04-14-2025 01:00 PM CET |
Press release from: Insightace Analytic Pvt Ltd.
IoT in Agriculture Market
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global IoT in Agriculture Market- (By Component (Hardware and Software), By Application (Precision Farming, Livestock Monitoring, Indoor Farming, Aquaculture, and Others)) Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global IoT in Agriculture Market is valued at US$ 20.5 Bn in 2023, and it is expected to reach US$ 54.4 Bn by 2031, with a CAGR of 12.9% during the forecast period of 2024-2031.
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The application of the Internet of Things (IoT) in agriculture involves the utilization of IoT technologies in farming and agricultural processes. IoT refers to the deployment of interconnected sensors and devices capable of exchanging data and communicating online autonomously, without human intervention. Several factors are driving the growth of IoT in the agricultural market, including the increasing demand for cloud-based services, automation and control systems across various industries such as transportation, healthcare, and manufacturing, and the rising need for real-time data analytics.
The demand for a range of IoT devices, including sensors, gateways, and networking equipment, is also on the rise. Additionally, the rollout of 5G technology is expected to further accelerate the IoT in agriculture market by offering faster and more reliable connectivity for IoT devices. The growing global demand for food and expanding populations have further spurred the adoption of innovative technologies aimed at enhancing agricultural productivity, a trend that is anticipated to continue driving the growth of IoT solutions in the sector. However, the initial investment required for the acquisition, installation, and training associated with IoT in agriculture, coupled with the lack of technical expertise among agricultural workers and farmers, presents a significant barrier. As a result, smaller, less financially stable farmers may face challenges accessing these technologies and markets.
List of Prominent Players in the IoT in Agriculture Market:
•Deere & Company
•Microsoft
•CNH Industrial N.V.
•Robert Bosch GmbH
• Kalera Inc.
•Heliospectra AB
•Signify Holding
•AKVA Group ASA
•Eruvaka Technologies
•AGRIVI
•Climate LLC
•AeroFarms
•AmHydro
• Connecterra B.V.
•OSRAM GmbH
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Market Dynamics:
Drivers:
The increasing demand for IoT in agriculture is primarily driven by growing awareness of its benefits in enhancing crop yields and the substantial growth of the global market for agricultural products and services. Technological advancements and innovations have significantly improved farmers' ability to maximize output, reduce losses, and optimize resource utilization, thus contributing to the expansion of the IoT in agriculture market. The adoption of precision agriculture technology is playing a critical role in the global growth of IoT solutions, enabling farmers to implement more efficient and data-driven farming practices.
Challenges:
The primary challenge facing the IoT in agriculture market is the high initial cost associated with deploying IoT devices and the necessary infrastructure. This includes expenses related to network infrastructure, sensors, actuators, GPS technology, drones, and other essential equipment to ensure connectivity across vast and often remote agricultural areas. Additionally, the lack of technical knowledge among farmers and agricultural workers presents a barrier to the widespread adoption and effective use of IoT technologies. Concerns related to the privacy and security of data further complicate market growth, as these issues may deter adoption among potential users.
Regional Trends:
The North American IoT in agriculture market is expected to hold a significant revenue share and is projected to experience robust growth at a high compound annual growth rate (CAGR). This growth is driven by the increasing adoption of sustainable farming practices, advanced infrastructure, and the presence of leading technology companies dedicated to developing and implementing IoT solutions for agriculture. Government policies and incentives aimed at modernizing the agricultural industry further stimulate the adoption of IoT technologies in the region. Meanwhile, Europe also holds a notable market share, supported by strong financial stability among producers, access to cutting-edge technology, reliable infrastructure, and the growing demand for food driven by rising populations. The need for more efficient farming practices in Europe is expected to further fuel the demand for IoT solutions in agriculture.
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Recent Developments:
•In March 2024, Cisco introduced new multifunctional devices designed for modern hybrid workforces, improving collaborative experiences. In addition to the Cisco Desk Phone 9800 Series, which aims to provide a contemporary and customized workstation for every user, the business also announced the release of the Cisco Board Pro G2, a collaboration device powered by artificial intelligence and equipped with touch capabilities.
•In February 2024, IBM and the Government of Gujarat's Commissionerate of Technical Education signed an MoU to strengthen professional and technical education in the state. Working together, we will use IBM SkillsBuild to provide students in Gujarat with the tools they need to succeed in the modern workforce, including proficiency with artificial intelligence and its subfields, cybersecurity, hybrid cloud computing, and other cutting-edge technologies.
Segmentation of IoT in the Agriculture Market-
IoT in the Agriculture Market- By Component
•Hardware
oProcessors and Sensors
oCommunication Modules
Wi-Fi
Bluetooth
Cellular
Others (Radio-Frequency Distribution (RFID), Satellite Communications, etc.)
oOthers (Actuators, Cameras, etc.)
•Software
IoT in the Agriculture Market- By Application
•Precision Farming
•Livestock Monitoring
•Indoor Farming
•Aquaculture
•Others
IoT in the Agriculture Market- By Region
North America-
•The US
•Canada
•Mexico
Europe-
•Germany
•The UK
•France
•Italy
•Spain
•Rest of Europe
Asia-Pacific-
•China
•Japan
•India
•South Korea
•Southeast Asia
•Rest of Asia Pacific
Latin America-
•Brazil
•Argentina
•Rest of Latin America
Middle East & Africa-
•GCC Countries
•South Africa
•Rest of the Middle East and Africa
View Overview Report: https://www.insightaceanalytic.com/report/iot-in-agriculture-market/2425
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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InsightAce Analytic Pvt. Ltd.
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info@insightaceanalytic.com
This release was published on openPR.
