Global IoT in Agriculture Market Research Report: By Component (Software, System [Sensing and Monitoring Systems, Fish Farming Systems, Smart Greenhouse Systems, Livestock Monitoring Systems, Automation and Control Systems, Others], Services), Application (Livestock Monitoring, Precision Crop Farming, Indoor Farming, Aquaculture, Integrated Pest Management, Water Supply Management and others) and Region (North America, Europe, Asia-Pacific, Middle East and Africa and South America) - Forecast till 2027
Market Overview
The primary need to control operation factors optimizing the use of water and pesticides is anticipated to promote the IoT in agriculture market 2020. The ICT industry reports are produced by Market Research Future, which highlights market options for expansion. A potential of USD 34.88 Billion with a CAGR of 13.6% approx. is forecasted by 2027.
The need to lessen water usage and greenhouse gas emissions is likely to push the growth of the IoT in the agriculture market share. The demand to increase the crop yields while curtailing the cost of production is estimated to raise the demand for the IoT in the agriculture market in the coming period.
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Segmental Analysis
The segmental insight into the IoT in the agriculture market has been conducted based on application, component, and region. Based on the component, the IoT in Agriculture market has been segmented into system, software, and services. Based on the applications, the IoT in the agriculture market has been segmented into precision crop farming, indoor farming, livestock monitoring, aquaculture, water supply management, integrated pest management, and others. Based on the regions, the IoT in the agriculture market is segmented into Europe, Asia-Pacific, the Middle East, North America, Africa, and South America.
Detailed Regional Analysis
The regional investigation of the IoT in the agriculture market has been carried out for regions of Europe, Asia-Pacific, the Middle East, North America, Africa, and South America. The North American region’s market has the biggest portion in the IoT in the agriculture market as the sellers in this region are funding extensively R&D activities, which has led to improvement of technologies in automation & control systems, sensing & monitoring systems, the use of IoT sensors for livestock monitoring, indoor farming, precision crop farming, and other purposes. The US shows the way for market development in the North American region as it has elevated digitalization in the agricultural sector, and it is anticipated that just about 80% of farmers employ smart farming technology. The intense weather conditions owing to climate change have caused loss of arable land and have subsequently given rise to elevated adoption of IoT for escalating the volume and quality of the crop yield.
Competitive Analysis
The currency inflow is estimated to be restricted in the upcoming period, which may create further problems for the overall market growth. The expansion of the market has currently come close to a standstill with government agencies and trade bodies, introducing a stimulus to pick up the pace of development in the global market. The planning and forecasting for human capital in the market is estimated to be a crucial area for focus in the years ahead. Advances in production style and technologies are estimated to gain precedence in the coming years as areas of innovation. The support provided by regulations is estimated to stave off the effects of the downturn considerably in the coming period. Current disequilibrium in the market forces has led to the market players adopting a more cautious approach to growth and development strategies. The recalibration of the supply chain is estimated to be another area for market expansion in the upcoming period.
The central companies in the IoT in the agriculture market are Dickey John (US), Cainthus (Ireland), Descartes Labs (US), Raven Industries (US), CropIn (US), Trimble Inc. (US), Scicrop (Brazil), Precisionhawk Inc. (US), Shivrai Technologies Pvt. Ltd (India), Proagrica (US), AG Leader Technology (US), Deere & Company (US), Rapidsoft Technologies Pvt. Ltd (US),IBM Corporation (US), Hexagon Agriculture (Sweden), DuPont Pioneer (US), Tigercat (US), Tree Metrics (Ireland), Decisive Farming (Canada), Topcon Corporation (Japan), Autonomous Tractor Corporation (US), Sky (Canada), Grownetics (US), Nileworks Inc. (Japan), and Gamaya (Switzerland).
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Internet of Things, we can easily say, is a revolution in making; and it’s going to be one revolution that we all reckon by.
It’s a concept fast gaining popularity amongst people from not just the technologically inclined people, but just about everyone.
Similarly, our cities are also being aimed at having a better technologically equipped transportation system, complete with inter-connected sensors to help streamline the traffic.
Internet of things development is also expected to take us towards a future that sees a better monitored and controlled lighting, pollution, power plants, and so on.
Healthcare is looking for a future that allows for an at-home health monitoring that is as good as a clinical health monitoring through connected sensors, a vastly better communication, and even well-connected wearables.
We are about to embrace a future where the healthcare landscape is an ever-improving one, where your doctor will get your blood pressure update without having to be present near you, or your sleep pattern could be relayed back to and tracked by your physician in real-time, or your EEG and ECG devices, your blood glucose and other vital sign checking devices would be connected and well-monitored over the Internet.
