IoT–based Smart Farming Transforming Agriculture Industry
Increasing adoption of Internet of Things (IoT) and Artificial Intelligence (AI) technology by farmers and growers
The smart agriculture market was valued at USD 7.53 billion in 2018 and is expected to reach USD 13.50 billion by 2023, at a CAGR of 12.39% during the forecast period. The major factors driving the growth of the smart agriculture market include the growing demand for agricultural production owing to the increasing population, rising adoption of information management systems and new advanced technologies for improving crop productivity, increasing crop productivity by implementing deep learning techniques, and growing initiatives by worldwide governments supporting the adoption of modern agricultural techniques. The combination of the Internet of Things (IoT) and artificial intelligence technologies, such as machine learning, computer vision, and predictive analytics, further allow farmers to analyse real-time data of weather conditions, temperature, soil moisture, and plant health.
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Population and income are on the rise
The world’s population is expected to reach 9.1 billion people in 2050, up from 7.4 billion in 2016. Farmers globally must increase food production 70 percent compared to 2006 levels to meet the needs of the larger population, according to a report from the Food and Agriculture Organization of the United Nations. Another major factor driving the food demand globally is an increase in global income levels, especially those in developing countries. As a result, these countries will be able to expand diets with more protein.
Advent of robotics and artificial intelligence in agriculture
Farm consolidation will drive the need for high-tech solutions like robotics to provide solutions for shortage of labor force in agriculture industry. Already, dairy farmers are using milking robots as a substitute for labor. Drone has gained a huge popularity among growers in recent years. Farm equipment manufacturers are testing prototypes of driverless tractors and sprayers to handle fieldwork without human drivers. As farming relies more on complex equipment with lots of hardware and electronics, data collection will play an increasingly larger role in farm management. The combination of the Internet of Things (IoT) and artificial intelligence technologies, such as machine learning, computer vision, and predictive analytics, further allow farmers to analyse real-time data of weather conditions, temperature, soil moisture, plant health, and crop prices in the market.
A big shift in farmer ages holds major implications for the future. For the first time, growers who are older than 65 outnumber farmers who are younger than 45. The difference is substantial, with 2.1 older growers for every farmer younger than 45. When older growers exit the business, there are fewer younger growers to replace them. As a result, farm consolidation will be significant and quick. The consolidation will change farm dynamics to larger, more managerial complexities.
Americas to dominate the smart agriculture market
Americas accounts for a substantial share of the global smart agriculture market in 2018, wherein the US and Canada is considered to be the major contributors. The presence of a number of agriculture technology providers such as IBM, Microsoft, John Deere, Granular, Blue River Technology, and The Climate Corporation in this region is driving the growth of smart agriculture market in this region. The increasing adoption of IoT, robotics, deep learning, and computer vision technologies for agricultural applications is further driving the growth of smart agriculture market in Americas.
Partnerships, agreements, mergers & acquisitions emerged as key growth strategies adopted by companies between 2015 and 2018
Key players in the smart agriculture market include Deere & Company (US), (Trimble) (US), AGCO (US), AgJunction (US), Raven Industries (US), AG Leader Technology (US), DeLaval (Sweden), GEA Group (Germany), Precision Planting (US), SST Development Group (US), Teejet Technologies (US), Topcon Positioning Systems (US), DICKEY-john Corporation (US), CropMetrics (US), Agribotix (US), The Climate Corporation (US), ec2ce (Spain), Descartes Labs (US), Gamaya (Switzerland), Granular (US), Prospera Technologies (Israel), Autonomous Tractor Corporation (US), Decisive Farming (Canada), Hexagon Agriculture (Brazil), and Autocopter Corp (US). These players have adopted various strategies such as new product developments, mergers, partnerships, collaborations, and expansions to cater to customer demands. For instance, in September 2017, John Deere acquired Blue River Technology, an artificial intelligence start-up that develops cutting-edge machine vision tools to help farmers scan fields and assess crops.
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Internet of Things (IoT) can play a vital role in increasing productivity of farm on per acre basis through site specific management. With the use of sensors in farms and farming machineries, IoT-based smart farming offers real-time data and analytics, which enables farmers to take corrective and preventive actions. Hence, IoT is the most reliable approach for monitoring and predicting critical variables such as water quality, ambient temperature and moisture, and soil condition, which impacts the crop quality, yield, and the returns. Thus, IoT-based precision farming has the potential to transform the agricultural sector, making the traditional farming activity more efficient and productive.
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