Artificial Intelligence
Agriculture IoT Market Worth $32.75 Billion by 2027- Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®
London, March 22, 2021 (GLOBE NEWSWIRE) — According to a new market research report titled, “Agriculture IoT Market by Component (Hardware, Software, Services), Application (Precision Farming, Smart Greenhouse, Livestock Monitoring, Smart Irrigation, Other Applications), and Geography – Global Forecast to 2027”, published by Meticulous Research, the agriculture IoT market is expected to grow at a CAGR of 15.2% from 2019 to 2027 to reach $32.75 billion by 2027.
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IoT in agriculture uses robots, drones, remote sensors, and computer imaging combined with continuously progressing machine learning and analytical tools for monitoring crops, surveying and mapping the fields, and providing data to farmers for rational farm management plans. With growing population and food demand, it has become imperative for the agricultural industry to incorporate IoT in different agricultural processes. The increasing demand for food is challenged by factors like climate change and other environmental impacts that result from intensive farming practices. Thus, innovators and technology providers bring in distinctive IoT solutions in order to streamline the agricultural processes, generate huge data, and perform different analytics methods to overcome these challenges.
The growth of this market is mainly driven by the extensive government initiatives in encouraging modernized farming techniques, rising population with increased demand for high-quality food products, and shrinking arable land. In addition, the advent of big data analytics in smart farming and computer vision in precision farming is expected to provide significant growth opportunities for agriculture IoT providers. However, risks associated with data security and privacy, dearth of technically skilled farmers, and lack of standardization in the smart agriculture industry can obstruct the growth of this market.
Impact of COVID-19 on the Agriculture IoT Market
The ongoing COVID-19 outbreak has affected several end-use sectors, as most operations are temporarily suspended across major manufacturing and processing hubs. Prior to the outbreak, industries were actively competitive due to Industry 4.0, which led them to adopt various technologies to a greater extent. The agri-tech sector was also flourishing with the adoption of new techniques, such as IoT and big data analytics. However, with the sudden outbreak of this pandemic, several sectors have stopped their ongoing production and projects, which has affected businesses associated with the incorporation of technology. In addition, the immediate financial impact on farmers has already resulted in a massive reduction of non-essential spending and investments.
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Due to the rapid dip in demand and unavailability of raw materials, workforce, and assets, production plans are expected to change on a much higher frequency. This would slow down the adoption of agriculture IoT solutions, as farmers are inclined to manage their business with existing technologies and resources. Furthermore, farmlands that had incorporated agriculture IoT solutions, which exist in the severely affected regions, are expected to explore a proactive deployment of automation technologies to decrease worker density throughout their operations.
Although the impact of COVID-19 has affected the majority of farmers across the globe, these businesses are eying to make a strong comeback by attracting consumers in the post-COVID-19 business environment. With the help of positive government policies, the agriculture sector is expected to make substantial investments in technological up-gradations and incorporate agriculture IoT solutions as one of the business strategies to increase crop production. The adoption of agriculture IoT in the race to satisfy increasing enhanced food quality demands is expected to trigger the need for agriculture IoT solutions, and hence the market is expected to experience a decline of (0.8%) in 2021 compared to 2020 and with a positive growth from 2022 onwards.
The global agriculture IoT market is mainly segmented on the basis of component (hardware, software, services), application (precision farming, smart greenhouse, livestock monitoring, smart irrigation, other applications), and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on component, the hardware segment commanded the largest share of the overall agriculture IoT market in 2020. The large share can be attributed to the growing demand for automating agricultural processes and increasing innovative products offered by start-ups. However, the services segment is expected to grow with the fastest CAGR during the forecast period. The growth of this segment is attributed to the growing demand for network threat modeling, configuration management, vulnerability management, and network forensic services in order to boost productivity. Various players are launching innovative products in the hardware market. The Semios platform (Semios) is developed for determining the overall crop health benefitting farmers by improving their farming practices and effectively preventing diseases or infestations that affect the yield. Apart from that, dashboards and display monitors are used by farmers for farm management to conduct analytics and accounting/reporting capabilities.
Based on application, the precision farming segment accounted for the largest share of the overall agriculture IoT market in 2020. The growth of this segment is attributed to the growing demand for high yield methods, availability of limited arable land, and development of new solutions for precision farming. Precision farming helps farmers with increased yields, the profitability of production, better working conditions, increased animal welfare, and the potential to improve various aspects of environmental stewardship. Thus, precision farming contributes to the broader goal of achieving sustainability in agricultural production. However, the smart greenhouse segment is expected to grow with the fastest CAGR during the forecast period. The fast growth rate of this segment is attributed to factors such as the scarcity of water for agriculture, government encouragement, and high yield production from greenhouses. Some regions with water scarcity tend to incorporate smart greenhouse farming for saving water as it comprises of advanced irrigation systems. The U.S., Israel, and the Netherlands smart greenhouse farming industries are the most advanced in the world while China’s growing focus on environment conservation is gradually increasing the adoption rate of this practice, supporting the application to grow with significant CAGR.
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Geographically, North America commanded the largest share of the global agriculture IoT market in 2020. The large share of this region is primarily attributed to the availability of sensor driven data, greater adoption of advanced technologies, growing sense of safety & security, growing need of energy efficient products & systems, innovation in the field of IoT devices, and the presence of major players in this region. North America is currently the most technologically advanced region and the center of smart farming, with the highest installed base of IoT devices. The rising demand for quality food and shrinking arable land are the two major factors driving the market growth in this region. Farmers in this region are heavily dependent on technology and are successfully catering to the demands of the residents with improvised food products. This implies that technology evolution is currently at a mature stage. As the technology adoption rate is high in this region, farmers tend to invest in upgraded versions and newer technologies that could be easily integrated with the existing ones and thus ensure enhanced agricultural output.
However, Asia Pacific is offering some serious challenges to the dominance of North America in the global agriculture IoT market. The growth in this market is driven by the growing demands for adopting digital solutions in product development processes to reduce downtime; rising potential of users to invest in digital solutions to survive in competitive markets; and increase in the average spending across countries, such as South Korea, India, Japan, and China. Moreover, countries with emerging economic conditions like Bhutan and Thailand have also already adopted smart solutions in their agricultural processes, which is transforming their business with increased profitability. The increasing number of government initiatives for transforming the agricultural practice into smart farming and growing number of start-ups are some of the factors expected to drive the market growth of this region.
The report also includes extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 4 years. The global agriculture IoT market is consolidated and dominated by few major players, namely Deere and Company (U.S.), Trimble Inc. (U.S.), AGCO Corporation (U.S.), Raven Industries (U.S.), Delaval (Sweden), GEA Group (Germany), AgJunction (U.S.), Antelliq (France), Ponsse (Finland), Komatsu Forest (Sweden), Farmer’s Edge Inc. (U.S.), The Climate Corporation (U.S.), DICKEY-john (U.S.), and CropMetrics LLC (U.S.) among others.
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Scope of the Report:
Agriculture IoT Market, by Component
- Hardware
- Automation and Control Systems
- Irrigation controllers
- Flow and Application Control Devices
- Variable Rate controllers
- Sensing and Monitoring Devices
- Soil Sensors
- Water Sensors
- Climate Sensors
- Sensors for livestock
- Guidance and Navigation
- Drones
- Handheld computers
- Displays
- Harvesters & Forwarders
- RFID tags and readers
- LED Grow Lights
- Automation and Control Systems
- Software
- On-Premise
- Cloud based
- Services
- Professional Services
- Managed Services
Agriculture IoT Market, by Application
- Precision Farming
- Yield Monitoring
- Field Mapping
- Crop Scouting
- Weather Tracking & Forecasting
- Variable Rate Technology
- Inventory Management
- Financial Management
- Others (precision forestry)
- Smart Greenhouse
- Ambient Environmental Monitoring
- Yield Monitoring
- Water & Nutrient Management
- Livestock Monitoring
- Feeding Management
- Breeding Management
- Behavior Monitoring and Management
- Others
- Smart Irrigation
Agriculture IoT Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- The Middle East and Africa
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