Agriculture IoT Market Dynamics, Growth, Analysis, Forecast to 2026

The 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 growth of the agriculture IoT market is driven by factors such as increasing adoption of the Internet of Things (IoT) and artificial intelligence (AI) by farmers and growers, growing focus on livestock monitoring and disease detection, high demand for fresh produce, population growth, loss of arable land, surging adoption of aquaculture monitoring and feed optimization devices in developing countries, and strong government support for precision farming practices.

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Opportunity: Growing adoption of UAVs or drones in agricultural farms

Unmanned aerial vehicles (UAVs) or drones are quickly moving from battlefields to agricultural fields; they capture highly accurate aerial images up to hundreds of hectares/acres in a single flight, thereby saving a lot of money in the process. Agricultural drones are cheaper than surveillance drones, and they come with advanced sensors and imaging abilities that provide farmers with new ways of increasing crop yield and reducing wastage of resources.

Challenge: Unavailability of simple and standardized data management and data aggregation tools

Data aggregation is a major challenge in the agriculture IoT market. The data obtained from farms using smart agricultural tools is highly important as this data helps farmers in making productive decisions. In precision farming, large volumes of crucial data pertaining to mapping, variable rate seeding, soil testing, yield monitoring, and historical crop rotation is produced regularly. This data must be stored and managed properly as successful precision farming relies entirely on it for assessing farm conditions. Data management is the key to making smart farm-management decisions and improving farm operations.