The report also offers a panoramic view of the competition scenario through a thorough analysis of the key vendors and manufacturers operating in the IoT in Agriculture Market in a bid to gain a robust footing in the market.
Vancouver, BC -- (SBWIRE) -- 12/28/2020 -- IoTin agriculture provides agricultural producers with advanced solutions to help them bridge the supply-demand gap, ensure high yields, lower operational costs, and scale profitability. These solutions further help farmers automate the irrigation system and monitor crop fields, soil moisture, temperature, humidity, and crop health using advanced real-time sensors. Thus, agriculture IoT compriseswireless connectivity, specialized equipment, and a wide array of software &IT services.
Market Drivers
The global IoT in agriculture market is projected to grow substantially over the upcoming years at a CAGR of 10.5% to reach around USD 27.22 billion. The IoT technology is increasingly being leveraged across the agricultural industry to optimize crop yield, enhance operational efficiency, and cater to the continually rising demand for fresh produce. This is expected to create several growth opportunities for this market. Hence, the global market expansion is fast-tracked by the expanding global populace, surging penetration of smartphones, wider Internet access, improved network infrastructure in rural locations, deepening focus on precision farming practices, and government initiatives to promote the adoption of innovative agricultural techniques.
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Key players in the market Agco Corporation, Deere and Company, GEA Group, Trimble Inc., Agjunction, Raven Industries, Antelliq, Delaval, Ponsse, and CropMetrics LLC, among others
Key Highlights From The Report
In October 2019, Raven Industries announced to acquire majority ownership of the DOT autonomous platform. The acquisition will accelerate the development of precision agricultural technology from semi to fully autonomous solutions.
Hardware held the largest market share of 48.3% in the year 2019 as it enhances crop productivity and quality.
Livestock monitoring is forecasted to grow with the fastest CAGR of 11.3% over the forecast period. It helps the farmers lower labor costs and prevents the spread of diseases among the cattle.
The Asia Pacific region is expected to be the fastest-growing region over the forecast period due to the growing global population and the increasing requirement for food in the developing countries.
Increasing adoption of IoT based technologies in greenhouses has made them technologically advanced as they eliminated human-intervention and made the processes more cost-effective. The IoT sensors powered by solar energy help minimize water consumption and monitor the greenhouse state precisely in real-time.
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Offering Outlook (Revenue, USD Billion; 2017-2027)
Software
Hardware
Services
Application Outlook (Revenue, USD Billion; 2017-2027)
Livestock Monitoring
Smart Greenhouse
Precision Forestry
Fish Farm Monitoring
Precision Farming
Others
Regional Analysis
The Asia Pacific region is poised to witness the fastest market growth rate over the forecast timeline. An upsurge in healthcare R&D programs, predominantly in China and Japan,the augmented prevalence of chronic diseases,and the increased government support for advancements in infectious diseases diagnosis in the region have provided a massive impetus to the regional market growth.
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Key questions addressed in the report:
- What are the predominant factors propelling the global IoTin agriculture market development?
- Who are the leading distributors, traders, and dealers of this market?
- Who are the key manufacturers in the IoTin agriculture business sector?
- What are the significant market opportunities and challenges for the v global market vendors?
- What are the sales and revenue estimations for the leading market players in the IoTin agriculture market over the projected period?
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