Global Agriculture IoT Market Growth, Share, Size, Trends And Forecast 2026

Agriculture IoT market is estimated to grow from USD 11.4 billion in 2021 to USD 18.1 billion by 2026 at a CAGR of 9.8% during 2021–2026.

The agriculture IoT market includes key companies such as Deere & Company (US), Trimble Inc. (US), Raven Industries (US), DeLaval (a subsidiary of Tetra Laval International, S.A.) (Sweden), AKVA group (Norway), Topcon Positioning Systems (US), AgJunction (US), Allflex (Subsidiary of Merck & Co., Inc.), Ponsse (Finland), Komatsu Forest AB (Sweden), InnovaSea Systems (US), Steinsvik (ScaleAQ) (Norway), TeeJet Technologies (US), DICKEY-john (US), AG Leader Technology (US), DJI (US), AgEagle (US), Afimilk (Israel), PrecisionHawk (US), and Eruvaka Technologies (India).

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Precision farming/smart farming could ensure high returns for agribusiness if used to its complete potential; it can help farmers battle the negative effects of nature on crops by collecting geospatial data of soil, livestock, and plant, and other inter-and intra-field information. Precision farming also provides inputs about the requirements for irrigation, liquid fertilizers, nutrients, herbicides, and pesticides, thereby reducing the wastage of resources and the overall cost of farming. The use of advanced technologies such as remote sensing, variable rate technology (VRT), guidance technology, yield mapping software, GPS, and data management software in agricultural practices help enhance land fertility and profitability, facilitate sustainable agriculture, maximize productivity, reduce the cost of farming, and decrease labor overheads.

A major factor restraining the growth of the agriculture IoT market is the requirement for high initial investments. Currently, agricultural IoT devices and tools are expensive, thereby making it unaffordable for smaller farmers in developed regions and most farmers in emerging economies. Apart from high initial monetary investment to deploy GPS, drones, and GIS, VRT, and satellite devices, precision farming also requires a skilled workforce to handle these technology-enabled devices. Precision livestock farming technologies include automated milking and feeding robots, monitoring and sensing devices, herd management software, which have a huge set-up cost associated with them. Farmers have to make huge investments in automation and control devices, distribution wagons, RFID or GPS-enabled livestock monitoring systems, and robotic equipment. These livestock monitoring products also have high installation and maintenance costs.