Agriculture IoT Technology Market to Grow with a CAGR of 8.19% through 2028
Increasing adoption of precision farming and the growing
use of drones are likely to drive the market in the forecast period.
According to TechSci Research report, “Agriculture
IoT Technology Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Agriculture IoT Technology Market
stood at USD 7.77 billion in 2022 and is anticipated to grow with a CAGR of 8.19%
in the forecast period. A significant driver of the global Agriculture IoT
Technology market is the rising demand for precision agriculture. Farmers are
increasingly adopting IoT solutions to optimize their farming practices. IoT
sensors and devices provide real-time data on soil conditions, weather
patterns, crop health, and livestock well-being. This data allows farmers to
make precise decisions about when and where to plant, irrigate, fertilize, and
harvest crops. Precision agriculture not only boosts crop yields and quality
but also reduces resource wastage, such as water and fertilizers, resulting in
cost savings and environmental benefits. With the world's growing population
and the need to produce more food sustainably, precision agriculture enabled by
IoT technology is becoming indispensable, driving the adoption of IoT solutions
in the agriculture sector. Government support and initiatives are playing a
crucial role in driving the global Agriculture IoT Technology market. Many
governments worldwide are recognizing the potential of IoT in modernizing
agriculture, improving food security, and reducing environmental impact. As
part of their policies, they are providing incentives, subsidies, and funding
to encourage farmers to adopt IoT technology. These initiatives often cover a
portion of the costs associated with purchasing IoT devices and implementing
IoT solutions on farms. They reduce the financial barriers that farmers,
especially smallholders, face when embracing IoT technology. Government support
not only accelerates the adoption of IoT in agriculture but also aligns with
broader sustainability goals and the need for more efficient and
environmentally friendly farming practices.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Agriculture IoT Technology Market.”
The Global Agriculture IoT Technology Market is
segmented into node, software solution, platform, service and region. Based on node.
The Connectivity
IC segment had the largest market share in 2022 & expected to maintain in
the forecast period. Connectivity ICs in the Agriculture IoT market are
predominantly focused on enabling wireless communication. Technologies like
Wi-Fi, Bluetooth, Zigbee, and LoRaWAN are widely used to link sensors, drones,
smart machinery, and other IoT devices to a central monitoring and control
system. Agricultural environments often cover large areas with remote
locations. Therefore, connectivity ICs must support long-range communication while
consuming minimal power. LoRaWAN (Long Range Wide Area Network) and Narrowband
IoT (NB-IoT) are emerging as popular choices due to their ability to cover
expansive agricultural landscapes with low power requirements. Many farms
already have some form of infrastructure in place, such as weather stations or
irrigation systems. Connectivity ICs need to be compatible with these existing
technologies to facilitate smooth integration, reducing the need for costly
infrastructure upgrades.
Based on software solution, The Remote Monitoring segment had the
largest market share in 2022 and is projected to experience rapid growth during
the forecast period. Remote monitoring has transformed precision agriculture by
providing farmers with real-time data on various factors, including soil
moisture, temperature, crop growth, and weather conditions. This data allows
farmers to make data-driven decisions, optimize resource use, and enhance crop
yields. One of the primary applications of remote monitoring in agriculture is
crop health monitoring. IoT sensors can detect early signs of plant stress,
disease, or pest infestations. By identifying issues promptly, farmers can take
targeted actions, such as adjusting irrigation or applying pesticides, to protect
their crops and maximize yields. Remote sensors can continuously monitor soil
conditions, providing insights into soil moisture levels, nutrient content, and
pH levels. This information helps farmers make informed decisions about
irrigation and fertilization, reducing resource wastage and improving soil
health.
Major companies operating in the Global Agriculture
IoT Technology Market are:
- Trimble
Inc.
- Raven
Industries Inc
- AGCO
Corporation
- CNH
Industrial NV
- Yara
International ASA
- PrecisionHawk
Inv
- AgJunction
Inc.
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“The Global Agriculture IoT Technology market is
expected to rise in the upcoming years and register a significant CAGR during
the forecast period. Precision farming is a farming practice that uses IoT
devices and sensors to collect data about crops and soil conditions. This data
can be used to optimize crop yields and reduce water usage. Drones are being
used in agriculture to collect data about crops, soil conditions, and pests.
This data can be used to improve crop yields and reduce crop damage.
Additionally, New IoT devices and sensors are being developed
that are specifically designed for use in agriculture. These devices and
sensors are collecting more data and providing more insights into agricultural
operations.. Therefore, the market of Agriculture IoT Technology is expected to
boost in the upcoming years.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Agriculture IoT Technology Market- Global
Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Node
(Connectivity IC, Logic Device, Memory Device, Processor, and Sensor), By
Software Solution (Data Management, Network Bandwidth Management, Real-Time
Streaming Analytics, Remote Monitoring, and Security Solution), By Platform
(Application Management, Device Management, and Network Management), By Service
(Managed Services and Professional Services), By
Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Agriculture IoT Technology Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers make sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Global Agriculture IoT Technology Market.
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