The primary need to control operation factors optimizing the use of water and pesticides is anticipated to promote the IoT in the agriculture market 2020. The ICT industry reports are produced by Market Research Future, which highlights market options for expansion. A potential of USD 34.88 Billion with a CAGR of 13.6% approx is forecasted by 2025.
The need to lessen water usage and greenhouse gas emissions is likely to push the growth of the IoT in the agriculture market share. The demand to increase the crop yields while curtailing the cost of production is estimated to raise the demand for the IoT in the agriculture market in the coming period.
The segmental insight into the IoT in the agriculture market has been conducted based on application, component, and region. Based on the component, the IoT in Agriculture market has been segmented into system, software, and services. Based on the applications, the IoT in the agriculture market has been segmented into precision crop farming, indoor farming, livestock monitoring, aquaculture, water supply management, integrated pest management, and others. Based on the regions, the IoT in the agriculture market is segmented into Europe, Asia-Pacific, the Middle East, North America, Africa, and South America.
The regional investigation of the IoT in the agriculture market has been carried out for regions of Europe, Asia-Pacific, the Middle East, North America, Africa, and South America. The North American region’s market has the biggest portion in the IoT in agriculture market as the sellers in this region are funding extensively R&D activities, which has led to improvement of technologies in automation & control systems, sensing & monitoring systems, the use of IoT sensors for livestock monitoring, indoor farming, precision crop farming, and other purposes. The US shows the way for market development in the North American region as it has elevated digitalization in the agricultural sector, and it is anticipated that just about 80% of farmers employ smart farming technology. The intense weather conditions owing to climate change have caused loss of arable land and have subsequently given rise to elevated adoption of IoT in agriculture market for escalating the volume and quality of the crop yield.
The currency inflow is estimated to be restricted in the upcoming period, which may create further problems for the overall market growth. The expansion of the market has currently come close to a standstill with government agencies and trade bodies, introducing a stimulus to pick up the pace of development in the global market. The planning and forecasting for human capital in the market is estimated to be a crucial area for focus in the years ahead. Advances in production style and technologies are estimated to gain precedence in the coming years as areas of innovation. The support provided by regulations is estimated to stave off the effects of the downturn considerably in the coming period. Current disequilibrium in the market forces has led to the market players adopting a more cautious approach to growth and development strategies. The recalibration of the supply chain is estimated to be another area for market expansion in the upcoming period.
The central companies in the IoT in the agriculture market are Dickey John (US), Cainthus (Ireland), Descartes Labs (US), Raven Industries (US), CropIn (US), Trimble Inc. (US), Scicrop (Brazil), Precisionhawk Inc. (US), Shivrai Technologies Pvt. Ltd (India), Proagrica (US), AG Leader Technology (US), Deere & Company (US), Rapidsoft Technologies Pvt. Ltd (US),IBM Corporation (US), Hexagon Agriculture (Sweden), DuPont Pioneer (US), Tigercat (US), Tree Metrics (Ireland), Decisive Farming (Canada), Topcon Corporation (Japan), Autonomous Tractor Corporation (US), Sky (Canada), Grownetics (US), Nileworks Inc. (Japan), and Gamaya (Switzerland).
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