July 21, 2020
According a recent study titled ‘Global IoT in Agriculture Market Analysis, 2020’, available with Market Study Report LLC, global IoT in agriculture market is projected to expand with a CAGR of 10.2% over 2020-2025.
Global IoT in agriculture market is primarily driven by growing demand for sustainable farming solutions which can monitor crops, soil weather, climate, and yields. Besides, surging demand for food from the burgeoning population and rising world hunger is encouraging the adoption IoT in agriculture for improving operational efficiency & productivity. Further, developed countries like China and U.S. are witnessing a spike in adoption of IoT integrated equipment for predictive maintenance and avoiding unforeseen downtime, which further propels the industry growth.
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On the contrary, decline of IoT expenditure in 2020 due to the COVID-19 pandemic has negatively impacted the industry. However, the spending is expected to surge post the third quarter of 2020, cites the report.
Based on the component, global IoT in agriculture market is split into hardware, software, and services. Hardware segment is further divided into precision farming hardware, livestock monitoring hardware, precision & forestry hardware, fish farm monitoring hardware, and smart greenhouse hardware. Among these, precision farming acquired majority market share in 2019 and will continue to display strong growth over the study period. The hardware demand can be affixed to IoT integration in precision imaging for monitoring water levels, soil, weather, along with the ability of this technology to provide real-time data on equipment and farm condition via drones, sensors, and controllers.
Services segment is slated to witness considerable demand over the analysis period, fueled by demand for consultation to integrate IoT, repair, maintenance, upgrade software, and retrofitting/replace parts. Growing requirement of data analytics in developed nations for better decision making is boosting the segment growth.
As per the regional analysis, North America IoT in agriculture industry attained majority share in 2019, owing to early adoption of IoT technology in agriculture sector of the region. Presence of leading solution providers is further adding momentum to the regional market growth.
Europe market is majorly driven by government initiatives and investments for technology modernization in the agriculture sector. For instance, the European government announced the "Internet Food & Farm 2020" project in 2017 with an investment of nearly USD 35.4 million, aimed at accelerating integration of IoT based solutions in agriculture sector. In the same year, the European Union announced 7 years plan, pouring USD 26 billion in the initiative, for modernizing farming and rural development.
Key players operating in global IoT in agriculture market are Dickey-John, Crop metrics, Hexagon Agriculture, Granular, DJI, Komastu Forest, Ponsse, Antelliq, Agjunction, GEA Group, Deleaval, Raven Industries, Agco Corporation, Deere and Company, and Trimble Inc.