According to a new report published by UnivDatos Markets Insights, the Agriculture IoT Market was valued at more than USD 10.5 billion in 2020 and is expected to grow at a CAGR of around 11% from 2022-2028.
According to a new report published by UnivDatos Markets Insights, the Agriculture IoT Market was valued at more than USD 10.5 billion in 2020 and is expected to grow at a CAGR of around 11% from 2022-2028. The analysis has been segmented into Component (Hardware, Software, Services); Farm Type (Large-Sized Farms, Mid-Sized Farms, Small-Sized Farms); Application (Precision Farming, Precision Livestock, Others); Region/Country.
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The agriculture IoT market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the agriculture IoT market. The agriculture IoT market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the agriculture IoT market at the global and regional levels.
Market Overview
Agriculture IoT is a science that improves crop yields by using high-tech sensors and analytical tools to support management decision-making. This is a new concept applied worldwide to increase production, reduce working hours, and ensure effective management of fertilizer and irrigation processes. The agriculture IoT market demand is increasing at a significant rate over the years and is expected to witness influential growth during the forecast period as well. Factors that are positively accentuating its market size include the need to mitigate greenhouse gases to minimize climate change, rapid adoption of advanced technologies in agriculture IoT to reduce labor costs and increasing implementation of smart devices in agriculture. Moreover, the growing demand for food is another factor driving the growth of this market. According to the Food and Agriculture Organization of the United Nations, between 702 and 828 million people were affected by hunger in 2021. However, climate change increases the risks of production and reduces harvests. Thereby, agriculture IoT is becoming more important to meet the global demand for food.
Some of the major players operating in the market include Deere & Company, Trimble Inc, Raven Industries, AKVA Group ASA, Topcon Positioning Systems Inc., AgJunction Inc., Ponsse Oyj, Komatsu Forest AB, InnovaSea Systems Inc., AGCO Corporation.
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COVID-19 Impact
Due to the COVID-19 pandemic, movement restrictions and lockdowns have led to supply chain disruptions and a lack of equipment, and low demand for agriculture IoT. Also, many companies are exploring new ways to interact with farmers and growers through technology. However, farm management software tools and remote sensing devices could lead to higher adoption in the post-COVID-19 period.
The global agriculture IoT market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on farm type, the agriculture IoT market is categorized into large-sized farms, mid-sized farms, and small-sized farms. Among these, small-sized farms to hold a significant share of the market in 2020. This is mainly due to the decreasing cost of farm automation equipment and technological advancements that make it more practical to deploy automation tools even on smaller farms to achieve high returns on investments.
· On the basis of application, the agriculture IoT market has been classified into precision farming, precision livestock, and others. The precision farming category is to witness higher adoption of s during the forecast period. This detects the real-time working conditions of the connected devices to detect water and nutrient levels and also can analyze soil conditions and other related parameters to increase operational efficiency.
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Agriculture IoT Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
Asia Pacific is anticipated to grow at a substantial CAGR during the forecast period. The major factors such as the rapidly growing population which is putting pressure on the agricultural industry to increase productivity thus increasing the adoption of advanced technology like agriculture IoT. The Asia and the Pacific region are home to 60 percent of the world’s population – some 4.3 billion people – and includes the world’s most populous countries, China, and India according to the UNFPA Asia-Pacific. Furthermore, the presence of key industry players in the region and an increasing number of product launches are also some of the factors contributing to the market growth. Such positive initiatives undertaken by the governments and economic growth in the Asia Pacific is driving the incorporation of IoT in agriculture amongst farmers. Thus, promoting the market growth.
The major players targeting the market include
· Deere & Company
· Trimble Inc
· Raven Industries
· AKVA Group ASA
· Topcon Positioning Systems Inc.
· AgJunction Inc.
· Ponsse Oyj
· Komatsu Forest AB
· Innovasea Systems Inc.
· AGCO Corporation
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the agriculture IoT market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the agriculture IoT market?
• Which factors are influencing the agriculture IoT market over the forecast period?
• What are the global challenges, threats, and risks in the agriculture IoT market?
• Which factors are propelling and restraining the agriculture IoT market?
• What are the demanding global regions of the agriculture IoT market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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About UnivDatos Market Insights
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