Agriculture IoT Market Growth, Analysis, Latest Trends and Forecast till 2026

Agriculture IoT market is estimated to grow from USD 11.4 billion in 2021 to USD 18.1 billion by 2026 at a CAGR of 9.8% during the forecast period. The growth of the agriculture IoT market is driven by factors such as increasing adoption of the Internet of Things (IoT) and artificial intelligence (AI) by farmers and growers, growing focus on livestock monitoring and disease detection, high demand for fresh produce, population growth, loss of arable land, surging adoption of aquaculture monitoring and feed optimization devices in developing countries, and strong government support for precision farming practices.

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The advent of advanced technologies such as guidance systems, variable rate technology, IoT, AI, and remote sensing has transformed the agriculture industry into a technologically intense and data-rich industry. Smart agriculture technologies assist in increasing profitability, improving sustainability, protecting the environment, and minimizing the consumption of resources such as water, fertilizers, and energy. IoT is implemented in various applications, including precision farming, livestock monitoring, precision aquaculture and smart greenhouse.

The production planning stage segment to hold the largest market share in 2026

The production planning stage segment of the agriculture IoT market is estimated to register the largest market share in 2026, by farm production planning stage. In the production stage, farmers must monitor crops, equipment performance, and production processes, like the feeding of livestock and fish, to ensure that productivity is maximized and costs are reduced. Soil and crop monitoring, feeding management of livestock and fish, silviculture and fire management, harvesting management in precision forestry, equipment monitoring, and financial planning processes are the major constituents of this stage.

The precision aquaculture application segment to register higher CAGR during the forecast period

The precision aquaculture application segment is projected to register the higher CAGR during the forecast period, by application. Precision aquaculture aims at optimizing the efficiency of farms and the effective implementation of operational activities such as feed planning and yield measurement. Factors contributing towards the growth of the segment are the increasing adoption of advanced technologies such as IoT, AI and machine learning in aquaculture equipment and tools, and the growing demand for protein-rich aqua food products.

Small farm segment is expected to witness higher CAGR growth during the forecast period

The agriculture IoT market for the small farm segment is projected to register the higher CAGR during the forecast period, by farm size. Small farms are expected to adopt automation and other advanced technologies at the highest rate in the coming years due to the reducing cost of farm automation equipment and advancements in technology that make it more feasible to deploy automation tools even on smaller farms to achieve high returns on investments.

North America to hold the largest market share in 2020

North America accounted for the largest share of the agriculture IoT market in 2020. Farmers or growers in the Americas are increasingly adopting advanced farming equipment such as steering and guidance systems, sensors, GPS trackers, smart irrigation systems, display devices, and farm management software, which is the prime factor supporting the growth of the market. In addition, government support for the adoption of such practices is further boosting the growth of the agriculture IoT market in the region.

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Key players in the agriculture IoT market include Deere & Company (US), Trimble Inc. (US), Raven Industries (US), DeLaval (subsidiary of Tetra Laval International, S.A.) (Sweden), AKVA group (Norway), Topcon Positioning Systems (US), AgJunction (US), Allflex (Subsidiary of Merck & Co., Inc.), Ponsse (Finland), Komatsu Forest AB (Sweden), InnovaSea Systems (US), Steinsvik (ScaleAQ) (Norway), TeeJet Technologies (US), DICKEY-john (US), AG Leader Technology (US), DJI (US), AgEagle (US), Afimilk (Israel), PrecisionHawk (US), Hexagon Agriculture (Brazil), Farmers Edge (Canada), Tigercat (US), The Climate Corporation (US), Descartes Labs (US), CropX (Israel), Eruvaka Technologies (India), ec2ce (Spain), Gamaya (Switzerland), Akuakare (Turkey), and In-Situ (US). These players are increasingly undertaking strategies such as product launches and development, expansions, partnerships, and acquisitions to increase their market share.

News also covered: https://www.prnewswire.com/news-releases/agriculture-iot-market-worth-18-1-billion-by-2026--exclusive-report-by-marketsandmarkets-301304970.html

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This release was published on openPR.