Redding, California, Aug. 25, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Agriculture IoT Market by Component (Hardware, Software, Connectivity & Services), Application (Precision Farming, Smart Greenhouse, Livestock Monitoring, Smart Irrigation, and Other Applications), and Geography - Global Forecast to 2028,’ the global Agriculture IoT Market is expected to reach $22.6 billion by 2028, at a CAGR of 10.8% during the forecast period of 2021–2028.
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IoT-based smart agriculture allows farmers to constantly monitor the field and livestock using IoT sensors, software, and data and enables them to make informed decisions. IoT-based smart farming is highly effective compared to conventional farming practices, including farming in complex or small spaces with particular cattle and/or cultures and preserving high-quality varieties.
The rapidly changing climate and shrinking arable land, consistently rising population and demand for high-quality agriculture products, progressively growing need for proper water utilization, and positive government encouragement towards adopting farm modernizing techniques are driving the growth of this market.
Furthermore, factors such as the increasing public-private partnerships between key players and local government to promote agriculture IoT and the integration of high-end analytics to improve the effectiveness of agriculture IoT are also stimulating the demand for the agriculture IoT market. However, the lack of data privacy and security is restraining the upsurge of the global agriculture IoT market.
Changing Climate and Shrinking of Arable Land are Expected to Drive the Market Growth
While climate change effects complicate the challenge of sustainable food security, the global population and food consumption are growing alarmingly. In a world that will increasingly experience food shortages, using technologies like IoT to sustainably grow food faster is incredibly important. In contrast, a considerable portion of arable farmland has fallen victim to drastic climatic changes over the past few years.
Like AI and blockchain technology, IoT is a major trend fundamentally changing modern food production. IoT uses the Internet to connect smart objects across a network, allowing precision monitoring. In agriculture, IoT uses sensors and processors in fields, vineyards, orchards, and barns to monitor variations in agricultural environments. As climate change increases rapidly, farmers must be responsive to minimize damage to crops and livestock.
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Almost 24 billion tons of fertile land is lost yearly due to erosion, development, flooding, mining, or intensive agriculture. Outdated farming methods are a key contributor to global warming and irreversible farmland degradation. According to the study conducted by the University of Cambridge and the University of Aberdeen, global agricultural emission is expected to increase by 80% by 2050. This might breach the 2° Celsius benchmark of the Paris Climate Accord. Adverse climate changes and the rapid shrinking of arable lands are forcing industry stakeholders and the entire agriculture value chain to incorporate drastic measures to counter hostile effects.
Climate Smart Agriculture (CSA) is an approach that helps guide actions needed to transform and reorient agricultural systems to effectively support the development and ensure food security in a changing climate. The introduction of IoT in the value chain is one such measure incorporated by the modern agriculture industry. With the help of multiple connected devices, agriculture IoT aids in optimizing different agricultural processes. Thus, helping farmers derive maximum output with limited resources and land while reducing the environmental impact.
Additionally, IoT promotes novel farm terminologies such as precision farming and encourages using different sensors to identify changing climates, forecast precise weather conditions, and suggest appropriate actions to counter changes.
In 2014, approximately 13 million IoT devices were deployed for agriculture applications. However, the number of agriculture IoT devices will reach 225 million by 2024. Furthermore, countries like China, already contributing 27% of the global carbon emission, are resorting to IoT across different industries to reduce carbon output, including agriculture. Thus, the demand for agriculture IoT is expected to grow multifold over the coming years.
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Based on component, the hardware segment commanded the largest share of the global agriculture IoT market in 2021. 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 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. 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.
Based on geography, the market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2021, North America accounted for the largest share of the agriculture IoT market. The market growth of this region was attributed to the presence of global key players in the Agriculture IoT market and the increasing adoption of modernized tools in industrial processes. The region dominated by the U.S is adopting disruptive technologies across the different end-use sectors, including agriculture. The technology is expected to reach maturity in North America as the rate of adoption of agriculture IoT is quite fast compared to any other region worldwide.
However, Asia-Pacific is expected to register the highest CAGR of 12.8% throughout the forecast period. The growth in this market is driven by growing demands for adopting digital solutions in product development processes to reduce downtime and the rising potential of users to invest in digital solutions to survive in competitive markets. Additionally, the adoption of digital solutions by enterprises is rapidly increasing in Asia-Pacific while ensuring high growth opportunities for the agriculture IoT market.
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U.S.
The U.S. holds the major share of North America’s agriculture IoT market. The increasing awareness about the quality of crops and the growing need to enhance the farm yield due to high food quality requirements have propelled the adoption of agriculture IoT solutions in the country. Moreover, to improvise their day-to-day work, farmers in the U.S. have begun implementing high-tech farming techniques and technologies, such as IoT and cloud services, along with AI and ML.
Furthermore, rapid technological transformations in the industrial sector are forcing farmers to adopt emerging technologies and practice smart farming to maximize yields. Applications of smart agriculture, such as precision farming, smart greenhouse, and smart irrigation, among others, are proving to drive the U.S. market.
The government and major players from the global market in the country are adopting several strategies to take advantage of the growing smart farming trend. For instance, in 2021, the U.S. Department of Agriculture’s National Institute of Food and Agriculture (NIFA) announced a plan to invest USD 21.7 million in research innovations to improve soil health and climate-smart agriculture and forestry. In 2019, Allflex (U.S.) and Cowlar Inc. (U.S.) developed smart agriculture sensors to provide each cow's temperature, health, activity, and nutrition insights and collect information about the herd. Therefore, advancements in technology, government initiative, high awareness of IoT technology among farmers, and the growing number of solution providers and stakeholders in the agriculture-technology industry are influencing the growth of the agriculture IoT market in the U.S.
Trimble Inc. (U.S.), Deere and Company (U.S.), and Raven Industries (U.S.) are the three major players that dominate the global agriculture IoT market due to their strong brand recognition, diverse product portfolios, strong distribution and sales network, and robust growth strategies. These players continuously focus on product developments and launches and agreements, collaborations, and partnerships to increase their respective market shares.
Other players include AGCO Corporation (U.S.), DeLaval (Sweden), 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.), TeeJet Technologies (U.S.).
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