IOT in Agriculture Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

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IOT in Agriculture Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

Status : August, 2020 | Technology & Media | PPT format

Report Digest


IOT in Agriculture Market: Overview

Internet of things or IOT is projected to play a considerable role in enhancing the existing agricultural productivity to meet the growing demands for food across the globe. IOT in agriculture market uses IOT-based high-tech technological tools, equipment, solutions, and systems to improve the operational efficacy, minimize the wastage, and maximize the yield. There is a wide range of applications of the IOT in agriculture market that helps them to achieve their production goals.

IOT in Agriculture Market: Notable Developments

Some of the notable developments in the global IOT in agriculture market are given below:

  • In May 2019, Farmer’s Edge announced that the company has launched a new yield-based nitrogen tool. The tool will help farmers to reach their production goals by offering more control over the key decisions that affects the production of corn.
  • In September 2019, Swim System announced that the company has entered into a new long-term strategic distribution and sales agreement with two Merced-based companies Water and Land Solutions and Central Irrigation.

IOT in Agriculture Market: Drivers and Restraints

There are several factors that are influencing the positive growth of the global IOT in agriculture market. One of the key driving factor for the market growth is the ever increasing demand for food across the globe. This has raised the requirement for mass production and efficient production practices. Technology plays a significant role in achieving both of these objectives. Naturally, there has been growing demand for IOT in agriculture market.

In addition to this, the changes in the climate across the globe is also playing a big role in the overall development of the global IOT in agriculture market. Unfavorable climate changes considerably hamper the production of agriculture across the globe. Due to such drastic weather changes it becomes necessary to deploy IOT-based advanced agricultural techniques to optimize the production of crops.

However, with such drivers, there are some challenges on route to the development. One key restraining factor is the lack of awareness among the farmer community. There are several small-scale agricultural industries that offer solutions at different stages of the value chain. As some of these agricultural processes gain economic feasibility, the development of the global IOT in agriculture market is expected to slow down.

Nonetheless, with growing penetration of smartphones and internet among farmers is expected to raise the needed awareness about the use of IOT in agriculture and thus help in the development of the global market.

IOT in Agriculture Market: Geographical Outlook

There are five key regions that divide the IOT in agriculture market in terms of geography. These regions are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of these regions, the global market is currently dominated by the Asia Pacific region and is expected to continue its dominance over the course of the given forecast period of 2018 to 2028. The growth of the Asia Pacific market is due to the presence of emerging economies such as India and China. India in particular is expected to play a big role in the development of the Asia Pacific region. In recent financial budget, substantial amounts of fund were allocated for the development of the agricultural sector and bring in advanced technology for efficient and mass production. This is expected to boost the development of the IOT in agriculture market in India and subsequently in the Asia Pacific region. 

Internet of Things (IOT) in Agriculture Key Market Segments:

By System

  • Automation and control systems
  • Sensing and monitoring devices
  • Livestock monitoring Hardware
  • Fish farming hardware
  • Smart greenhouse hardware
  • Software

By Application

  • Precision farming
  • Livestock monitoring
  • Smart greenhouse
  • Fish farm monitoring

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.