The global Internet-of-Things (IoT) in precision agriculture market is estimated to be valued at US$ 5,234.37 Million in 2022 and is expected to surpass US$ 15,901.01 Million by 2030, exhibiting a CAGR of 14.9 % during the forecast period (2022-2030), according to the Global Internet-of-Things (IoT) in Precision Agriculture Market Report, 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) published by Coherent Market Insights.
The Internet of Things (IoT) is a network of physical objects that have been equipped with electronics to allow data collection and aggregation. With the introduction of sensors and farm-management software, the Internet of Things comes into play. Farmers, for instance, can use spectroscopy to determine the levels of nitrogen, phosphorous, and potassium in liquid manure, which is not reliable. They can scan the ground for areas where cows have already urinated and fertilize only those areas that require it. This reduces fertilizer usage by up to 30%. The optimal times to water plants remotely are determined by moisture sensors in the soil. Irrigation systems can be set to water either side of the tree trunk depending on the plant's requirements and rainfall. Monitoring technology, for example, can be utilized to improve the efficiency of beekeeping. Honeybees have a high economic value and play an important role in agriculture by pollinating a wide range of crops. The use of wireless temperature, humidity, and CO2 sensors to monitor health of a beehive colony helps to boost bee productivity and interpret early warnings in the data that could risk the hive's survival. Precision agricultural apps for smartphones and tablets are becoming increasingly popular. Many useful applications such as camera, microphone, GPS, and accelerometer, are already installed on smartphones. There are additional apps dedicated to specific farm applications such as field mapping, animal tracking, weather, and crop information, among others.
Global Internet-of-things (IoT) in Precision Agriculture Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic had a significant impact on the industrial sector. Most manufacturing processes were temporarily halted due to lockdowns and movement restrictions, resulting in a significant reduction in production. Prior to the COVID-19 outbreak, numerous sectors adopted various innovative technologies as part of the Industry 4.0. However, due to the pandemic-triggered restrictions and lockdowns, many industries were compelled to suspend their ongoing production and initiatives. Furthermore, the immediate financial impact, particularly on farmers, has led to a significant reduction in non-essential expenditure and investments.
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Key Trends and Analysis of the Global Internet-of-things (IoT) in Precision Agriculture Market:
- In March 2021, Deere & Company, an American corporation that manufactures agricultural machinery, heavy equipment, forestry machinery, diesel engines, drivetrains used in heavy equipment, and lawn care equipment, launched an updated version of ExactRate, which is an on-planter system that fertilizes new crops with twice the previous speed and reduces the number of refills needed for fertilizer tanks during planting
- In February 2021, DeLaval, a producer of dairy and farming machinery, introduced RC550 & RC700 to its portfolio of robots. These robots were designed for solid floors to improve cow comfort and hoof condition. With their unique rotary manure intake system, any type of manure can be handled by the collector and additional water need not be added.
- 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.
