Internet of things in precision agriculture market

Internet Of Things In Precision Agriculture Market, by Component (Software, Hardware, and Services), by System (Sensing System, Communication System, Cloud Computing, and Data Management System), by Application (Weather Tracking and Forecasting, Yield Monitoring and Farm Mapping, Crop Scouting, Irrigation Management, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

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Apr 2022
CMI4993
170 Pages
Excel & Pdf
Information and Communication Technology

Summary

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.

Internet-of-Things (IoT) in Precision Agriculture Market Report Coverage

Report Coverage	Details
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
Geographies covered:	North America Europe Asia Pacific Latin America Middle East Africa
Segments covered:	By Component: Software, Hardware, Services By System: Sensing System, Communication system, Cloud Computing, Data Management System By Application: Weather Tracking and Forecasting, Yield Monitoring and Farm Mapping, Crop Scouting, Irrigation Management, Others By Region: North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Companies covered:	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
Growth Drivers:	Rising adoption of IoT-based smart farming Increasing application of variable rate technology (VRT)
Restraints & Challenges:	Poor internet services in rural areas High cost of investment

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.

Table of Content

Table of Contents

*Browse 60 market data tables and 40 figures on “Global Internet-of-Things (IoT) in Precision Agriculture Market - Forecast to 2030”

Segmentation

Detailed Segmentation

Global Internet-of-things (IoT) in Precision Agriculture Market, by Component:
- Software
- Hardware
- Services
Global Internet-of-things (IoT) in Precision Agriculture Market, by System:
- Sensing System
- Communication system
- Cloud Computing
- Data Management System
Global Internet-of-things (IoT) in Precision Agriculture Market, by Application:
- Weather Tracking and Forecasting
- Yield Monitoring and Farm Mapping
- Crop Scouting
- Irrigation Management
- Others
Company Profiles
- CropMetrics *
  - Company Overview
  - Product Portfolio
  - Financial Performance
  - Key Strategies
  - Recent Developments/ Updates
- 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.
- The Climate Corporation

- Frequently Asked Questions -

What is the expected market size of global Internet-of-Things (IoT) in precision agriculture market in 2030?

The global Internet-of-Things (IoT) in precision agriculture market is expected to be valued at US$ 15,901.01 million by 2030.

What is the expected compound annual growth rate (CAGR) of the market during the forecast period (2022-2030)?

The market is expected to witness a CAGR of 14.9 % during the forecast period (2022-2030).

What is the primary factor contributing to the growth of the market?

An increase in the adoption of IoT-based smart farming is expected to drive growth of the market.

Based on component, which sub-segment is estimated to hold the largest market share in the market in 2022

In 2022, the services sub-segment is estimated to hold the largest market share on the basis of component.

Who are the key players operating in the market?

Key players operating in the 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.