How Has The Internet of Things (IoT) in Agriculture Market Size Evolved In Recent Years?
The internet of things (iot) in agriculture market has seen considerable growth due to a variety of factors.
• The agriculture market encompassing the internet of things (IoT) has experienced strong growth in recent times. The market, which is set to grow from $14.87 billion in 2024 to $16.29 billion in 2025 at a compound annual growth rate (CAGR) of 9.6%, has witnessed this increase due to factors such as the utilization of data analytics for informed decision-making, incorporation of automated machinery, surveillance solutions for crops, monitoring of livestock and their welfare, as well as water management solutions.
What Is The Forecast For The Internet of Things (IoT) in Agriculture Market?
The Internet of Things (IoT) in Agriculture market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of the agriculture internet of things (IoT) is projected to undergo significant growth in the upcoming years. By 2029, it is projected to reach a robust value of $25.46 billion at a compound annual growth rate (CAGR) of 11.8%.
The growth during the prediction span can be linked to several factors such as government initiatives and funding, the incorporation of AI and machine learning, decisions driven by data, the escalating demand for intelligent farming solutions, and the emphasis on sustainability and resource management. Key trends for the forecasted period include the adoption of precision agriculture, an increase in demand for intelligent farming, resilience towards climate change, solutions for water management, and the monitoring and welfare of livestock.
What Are The Essential Drivers Behind The Growth Of The Internet of Things IoT in Agriculture Market?
The escalating demand for food plays a crucial role in supporting the expansion of the Internet of Things (IoT) within the agricultural sector. This demand pertains to the consumer's interest in purchasing food products, a metric determined by demand and consumption rates. The implementation of IoT in farming significantly enhances agricultural productivity by recording various relevant data like weather patterns, soil condition, animal health, crop growth state, among others. With this technology, farmers are better equipped to minimize production loss by identifying irregularities in crop growth or livestock health. Such advantages have triggered a surge in the requirement for IoT in agriculture. For example, in August 2024, the Department for Environmental Food and Rural Affairs, a UK governmental department, reported that the agri-food chain's contribution to the national gross value added in 2022 was $188.64 billion (£147.8 billion), accounting for 6.5%. Simultaneously, the food chain’s gross value added (excluding agriculture and fishing) stood at $169.62 billion (£132.9 billion), marking a 15.4% increase from the earlier year. Consequently, the increasing demand for food is fueling the augmentation of the Internet of Things (IoT) in the agricultural market.
How Is The Global Internet of Things IoT in Agriculture Market Divided Into Key Segments?
The internet of things (IoT) in agriculture market covered in this report is segmented –
1) By Component: Hardware, Software, Connectivity And Services
2) By Type: Small Farms, Mid-Sized, Large
3) By Application: Livestock Monitoring, Smart Greenhouse, Precision Forestry, Fish Farm Monitoring, Other Applications
Subsegments:
1) By Hardware: Sensors, Actuators, Drones, GPS And Tracking Devices
2) By Software: Farm Management Software, Data Analytics Platforms, IoT Platforms, Application Software
3) By Connectivity And Services: Cellular Connectivity, LPWAN (Low Power Wide Area Network), Satellite Connectivity, Wi-Fi And Bluetooth, Consulting Services, System Integration Services, Maintenance And Support Services, Training Services
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What Trends Are Reshaping The Future Of The Internet of Things IoT in Agriculture Market?
Technology progression is emerging as a leading trend in the agriculture sector of the Internet of Things (IoT) market. Firms that are significant players in the IOT for agriculture market are increasingly turning to incorporating cutting-edge technologies into precision agriculture, and enlarging the use of IoT in farming operations. For example, in February 2024, Spacecom, a telecommunications organization from Israel, initiated its Satellite IoT-as-a-Service with a view to revolutionize digital farming in Sub-Saharan Africa, with a special emphasis on precision agriculture. The project is joint venture with Ayecka and exploits the potential of Spacecom's AMOS GEO satellites and Ayecka's AR-1100 satellite terminals to provide an entirely off-grid solution for effective IoT services in remote areas.
Who Are the Key Players In The Internet of Things IoT in Agriculture Market?
Major companies operating in the internet of things (IoT) in agriculture market include:
• Trimble Inc.
• Deere & Company
• AGCO Corporation
• Topcon Positioning Systems Inc.
• The Climate Corporation
• AgJunction Inc.
• DICKEY-john
• Gamaya
• AgriData Incorporated
• AgEagle Aerial Systems Inc.
• Grownetics Inc.
• Auroras s.r.l.
• Granular Inc.
• Intervet Inc.
• Raven Industries Inc.
• Cisco Systems Inc.
• International Business Management Corporation
• Telit
• Hitachi Ltd.
• TELUS Agriculture Solutions Inc.
• OnFarm Systems Inc.
• Farmers Edge Inc.
• SlantRange Inc.
• TeeJet Technologies Pvt. Ltd.
What Are The Regional Insights Into The Internet of Things IoT in Agriculture Market?
Asia-Pacific was the largest region in the internet of things (IoT) in agriculture market in 2024. The regions covered in the internet of things (IoT) in agriculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
