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IoT in Agriculture Market to Reach $48,714 Million: Global Industry Dynamics and Projection

02-08-2019 04:45 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Allied Market Research

IoT in Agriculture Market to Reach $48,714 Million: Global

There is a considerable increase in population, which boosts the food demand. This is one of the prime drivers of the IoT in agriculture market. Data for the development of IoT application in the agriculture industry is provided by various agriculture-related industries such as agriculture equipment, seeds, and chemical manufacturers. 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.

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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.

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. In addition, 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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High cost of adoption of IoT based technology is a challenge for farmers across Brazil, China, India, and other developing countries. This is expected to limit the IoT in agriculture market share. However, government initiatives in development of agriculture industry has led to partnership between public and private enterprises along with agro-processing organization, financial institution, and food manufacturers to promote the sustainable agriculture initiatives, which is expected to fuel the growth of the IoT in agriculture market share during the forecast period.

Iincrease in adoption of connected technologies by farmers, such as low power wide area (LPWA), Wi-Fi, Zigbee, and other wireless technology help farmers to efficiently plan various agricultural operations such as harvesting, monitoring, and inventory planning, which are further expected to boost the growth of the IoT in agriculture industry during the forecast period.

IoT in Agriculture Market: https://www.alliedmarketresearch.com/press-release/internet-of-things-iot-in-agriculture-market.html

About Us:

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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