IOT in Agriculture Market (COVID-19) Impact Analysis with Top Manufacturer Telit, Hitachi, Ltd, Decisive Farming, Trimble Inc.

The IoT in agriculture market size was valued at $ 16,330 million in 2017, and is projected to reach $48,714 million by 2025, growing at a CAGR of 14.7% from 2018 to 2025.

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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, EU-funded IoT Large-Scale Pilots Programme (LSP) has formed an association of 73 partners that also includes CEMA. The program is intended to increase IoT application in the European agriculture and food sector with an investment of $31.6 million, which is expected to boost the growth of IoT in agriculture market. 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. However, 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. In addition, increase 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.

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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In terms of value, Asia-Pacific and LAMEA collectively contributed 35.7% share of the global IoT in agriculture market in 2017. The key players of the IoT in agriculture industry profiled in this report include Cisco Systems, Inc., International Business Management Corporation (IBM), Telit, Hitachi, Ltd, Decisive Farming, Trimble Inc., OnFarm Systems Inc., Farmers Edge Inc., SlantRange, Inc., and The Climate Corporation.

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.

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