According to a new market intelligence report by BIS Research, titled ”Global IoT in Agriculture Market – Analysis and Forecast (2018-2023)”, the global Internet of things (IoT) in agriculture market is expected to reach to $28.65 billion by 2023, growing at a CAGR of 14.15% from 2018 to 2023. Deployment of automation, control and sensing systems to steer the application of agricultural inputs is expected to augment the growth of the market. With the rapid introduction of information and communication technologies (ICT) since 2008, the farming industry has been witnessing a revolutionary phase. Integration of sensing systems into farming equipment has led to the generation of large amounts of data that can be analyzed using software tools, providing farmers with valuable insights to promote yield growth.
Browse more than 113 Data Tables and 55 Figures spread through 227 Pages and in-depth TOC on ‘Global IoT in Agriculture Market‘
Incorporation of navigation systems into agricultural machinery and equipment has led to their precise movement and application in the field. Earlier, the use of IoT in agriculture was restricted to large farm operations that could invest in the IT infrastructure and other technology resources. However, with the rapid advancements in technology, the application of IoT in agriculture sector has gradually moved to farming cooperatives and small-scale farms as well.
Furthermore, not only this trend of IoT based farming is prevalent in developed countries but also is gaining importance in developing countries. In countries such as China and India, large deployments of smartphones and Internet of Things (IoT) systems have led to the rapid adoption of precision agriculture solutions. The governments of several countries have realized the need and advantages of these technologies, and thus, are taking initiatives to promote IoT techniques that are further expected to drive the growth of the market. The adoption rate of the IoT in agriculture is impacted by factors such as farm size, farmer”s age, features of equipment used, characteristics of the technology, and legal affairs.
Wide-scale adoption of the precision agriculture technologies is expected to enhance the potential return on investments (ROI) for farmers. Rising awareness, coupled with the increased government support for sustainable farming technologies, is expected to propel the growth of the precision agriculture market. These solutions positively impact the agricultural value chain and create disruptive business opportunities for companies such as agricultural machinery manufacturers, instrument developers, cloud service providers and agri-input suppliers.
BIS Research Report: https://bisresearch.com/industry-report/iot-in-agriculture-market.html
Supported by government policies and low-cost technological developments, farmers across the globe are expected to increase the implementation of sustainable farming technologies. The application of IoT technologies for farming operations is likely to be facilitated by a broader participatory approach involving a variety of stakeholders including farmers, agri-food giants, agricultural original equipment manufacturers (OEMs), consumer groups, investors, and government & non-government organizations. Moreover, the IoT in agriculture market is witnessing several upcoming trends and opportunities, further propelling growth of the industry. The advent of agricultural drones and big data analytics in the farming sector is expected to drive the market during the forecast period.
According to Sonal Rawat, Analyst at BIS Research, in 2018, the precision crop farming is expected to dominate the global IoT in agriculture market (by application). Precision crop farming represents the most significant application market for IoT based technologies. Precision crop farming has the capability to efficiently utilize water by finely matching irrigation inputs to yields in each area of a field. During the forecast period, application areas, such as aquaculture and indoor farming are expected to display the maximum growth, owing to the high possibilities of value addition in these application areas.
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Precision crop farming application is the utilization of IoT technologies and solutions to ensure efficient agricultural operations along with increasing yield. GPS guidance for steering of tractors was the first category of precision farming products to be introduced in the market. Gradual adoption of smartphones, access to high-speed internet, availability of affordable and reliable satellites for positioning and imagery, and technological advancements in farming equipment have led to high prevalence and popularity of precision crop farming techniques and equipment.
This report is a meticulous compilation of research on more than 30 players in the global IoT in agriculture ecosystem and draws upon the insights from in-depth interviews with the key opinion leaders of more than 20 leading companies, market participants, and vendors. The rising interest in IoT amongst the agricultural machinery vendors, such as AGCO Corporation, Deere & Company, and CNH Industrial, has been a major trend in the market. Moreover, players including agri-input giants, such as The Climate Corporation, AGCO Corporation, DeLaval, Afimilk, Allflex, and TeeJet Technologies, among others, are also focusing on incorporating data analytics and IoT based systems in their product offerings. The major IoT in technology vendors are Trimble Inc., Raven Industries, Topcon Positioning Systems, Hexagon Agriculture, Ag Leader Technology, and DICKEY John Corporation, among others.
Key questions answered in the report:
- What is the market size of IoT in agriculture in terms of revenue from 2017-2023, and what is the expected growth rate during the forecast period 2018-2023?
- What is the revenue generated from the different applications, such as precision crop farming, livestock monitoring and management, indoor farming and others?
- What are the key trends and opportunities in the market pertaining to the Global IoT in the agriculture industry?
- What are the key systems covered in the IoT in agriculture market?
- How attractive is the market for different stakeholders present in the industry based on the analysis of futuristic scenario of the Global IoT in agriculture industry?
- What are the major driving forces that are expected to increase the demand for Global IoT in agriculture market during the forecast period?
- What are the major challenges inhibiting the growth of the Global IoT in agriculture market?
- What kind of new strategies are adopted by the existing market players to expand their market position in the industry?
- What is the competitive strength of the key players in the Global IoT in agriculture market based on the analysis of their financial stability, product offerings, and regional presence?
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FREMONT, California, November 15, 2018 /PRNewswire/ —