IOT in Agriculture Market Projected Expansion to $84.5 Billion Market Value by 2031 with a 12.6% CAGR

IoT (Internet of Things) in agriculture refers to the use of connected devices and sensors to collect data on various aspects of agricultural operations. The data collected by these devices can be analyzed to provide insights and make data-driven decisions to optimize operations, increase efficiency, and improve crop yield and quality.

𝐀𝐬𝐤 𝐟𝐨𝐫 𝐬𝐚𝐦𝐩𝐥𝐞 𝐜𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/request-sample/5094

The global IOT in agriculture market Size was valued at $27.1 billion in 2021 and is projected to reach $84.5 billion by 2031, growing at a CAGR of 12.6% from 2022 to 2031.

The collected data is transmitted to cloud-based platforms where it can be analyzed using artificial intelligence (AI) and machine learning algorithms to identify patterns and provide insights. Farmers can use these insights to make informed decisions about when to water or fertilize crops, which fields to plant specific crops, and when to harvest them.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

Rise in population along with food demand, government initiatives for utilization of remote sensing technology and satellite imaging applications led Asia-Pacific region become a lucrative region. The region contributed to more than one-third of the total market share in 2017 and is expected to lead throughout the forecast period. Moreover, it would register the fastest growth with a CAGR of 16.4% from 2018 to 2025.

The Internet of Things (IoT) in agriculture market is segmented on the basis of system, application, farm and region. By system, the market is classified into automation & control systems, sensing & monitoring devices, livestock monitoring hardware, fish farming hardware, smart greenhouse hardware, and software. By application, it is categorized into precision farming, livestock monitoring, smart greenhouse, and fish farm monitoring. Based on farms the IOT in Agriculture Industry is categorized into large, medium and small. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

𝐓𝐨𝐩 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

Major market players analyzed in the research include International Business Management Corporation (IBM), Cisco Systems, Inc., Hitachi, Ltd., Telit, Trimble Inc., Decisive Farming, SlantRange, Inc., Farmers Edge Inc., OnFarm Systems Inc., and The Climate Corporation. These market players have implemented various strategies such as collaborations, partnerships, joint ventures, expansions, and others to gain stronghold in the industry.

The rise in global population coupled with increase in adoption of developed technology to optimize quantity and quality of farm production are expected to boost the adoption of IoT in agriculture market during the forecast period. In addition, EU-funded IoT Large-Scale Pilots Program (LSP) has formed an association of 73 partners, including 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, which are anticipated to boost the growth of the 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.

𝐁𝐮𝐲 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/checkout-final/6e6629eb9551fdee021e73c4f3271869

Increase in demand for food with rise in global population, adoption of new technologies for improving yield, and implementation of IoT-based technologies to cope up with changing climatic conditions drive the growth in the industry. However, high capital investment to upgrade the existing infrastructure and setup in the ecosystem restrain the growth of the industry. On the other hand, growth in public-private partnerships between the government and state-owned enterprises create new opportunities in the market.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞 : https://www.alliedmarketresearch.com/purchase-enquiry/5094

However, while IoT technology has great potential to improve agriculture operations, there are also some restraints to its adoption and implementation. Some of the main restraints of IoT in agriculture includes high cost, limited internet connectivity, data security and privacy concerns, lack of technical expertise, and other complexities.

𝐊𝐞𝐲 𝐟𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐬𝐭𝐮𝐝𝐲

Based on application, the Precision farming segment dominated the global market in the year 2021 and is likely to remain dominant during the IOT in agriculture market Forecast period.

Based on the system, the software segment dominated the global market in the year 2021 and is likely to remain dominant during the forecast period.

Based on farm type, the large farm segment dominated the global market in the year 2021 and is likely to remain dominant during the forecast period.

Based on region, the Asia-Pacific region segment dominated the global market in the year 2021 and is likely to remain dominant during the forecast period.

𝗧𝗿𝗲𝗻𝗱𝗶𝗻𝗴 𝗥𝗲𝗽𝗼𝗿𝘁𝘀 𝗶𝗻 𝗙𝗼𝗼𝗱 𝗮𝗻𝗱 𝗕𝗲𝘃𝗲𝗿𝗮𝗴𝗲𝘀 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆

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