INTERNET OF THINGS IN PRECISION AGRICULTURE MARKET ANALYSIS

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

Statistics:

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.

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.