Market Research Future (MRFR), a reputed market research report seller, conducted study on the impact of IoT in agriculture. As per MRFR findings, the IoT in agriculture market is set to achieve USD 34.88 Bn at 13.6% CAGR by 2025.
It’s fascinating how we prefer IoT over the Internet of Things to write or verbally address the technology. Clearly, humans always incline towards more and more convenience. This explains the growing penetration of IoT in different sectors. Agriculture is an occupation that can directly impact a region’s economy. So, here let’s understand the influence of IoT in the agriculture industry. Smart agriculture is the need of the hour. Reasons, increased global populace and subsequent rise in food consumption rate. However, these are causes that are creating the need for qualitative and quantitative agricultural enhancements. IoT is redefining agriculture, and people involved in it highly appreciate it.
The rise in need to simplify food production and supply delineates the urgency to deploy IoT in the agriculture sector. Rapid rise world population, scarcity of fertile land, and unpredictability of climate condition are some major problems in the farming sector that requires long-term and robust solutions. Today, data has established itself as the oil to run economies. IoT technology, collects data and aids the group of people handling agriculture to provide insights that can raise productivity. Better control on internal agricultural procedures, waste management, improved business efficacy via automation, enhanced quality and quantity of products are observed to be dispatched on introduction of IoT in the field of agriculture. These are identified as drivers for the IoT in agriculture global market.
Internet of Things in Agriculture Market study is based on component and application.
The component-based IoT in Agriculture market segments are system, software, and services. The system segments are fish farming systems, sensing and monitoring systems, livestock monitoring systems, smart greenhouse systems, automation and control systems, and others. The sensing and monitoring systems are water sensors, soil sensors, climate sensors, yield monitors, and others. The fish farming systems are sensors, GPS/GNSS, and others. The livestock monitoring systems are sensors, RFID tags and readers, control system, GPS, and others. The automation and control systems are irrigation controllers, flow and application control devices, GPS/GNSS systems, drones/UAVs, handheld mobile devices/handheld computers, guidance and steering, displays, and others.
The application-based IoT in the agriculture market segments are precision crop farming, livestock monitoring, aquaculture, indoor farming, water supply management, integrated pest management, and others. Precision crop farming, livestock monitoring, indoor farming, integrated pest management, aquaculture, and water supply management are prominent applications of IoT in the agriculture sector. Optimization of output and retention of resources is the principle of predictive farming. The growing adoption of predictive farming technique can be attributed to the inclination of farmers toward sustainable solutions.
A well-informed farmer on a vivid prediction of climate, soil profile, and seed type can aid him decide effective and failsafe farming regime. This can benefit the entire farming ecosystem as the losses due to climate change can be controlled. Moreover, waste management is a possibility here. However, there other viable agricultural waste reduction and management technique are available. Irrigation is an active requirement for agriculture. The deployment of water supply management can curb water wastage, and reduce chances of clogging and over hydration of the arable land. Asia Pacific is a fertile region and agriculture is a major occupation. Furthermore, the presence of firm technical base and can support the adoption of IoT in agriculture. The high concentration of agriculture supporting IoT solution developers in North America can gain high profits of the regional market.
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