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 IoT in
agriculture 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 Smartphone’s 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, Smartphone’s 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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