IoT in Agriculture Market to Reach $48,714 Million by 2025 - Global Industry Analysis, Growth Drivers and Trends
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The global IoT in agriculture market is expected to generate $48,714 million by 2025, growing at a CAGR of 14.70% from 2018 to 2025. In 2017, the precision farming segment led the IoT in agriculture market, followed by the livestock monitoring segment. Growth in this segment is supplemented by rise in global population, development of internet technology, where localized data processing is done on the farm itself, which helps lower the cost and increase the adoption of IoT technology in precision farming.
Filling the gap between demand and supply across the globe requires more resources such as technically advanced equipment, skilled personnel, and capital for majority of companies. Investors have a major role to play in meeting these challenges and opportunities to benefit.
Upsurge in IoT in agriculture market size due to rise in global population coupled with increase in adoption of developed technology to optimize quantity and quality of farm production is expected to boost the adoption of IoT in agriculture market during the forecast period.
The European Agricultural Machinery Industry Association (EAMIA) has formed an association of 73 partners, which also include individual manufacturers that intend to increase IoT application in the European agriculture and food sector with an investment of $31.6 million is expected to boost the growth of IoT in agriculture market size. Moreover, factors such as development of IoT-based technology to monitor livestock health helps farmers prevent illness by taking preventive measures, are expected to boost the growth of the IoT in agriculture market during the forecast period.
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The global IoT in agriculture market is classified based on application into precision farming, livestock monitoring, smart greenhouse, and fish farm monitoring. The precision farming segment dominated the IoT in agriculture market with the largest share in 2017 and is expected to exhibit significant growth during the forecast period. Precision farming through application of communication and information technology including IoT is expected to revolutionize the global IoT agriculture market.
IoT in farming is achieved by implanting sensors that provide real time data, the data from the sensor can be share with the growers either through cloud or local server, which depends on reliability of internet connectivity and communication network. Thus, energy loss can be reduced by providing energy-efficient solutions such as harvester and tractors, to monitor farm equipment. These are the factors that fuel the growth in precision farming application of IoT in agriculture market during the forecast period.
According to a recent study, food and agribusiness have a massive social, economic, and environmental footprint and represent 10% of the global consumer expenditure. Although productivity improvements in the past have enabled an increase in food supply in many parts of the globe, feeding the global population has reemerged as a critical issue. A report by the United Nation, the world population is expected to increase from 7,630 million in 2018 to 9,772 million by 2050. Accordingly, crop demand, human consumption, and animal feed stock demand are expected to increase by two-folds.
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In coming years, various emerging constraints such as labor shortage, and water scarcity are expected to impact the agriculture production. In addition, more than 20% of arable land is estimated to be degraded by various sources of erosion such as water erosion, and soil erosion. Such scarcity of important resources will hamper agriculture production. Thus, development of IoT in the agriculture industry is projected to increase productivity in various region such as Africa, Eastern Europe, South America, and Asia.
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