According to the report published by Allied Market Research, the global IOT in agriculture market was estimated at $27.1 billion in 2021 and is estimated to reach $84.5 billion by 2031, registering a CAGR of 12.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Covid-19 Scenario:
- The outbreak of COVID-19 has had a negative impact on the growth of IOT in agriculture market. Since China is the main center where components for Internet of Things (IoT) devices are produced, the COVID-19 outbreak disrupted the global supply chain and affected the export of IOT devices, owing to their reduced production.
- Furthermore, agricultural equipment production was put on hold to prevent the virus from spreading, and this had a negative impact on the growth of IOT in agriculture industry. Additionally, the economic slowdown impacted the development of new projects worldwide, as government funding was prioritized towards healthcare systems.
- Despite these challenges, the market has recovered post-pandemic.
The report offers a detailed segmentation of the global IOT in agriculture market based on system, farm type, application and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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Based on the system, the software segment accounted for the highest share in 2021, for more than one-third of the global IOT in agriculture market revenue and is expected to continue its lead during the forecast period. The same segment, however, would manifest the fastest CAGR of 14.0% during the forecast period. The report also discusses automation and control systems, sensing and monitoring devices, livestock monitoring hardware, fish farming hardware, and smart greenhouse hardware segments.
Based on the farm type, the large segment contributed to more than half of the global IOT in agriculture market revenue and is projected to rule the roost by 2031. On the other hand, the mid size segment would portray the fastest CAGR of 14.0% throughout the forecast period. The small farms segment is also studied in the report.
Based on application, the precision farming segment accounted for the highest share in 2021, generating more than two-fifths of the global IOT in agriculture market revenue and is projected to maintain its dominant share in terms of revenue during the forecast period. However, the smart greenhouse segment would showcase the fastest CAGR of 16.0% throughout the forecast period. The livestock monitoring and fish farm monitoring segments are also analyzed throughout the report.
Based on region, Asia-Pacific held the major share in 2021, garnering nearly two-fifths of the global IOT in agriculture market revenue and is projected to rule the roost in terms of revenue during the forecast period. The same region would cite the fastest CAGR of 13.7% throughout the forecast period. The other provinces studied through the report include North America, Europe, and LAMEA.
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The prominent market players analyzed in the global IOT in agriculture market report include Decisive Farming Corp., Hitachi, Ltd, Farmers Edge Inc., SlantRange, Inc., Climate LLC, Trimble Inc., Telit Corporate Group, Cisco Systems, Inc., SWIIM System, Ltd., and International Business Machines Corporation. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
IOT in Agriculture Market Report Segments:
By System
- Automation and control systems
- Sensing and monitoring devices
- Livestock monitoring Hardware
- Fish farming hardware
- Smart greenhouse hardware
- Software
- Large
- Mid Size
- Small Farms
By Application
- Precision farming
- Livestock monitoring
- Smart greenhouse
- Fish farm monitoring
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
