Global IoT in Agriculture Market is Likely to Grow a CAGR of 10% during the Forecast Period

The latest market report published by Credence Research, Inc. “Global IoT in Agriculture Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”. The Global IoT in Agriculture Market generated revenue of around USD 17,825.19 million in 2021 and is anticipated to grow a CAGR of over 10% during the forecast period from 2021 to 2028 to reach around USD 36,315.17 million in 2028. While, cumulative growth opportunity presented by the global IoT in Agriculture is around USD 194 billion during 2022 to 2028.

Global IoT in Agriculture Market, 2021 – 2028 (USD Million)

Browse the full report at  IoT in Agriculture Market Size, Trends, Share and Growth Report | Forecast to 2027 (credenceresearch.com)

The IoT in the agriculture market is projected to grow at a fast rate over the next five years. The growth rate of IoT in agriculture is expected to be in double digits. Smart farming will become a possibility thanks to IoT in agriculture.  IoT has disrupted all kinds of industries, including agriculture. IoT will bring great transformations in the form of driverless cars, automated machines and smart wearables.

Precision Farming Hardware to Rule the Industry

Precision Farming Hardware, Precision Livestock Hardware, Precision Aquaculture Hardware, Precision Forestry Hardware, Smart Greenhouses Hardware and Others Hardware are major types of hardware used in IoT in agriculture. Precision farming is most important aspect of IoT in agriculture and held over 40% share in total revenue generated by this industry. However, precision livestock is also expected to witness rapid growth during the forecast period.

Small and Mid-size Farms to Show Slower Adoption

Large, Mid-Sized and Small Farms are major types of farms wherein IoT in agriculture can be deployed. IoT in agriculture is very suitable for the large farms and has been proved to be very beneficial for crop efficiency. On the contrary, the high cost of IoT in agriculture per year goes higher than average production value in case of mis-size and small farms. This is applicable particularly in Asia Pacific where average farm size is less than 2 acers. While regions like North America, Latin America and Europe offers most suitable land size condition for the deployment of IoT in agriculture.

Pre-Production Planning to Exhibit Huge Growth

Pre-Production Planning, Production Planning and Post-Production Planning are the major stages wherein IoT in agriculture is applicable. Pre-Production planning is most widely used and crucial for overall crop yield and farm efficiency. Precision Farming, Precision Livestock, Precision Aquaculture, Precision Forestry, Smart Greenhouses and Others are key applications of IoT in agriculture. Precision farming is largest application with over 35% share in 2021. While, precision livestock is expected to generate increasing traction during the forecast period.

Focus on Innovation

Major players are focused on innovative product offering. Afimilk, AG Leader Technology, AgEagle, AgJunction, AKVA group, Allflex, CropX, Deere & Company, DeLaval, Descartes Labs, DICKEY-john, DJI, ec2ce, Eruvaka Technologies, Farmers Edge, Hexagon Agriculture, InnovaSea Systems, Komatsu Forest AB, Ponsse, PrecisionHawk, Raven Industries, Steinsvik, TeeJet Technologies, The Climate Corporation, Tigercat, Topcon Positioning Systems and Trimble Inc. are leading players operating around the world.

Market Segmentation

Global IoT in Agriculture Market by Hardware Type, 2016 – 2028

  • Precision Farming Hardware
  • Precision Livestock Hardware
  • Precision Aquaculture Hardware
  • Precision Forestry Hardware
  • Smart Greenhouses Hardware
  • Others Hardware

Global IoT in Agriculture Market by Farm Type, 2016 – 2028

  • Large
  • Mid-Sized
  • Small Farms

Global IoT in Agriculture Market by Farm Production Planning Stage, 2016 – 2028

  • Pre-Production Planning
  • Production Planning
  • Post-Production Planning

Global IoT in Agriculture Market by Distribution Channel, 2016 – 2028

  • Precision Farming
  • Precision Livestock
  • Precision Aquaculture
  • Precision Forestry
  • Smart Greenhouses
  • Others

Global IoT in Agriculture Market by Company, 2021

  • Afimilk
  • AG Leader Technology
  • AgEagle
  • AgJunction
  • AKVA group
  • Allflex
  • CropX
  • Deere & Company
  • DeLaval
  • Descartes Labs
  • DICKEY-john
  • DJI
  • ec2ce
  • Eruvaka Technologies
  • Farmers Edge
  • Hexagon Agriculture
  • InnovaSea Systems
  • Komatsu Forest AB
  • Ponsse
  • PrecisionHawk
  • Raven Industries
  • Steinsvik
  • TeeJet Technologies
  • The Climate Corporation
  • Tigercat
  • Topcon Positioning Systems
  • Trimble Inc.
  • Others