Increased adoption of the Internet of Things (IoT) and artificial intelligence (AI) by farmers and growers, strong focus on livestock monitoring and disease detection, high demand for fresh produce, population growth, loss of arable land, a surge in the adoption of aquaculture monitoring and feed optimization devices in developing countries, and strong government support for precision farming practices are driving the growth of the Internet-of-Things (IoT) in precision agriculture market. Advanced technologies such as guiding systems, variable rate technology, IoT, AI, and remote sensing have transformed agriculture into a data-rich and technologically intensive industry. Smart agriculture technology help farmers increase profitability, improve sustainability, preserve the environment, and conserve resources such as water, fertilizers, and energy. The global Internet-of-Things (IoT) in precision agriculture market is estimated to be valued at US$ 5,234.37 Mn in 2022 and is expected to reach US$ 15,901.01 Mn by 2030, exhibiting a CAGR of 14.9% over the forecast period (2022-2030).
Global Internet-of-Things (IoT) in Precision Agriculture Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 had an impact on the operations of numerous agriculture IoT hardware manufacturers, as well as their suppliers and distributors' businesses. In the medium term, the drop in export shipments and slow domestic demand for agriculture IoT hardware compared to pre-COVID-19 levels are projected to have a negative impact on the Internet-of-Things (IoT) in precision agriculture market
North America held dominant position in the Global Internet-of-Things (IoT) in Precision Agriculture Market in 2019
North America held dominant position in the Global Internet-of-Things (IoT) in Precision Agriculture Market in 2019, accounting for 34% share in terms of value, followed by Latin America and Europe. Unmanned aerial vehicles (UAVs) or drones are rapidly transitioning from battlefields to agricultural fields, capturing highly accurate aerial photos up to hundreds of hectares/acres in a single flight and saving a significant amount of money. Agricultural drones are less expensive than surveillance drones, and they have advanced sensors and imaging capabilities that give farmers new opportunities to boost crop productivity while decreasing resource waste.
|Base Year:||2020||Market Size in 2022:||US$ 5,234.37 Mn|
|Historical Data for:||2017 to 2019||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||14.9%||2030 Value Projection:||US$ 15,901.01 Mn|
CropMetrics, Hortau, Farmers Edge Inc., Pycno, Agrosmart, Scicrop, Amber Agriculture, Telit, DEVICEHUB, Actility, Cropln, Cisco Systems, Inc., IBM Corporation, Hitachi, Ltd., Trimble Inc., Decisive Framing, SlantRange, Inc., and The Climate Corporation
|Restraints & Challenges:||
Figure 1: Global Internet-of-Things (IoT) in Precision Agriculture Market Share (%), By Region, 2019
Figure2: Global Internet-of-Things (IoT) in Precision Agriculture Market Value (US$ Mn) Analysis and Forecast and Y-o-Y Growth (%), 2019 - 2030
Global Internet-of-Things (IoT) in Precision Agriculture Market is estimated to be valued at US$ 5,234.37 Mn in 2022 and is expected to reach US$ 15,901.01 Mn by 2030 at a CAGR of 14.9 % between 2022 and 2030.
Key players operating in the global Internet-of-Things (IoT) in precision agriculture market include CropMetrics, Hortau, Farmers Edge Inc., Pycno, Agrosmart, Scicrop, Amber Agriculture, Telit, DEVICEHUB, Actility, Cropln, Cisco Systems, Inc., IBM Corporation, Hitachi, Ltd., Trimble Inc., Decisive Framing, SlantRange, Inc., and The Climate Corporation.
Internet-of-things in precision agriculture is rapidly gaining popularity among farmers, owing to the increasing need for optimal production with the given resources. Furthermore, changing weather conditions and global warming have influenced the adoption of advanced technologies to enhance productivity and crop yield. In the second wave of the green revolution, the Internet of Things (IoT) in agriculture emerged. The advantages of implementing IoT for farmers are two-fold. It assists farmers in lowering expenses while increasing yields by providing reliable data to help them make better decisions. Smart farming is a high-tech and efficient approach for sustainable agriculture and food production. It is a method of integrating linked devices and cutting-edge technologies into agriculture. Smart farming is heavily reliant on the IoT, which eliminates the need for farmers and growers to do physical labor and increases the productivity in every way conceivable.
Software used in precision agriculture has the potential to automate and simplify the collection and analysis of information related to field improvement, which allows management to make correct and quick decisions and implement them in small areas within large fields. The software can be used in various applications such as geographic information system (GIS)-based information management, soil monitoring, and irrigation controlling.
GIS-based software uses location-based data to produce maps for crop management. An important function of GIS-based software is to store layers of information such as yields, soil survey maps, remotely sensed data, and crop scouting data. It can also be used to evaluate present and alternative management practices by combining and manipulating the data layers to produce an analysis of management scenarios.
For instance, CropMetrics, a provider of precision irrigation solutions, offers ‘Virtual Predictor Technology’, which allows farmers working with a CropMetrics Partner to create a custom irrigation plan for effective irrigation. Virtual Predictor is part of the unique CropMetrics solution—field-based sensors providing local support—offering unparalleled service to users. Virtual Predictor is also available through the CropMetrics mobile app, which represents the state of the art in both usability and functionality.
Key features of the study: