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