demand for IoT-based solutions. The COVID-19 pandemic hindered the growth of the agriculture IoT market due to the lockdowns imposed during the first half of 2020. It also lowered the financial potential of consumers and resulted in a considerable decline in sales generated from agriculture IoT solutions and services.
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In 2020, the COVID-19 pandemic had a moderate impact on global crop production. However, consumption of grain, fuel, food, and livestock feed was severely impacted by the economic constraints in the first half of 2020. However, during the second half of 2020, grain consumption started to recover due to the improvement in economic activities and increased grain exports. Global industry demand for smart farm equipment was mixed during the first half of 2020, but improvements were witnessed across major markets in the second half of 2020.
Thus, the agriculture IoT market was severely impacted by the COVID-19 pandemic due to delayed and postponed orders for agriculture IoT solutions but gradually showcased a positive comeback from the second half of 2020.
Agriculture IoT Market Overview
Based on component, the hardware segment commanded the largest share of the overall agriculture IoT market in 2021. The large market share of this segment is attributed to the rapid automation of agricultural processes, reduction in the prices of sensors, and the high adoption rate of livestock monitoring hardware, guidance controller systems, feed optimization devices, and smart greenhouse hardware.
However, the connectivity & services segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is driven by the need to ensure high standards through greater scalability, 24/7 availability, software integration & support, and by proactively identifying potential program risks to prevent IoT system failures.
Based on application, the precision farming segment commanded the largest share of the overall agriculture IoT market in 2021. The large market share of this segment is attributed to the rising demand for automating agricultural processes, the high adoption rate of livestock monitoring hardware and guidance controller systems, extensive government initiatives for the incorporation of precision farming techniques, and the rising adoption of modernized practices to improve farm productivity.
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However, the livestock monitoring and management segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is driven by the increasing need for livestock monitoring and disease detection, the growing adoption of IoT sensors by dairy farmers, and the rising cattle population due to increasing dairy farms.
The agriculture IoT market scope varies greatly across different continents due to the pace of technological development across different parts of the world. Numerous 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 help streamline agriculture businesses. The presence of established agriculture IoT players and start-ups has boosted the overall agriculture IoT market in North America. North America currently holds the major share in terms of revenue and is expected to maintain its dominance throughout the forecast period.
However, rising government initiatives towards digitization, the strong inclination of businesses and governments toward storing and processing data locally, and the growing adoption of agriculture IoT by the farmers in the region enable Asia-Pacific to register the fastest growth in the global agriculture IoT market. Thus, Asia-Pacific is expected to witness significant growth in its agriculture IoT market size in the coming years.
The report also includes an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past three years. In recent years, the agriculture IoT market has witnessed numerous agreements, collaborations, and partnerships. For instance, in March 2021, John Deere signed a new precision agriculture partnership with the agri-tech start-up Solorrow (Germany) by launching a new app. Similarly, in April 2021, Trimble partnered with HORSCH (Germany) for agriculture automation.
The global agriculture IoT market is consolidated and dominated by a few major players, including Deere & Company (U.S.), Trimble Inc. (U.S.), AGCO Corporation (U.S.), DeLaval (Sweden), Raven Industries, Inc. (U.S.), GEA Group AG (Germany), Komatsu, Ltd. (Japan), Ponsse PLC (Finland), Farmer Edge Inc. (Canada), DICKEY-john (U.S.), CropX, Inc. (Israel), The Climate Corporation (U.S.), Topcon Positioning Systems, Inc. (U.S.), AgJunction Inc. (U.S.), and Antelliq Corporation (U.S.), and TeeJet Technologies (U.S.) among others.
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Scope of the Report:
Agriculture IoT Market, by Component
- Introduction
- 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
- Smart Harvesters & Forwarders
- RFID Tags and Readers
- LED Grow Lights
- Automation and Control Systems
- Software
- On-premise
- Cloud-based
- Connectivity & Services
Agriculture IoT Market, by Application
- Introduction
- Precision Farming
- Yield Monitoring
- Field Mapping
- Crop Scouting
- Weather Tracking & Forecasting
- Variable Rate Technology
- Inventory Management
- Financial Management
- Other Precision Farming Applications
- Smart Greenhouse
- Ambient Environmental Monitoring
- Yield Monitoring
- Water & Nutrient Management
- Livestock Monitoring
- Feeding Management
- Breeding Management
- Behavior Monitoring and Management
- Other Livestock Monitoring and Management Applications
- Smart Irrigation
- Other Agriculture IoT Applications
Agriculture IoT Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Switzerland
- Netherlands
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Thailand
- Indonesia
- Australia
- Vietnam
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
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