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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
The IOT in agriculture market is being driven by several factors, including the growing demand for real-time data analytics” - Allied Market ResearchPORTLAND, OR, US, May 17, 2023 /einpresswire.com / -- The iot in agriculture market report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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The IOT in agriculture market Size was valued at $27.1 billion in 2021, and is estimated 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.
Leading Key Players
Some of the major players analyzed in the global Internet of Things (IoT) in agriculture 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 report offers a detailed segmentation of the global IOT in agriculture market based on system, farm type, application and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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Based on the system, the software segment accounted for the highest share in 2021, for more than one-third of the global IOT in agriculture market revenue and is expected to continue its lead during the forecast period. The same segment, however, would manifest the fastest CAGR of 14.0% during the forecast period. The report also discusses automation and control systems, sensing and monitoring devices, livestock monitoring hardware, fish farming hardware, and smart greenhouse hardware segments.
The cost of IoT devices, sensors, and other related technologies can be high, especially for small-scale farmers or those in developing countries. This can limit their ability to adopt and implement these technologies. Also, Many farms are located in remote or rural areas with limited internet connectivity. This can make it difficult to transmit data from IoT devices to cloud-based platforms for IOT in agriculture market Analysis and decision-making. In addition, the collection and transmission of data from IoT devices raise concerns about data security and privacy. Farmers may be hesitant to share sensitive data with third-party providers for fear of data breaches or misuse. Thus, all the aforementioned factors hampers the market growth.
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.
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Based on application, the precision farming segment accounted for the highest share in 2021, generating more than two-fifths of the global IOT in agriculture market revenue and is projected to maintain its dominant share in terms of revenue during the forecast period. However, the smart greenhouse segment would showcase the fastest CAGR of 16.0% throughout the forecast period. The livestock monitoring and fish farm monitoring segments are also analyzed throughout the report.
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