“The agriculture IoT market is projected to grow at a CAGR of 10.4% from 2019 to 2024”
The agriculture IOT market is expected to grow from USD 12.7 billion in 2019 to USD 20.9 billion by 2024, at a CAGR of 10.4% from 2019 to 2024. A few key factors driving the growth of this market are rising demand for agricultural production owing to increasing population, increasing adoption of Internet of Things (IoT) and Artificial Intelligence (AI) technology by farmers and growers, and focus on livestock monitoring and disease detection to improve farming efficiency.
“Agriculture IoT market for market for software offering to grow at the second highest CAGR during the forecast period”
The agriculture IoT market for software is expected to grow at the second highest CAGR during the forecast period. Software plays an important role in the farm management solutions for smart agriculture. Software and information technology tools are increasingly being adopted by agriculturists and farmers. Software can be used for different functions such as data management, data security, crop health monitoring, farm work mapping, and stock management.
“Agriculture IoT market for fish farm monitoring market to grow at the highest rate during the forecast period”
The agriculture IoT market for fish farm monitoring is expected to grow at the highest CAGR during the forecast period. The increasing demand for various hardware devices, such as GPS/GNSS, and different types of sensors is contributing to the growth of the agriculture IoT market for fish farming. The implementation of IoT technologies in fish farming helps in monitoring feeding patterns, detecting diseases in fish in advance, controlling water quality, preventing illegal fishing, and so on.
“The Americas is expected to account for the largest market share of the agriculture IoT market during the forecast period”
The Americas is expected to hold the largest share of the agriculture IoT market during the forecast period. There is presence of large-scale players in the region who are already using advance agricultural technologies to dramatically improve the speed and accuracy of their planting and crop management techniques. Countries such as the US and Canada are the early adopters of agriculture IoT technologies, which is another key factor contributing to the growth of the agriculture IoT market in the Americas.
Breakdown of the profile of primary participants:
- By Company Type: Tier 1 - 55 %, Tier 2 - 20%, and Tier 3 - 25%
- By Designation: C-Level Executives - 35%, Directors - 25%, Others - 40%
- By Region: Americas - 30%, Europe - 35%, APAC - 20%, and RoW - 15%
Deere & Company (US), Trimble (US), Raven Industries (US), AGCO Corporation (AGCO) (US), AgJunction Inc. (AgJunction) (US), DeLaval (Sweden), GEA Farm Technology (Germany), Lely (Netherlands), Antelliq (France), AG Leader Technology (AG Leader) (US), Tigercat (Canada), Ponsse (Finland), Komatsu Forest AB (Sweden), Caterpillar (US), Treemetrics (Ireland), Topcon Positioning Systems (US), and DICKEY-john Corporation (US).
- The agriculture IoT market has been segmented, based on offering, into Hardware, Software, and Services.
- The agriculture IoT market, based on agriculture type, has been segmented into precision farming, precision forestry, livestock monitoring, fish farm monitoring, smart greenhouse, and others, including horticulture and orchids.
- The agriculture IoT market, based on application, has been segmented into precision farming applications, precision forestry applications, livestock monitoring applications, fish farm monitoring applications, smart greenhouse applications, and other applications, including horticulture and orchid applications. On the basis of geographic regions, the agriculture IoT market has been classified into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons To Buy the Report
The report would help market leaders/new entrants in the following ways:
- This report segments the agriculture IoT market comprehensively and provides the closest approximations of the overall market’s size, as well as that of the subsegments across different offerings, agriculture types, applications and regions.
- The report helps stakeholders understand the pulse of the market and provides information on key market drivers, restraints, challenges, and opportunities.
- This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business.
- The competitive landscape section includes competitor ecosystem, product launches, product developments, acquisitions, collaborations, and partnerships in the agriculture IoT market.