Press release
Global IoT in Agriculture Market: Growth, Trends, and Future Outlook (2024-2031)
Internet of Things (IoT) in agriculture market || DataM Intelligence
The global Internet of Things (IoT) in agriculture market reached $31.10 billion in 2023 and is projected to grow to $83.26 billion by 2031, at a compound annual growth rate (CAGR) of 13.1% from 2024 to 2031. The agriculture industry is rapidly evolving to meet the rising global demand for food, with producers increasingly adopting advanced technologies to enhance yield. Notably, 21% of farmers have adopted farm-management software, and 15% are using remote-sensing and precision agriculture hardware. Smaller segments, including 4% of farmers, are exploring technologies like farm-management software, precision-agriculture hardware, and remote-sensing solutions, while 2.5% are adopting additional automation and robotics.
North America leads the global market due to its significant agricultural sector, which contributed approximately $1.530 trillion, or 5.6% of the U.S. GDP in 2023. American farms alone accounted for $203.5 billion, making up 0.7% of the total GDP.
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Market Dynamics
Benefits Associated with IoT Technologies
IoT technologies are transforming farming practices by offering real-time data and insights to optimize crop management, irrigation, fertilization, and pest control. This data-driven approach enhances farming efficiency, reduces resource wastage, maximizes crop yields, and lowers operational costs. IoT sensors, drones, and smart devices collect vital information on soil moisture, crop health, and weather conditions, enabling precise and sustainable farming practices.
Precision farming, aided by IoT, empowers farmers to improve productivity, minimize environmental impact, and increase profitability. Technologies like smart irrigation systems, livestock monitoring sensors, and drone technology play a significant role in precision agriculture. Remote monitoring and predictive analytics further support farmers in managing crop health and detecting diseases.
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Segment Analysis
Enhanced Efficiency and Resource Optimization of Precision Agriculture
The IoT in agriculture market is segmented by application into precision aquaculture, precision farming, precision livestock, precision forestry, and others. Precision farming holds the largest market share, utilizing IoT technologies to optimize productivity, reduce input costs, and improve operational efficiency. By leveraging data on soil conditions, crop health, and weather patterns, precision farming allows for informed decisions regarding planting, irrigation, fertilization, and pest management, enhancing sustainability and profitability.
Geographical Penetration
Greater New Technology Adoption in North America
North America dominates the global agriculture market due to its history of agricultural innovation and early adoption of new technologies. Countries like the United States, Canada, and Mexico lead in precision agriculture and IoT solutions. According to the Farmers' Global Insights Survey by McKinsey in May 2022, 61% of North American farmers use or plan to adopt farm-management software, the most popular ag-tech solution. Government support and incentives, such as the USDA's financial assistance programs, further drive IoT adoption in agriculture.
Competitive Landscape
Major players in the global IoT in agriculture market include IBM Corporation, Groupe X-TELIA Inc., Arable, Fujitsu Limited, BASF SE, Murata Manufacturing Co., Ltd., Avanijal Agri Automation Pvt. Ltd, Cropin Technology Solutions Pvt Ltd, SAP SE, and Semios.
COVID-19 Impact Analysis
The COVID-19 pandemic had mixed effects on the IoT in agriculture market. Supply chain disruptions caused delays in the production and delivery of IoT devices and sensors. However, the pandemic underscored the need for efficiency and resilience in food production, increasing demand for precision agriculture solutions. Labor shortages due to lockdowns led farmers to adopt IoT solutions for remote monitoring and automation, reducing reliance on manual labor.
Key Developments
March 2024: GroGuru launched the world's first wireless underground soil sensor probe for monitoring the root zone of annual field crops, developed in partnership with AquaCheck.
July 2023: Aurea Imaging released TMS TreeScout, the world's first tractor-mounted sensor for precision orchard management, integrating AI and 3D computer vision.
September 2022: Cropin launched Cropin Cloud, the first industry-specific cloud for agriculture.
Related Reports:
https://www.datamintelligence.com/research-report/agriculture-technology-as-a-service-market
https://www.datamintelligence.com/research-report/smart-agriculture-market
https://www.datamintelligence.com/research-report/precision-agriculture-market
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DataM Intelligence 4Market Research is a market intelligence platform that gives access to syndicated, customized reports and consulting to its clients in one place. As a firm with rich experience in research and consulting across multiple domains, we are a one-stop solution that will cater to the needs of clients in key business areas. DataM Intelligence has an online platform whose industries such as chemicals and materials, agriculture, health care services, animal feed, and food & beverages, among others. Our platform has Insights on markets that uncover the latest market research data that are distinct from the competition. With coverage across 10 major industries in the marketplace research, DataM Intelligence benefits thousands of companies by helping them take their innovations early to the market by providing a complete view of the market with statistical forecasts. Our strategy-centric framework and value-added services will let individuals and corporations ease access and custom personalization to research and markets.
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