The agriculture
IOT market is expected to grow from USD 12.7 billion in 2019 to USD 20.9
billion by 2024, at a CAGR of 10.4% from 2019 to 2024. A few key factors
driving the growth of this market are increasing
adoption of Internet of Things (IoT) and Artificial Intelligence (AI)
technology by farmers and growers, focus on livestock monitoring and disease
detection to improve farming efficiency, and rising demand for agricultural
production owing to increasing population.
The agriculture IoT market is getting impacted by technological
trends such as big data analytics, cloud platforms, and mobile computing. Extensive data helps farmers or
growers in making prompt and productive decisions. Big data analytics involves
current and historical information on weather forecast, crop features, and soil
characteristics, among others. Cloud platforms enable real-time monitoring and
guidance in agricultural production. The information exchange between farmers
and agricultural enterprises is smooth and hassle-free. Mobile computing
involves the connection of hardware devices and software services to collect
information about the field. Companies such as Trimble Navigation Limited (US)
and Deere & Company (US) provide farm management applications.
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The
agriculture IoT market for services is expected to grow at the highest CAGR
during the forecast period.
The increasing
demand for managed services and the rising installations of smart agriculture
devices worldwide are the primary reasons behind the high growth of this
market. Agriculture IoT service providers mainly include companies that provide
farm operation services, data services, and farm data analytics to software
companies or directly to farmers. Most companies or farmers/agronomists
outsource the responsibility of handling operations to managed service
providers. These service providers then take care of the majority of operations
and provide suggestions to farmers to enhance production.
The
agriculture IoT market for navigation systems is expected to grow at the
highest CAGR during the forecast period. A drone well equipped with a
navigation system and an autopilot system, including a camera, gives plenty of
aerial options. For aerial photogrammetry and 3D mapping, it is essential to
deploy a drone with a navigation system, an autopilot flight system, and a
camera.
The
agriculture IoT market for fish farm monitoring is expected to grow at the
highest CAGR during the forecast period. The increasing demand for various
hardware devices, such as GPS/GNSS, and different types of sensors is
contributing to the growth of the agriculture IoT market for fish farming. Drones are used as a fisheries
assessment tool by natural resource agencies in Texas and Nebraska in the US.
These agencies have used fixed-wing drones to conduct in-channel habitat
mapping in low waters in the Guadalupe (Texas) and Niobrara (Nebraska) rivers.
The
agriculture IoT market in APAC is expected to grow at the highest CAGR during
the forecast period. Agriculture IoT techniques are expected to be adopted at a high
rate in APAC as this region consists of emerging countries such as India, China,
and countries in South East Asia. Rapidly growing population, availability of
arable land, and strong government support for farmers through subsidies are
the major factors driving the adoption of agriculture IoT technologies in APAC.
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Opportunities for the growth of the
market include the advent of big data in agriculture farm, integration of smartphones with hardware
devices and software applications and rise in use of unmanned aerial vehicles (UAVs)/drones
in precision farming. Big Data is expected to positively impact smart farming as it has
a role in every stage of the food supply chain and can cause a major shift in
transforming agriculture industry. In developing and developed countries,
smartphones incorporated with multiple user-friendly applications (apps)
related to agriculture are gaining popularity among farmers. Unmanned aerial
vehicles (UAVs) or drones are capable of capturing highly accurate aerial
images—up to hundreds of hectares/acres in a single flight—and generating
real-time data. Agricultural drones are cheaper than surveillance drones and
are equipped with advanced sensors and imaging tools that help farmers make
informed decisions to increase crop yield and reduce crop damage.
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