Dublin, Jan. 28, 2024 (GLOBE NEWSWIRE) -- The "Global Agriculture IoT Market by Component (Hardware, Services, Software), Application (Fish Farm Monitoring Application, Livestock Monitoring Application, Precision Farming Application) - Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The Agriculture IoT Market size was estimated at USD 10.97 billion in 2022, USD 12.33 billion in 2023, and is expected to grow at a CAGR of 13.88% to reach USD 31.03 billion by 2030. 
Agriculture IoT refers to the application of modern IoT technologies to the agricultural industry. This innovative approach entails incorporating various IoT devices, such as sensors, drones, GPS systems, and other connected equipment that can collect and transmit data regarding crop health, soil conditions, weather patterns, and livestock. The agriculture Internet of Things (IoT) market comprises devices and solutions that harness the power of connected sensors, actuators, and other devices to optimize farming practices. The rising demand for agricultural production owing to the increasing population and increased approach of precision agriculture techniques to farming are driving the market growth. Moreover, a focus on livestock monitoring and disease detection in plants to improve farming efficiency also fuels market development. The lack of skilled farmers for implementing IoT in agriculture and the risk associated with the data security of IoT can limit market growth. Government initiatives for encouraging modernized farming techniques, along with technological advancements and rising investments in IoT, are expected to create expansion opportunities.
Regional Insights
In the Americas, demand for Agriculture IoT solutions is largely driven by the push for increased efficiency and productivity on large-scale farms. The adoption of precision farming, which leverages data collection and analysis for decision-making, has gained significant traction, particularly in the United States, Canada, and Brazil. Government support through subsidies and grants and collaboration between tech firms and agricultural companies play crucial roles in driving the market forward. The Asia-Pacific region is witnessing a rapid boost in the demand for Agriculture IoT, driven by a growing population and the need for enhanced food security. Countries such as China, India, and Australia are investing heavily in smart farming technologies to modernize their agricultural sectors. Constraints such as limited arable land and water scarcity have led to adopting technologies for precise irrigation and monitoring.
Government initiatives also promote deploying smart agricultural practices to boost productivity and support small to medium-sized farmholders. In the EMEA region, Europe stands out as an early adopter of IoT in agriculture with a substantial focus on sustainability and animal welfare. The European Union supports the transition to smart agriculture through research funding and policy frameworks. In the Middle East, adoption is driven by the necessity to tackle extreme weather conditions and water scarcity, leading to an interest in precision agriculture and greenhouses. While still at nascent stages, Africa is showing potential for IoT to leapfrog traditional agricultural practices, guided by mobile technology proliferation and external investments.
Market Segmentation & Coverage
- Component
- Hardware
- Fish Farm Monitoring Hardware
- Livestock Monitoring Hardware
- Precision Farming & Forestry Hardware
- Smart Greenhouse Hardware
- Services
- Software
- Hardware
- Application
- Fish Farm Monitoring Application
- Feeding Management
- Fish Tracking & Fleet Navigation
- Water Quality Management
- Livestock Monitoring Application
- Animal Comfort Management
- Animal Feeding Management
- Behavior Monitoring & Management
- Breeding Management
- Heat Stress Management
- Milk Harvesting Management
- Precision Farming Application
- Crop Scouting
- Farm Labor Management
- Farm Yield Monitoring
- Field Mapping
- Financial Management
- Inventory Management
- Irrigation Management
- Weather Tracking & Forecasting
- Precision Forestry Application
- Genetics & Nursery
- Harvesting Management
- Inventory & Logistics Management
- Silviculture & Fire Management
- Smart Greenhouse Application
- HVAC Management
- Water & Fertilizer Management
- Yield Monitoring
- Fish Farm Monitoring Application
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 185 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $12.33 Billion |
| Forecasted Market Value (USD) by 2030 | $31.03 Billion |
| Compound Annual Growth Rate | 13.8% |
| Regions Covered | Global |
Companies Mentioned
- Accenture PLC
- AGCO Corporation
- AgriData Incorporated
- Aker Technologies
- Arable
- Azotic Technologies
- Bright Wolf by Cognizant
- Ceres Imaging, Inc.
- Deere & Company
- Delaval, Inc.
- DroneDeploy, Inc.
- ECF Farmsystems
- Farmers Edge, Inc.
- Flux Farm, Inc.
- Gamamya S.A.
- GEA Group Aktiengesellschaft
- Hexagon AB
- Hitachi, Ltd.
- International Business Management Corporation
- Kubota Corp.
- Merck and Co. Inc.
- Ponsse Oyj
- Raven Industries, Inc.
- SemiosBio Technologies Inc.
- SlantRange, Inc.
- SZ DJI Technology Co., Ltd.
- Topcon Positioning Systems, Inc.
- Zyter, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/2a187e
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