Global Internet of Things (IoT) in Agriculture Market, By Offering (Hardware and Services), Agriculture Type (Precision Farming, Precision Forestry, Dairy & Livestock Monitoring, Smart Greenhouse, Fish Farm Monitoring, and Others), Connectivity (Wi-Fi, Bluetooth, RF Technology, Zigbee, and Others), Farm Size (Large Farms, Small Farms, and Medium-Sized Farms), Distribution (Dealers and D2C) - Industry Trends and Forecast to 2031.
Internet of Things (IoT) in Agriculture Market Analysis and Size
The Internet of Things (IoT) in agriculture is witnessing rapid growth, fueled by technological advancements that significantly enhance its applications and efficiency across various farming sectors globally. The increasing demand for automation, driven by labor shortages and the pressing need for operational efficiency, is a major factor accelerating the adoption of IoT in agriculture. Significant investments in research and development are further propelling market expansion. However, challenges such as the high initial costs of IoT implementation and regulatory constraints pose barriers, limiting accessibility for potential users. Despite these obstacles, the market presents promising opportunities, including improved farm productivity, sustainable agricultural practices, and strategic collaborations among industry players to foster innovation and market penetration. Addressing challenges such as public perception, ethical considerations, and cybersecurity risks will be crucial for ensuring long-term and sustainable growth in the IoT agriculture market.
Data Bridge Market Research analyses that the global Internet of Things (IoT) in agriculture market is expected to reach a value of USD 22.45 billion by 2031 from USD 6.95 billion in 2023, at a CAGR of 16.1% during the forecast period of 2024 to 2031.
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion
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Segments Covered
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Offering (Hardware and Services), Agriculture Type (Precision Farming, Precision Forestry, Dairy & Livestock Monitoring, Smart Greenhouse, Fish Farm Monitoring, and Others), Connectivity (Wi-Fi, Bluetooth, RF Technology, Zigbee, and Others), Farm Size (Large Farms, Small Farms, and Medium-Sized Farms), Distribution (Dealers and D2C)
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Countries Covered
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U.S., Canada, Mexico Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Sweden, Denmark, Poland, Norway, Finland, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia & New Zealand, Thailand, Indonesia, Philippines, Honk Kong, Taiwan, Cambodia, Vietnam, rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Qatar, Oman, Kuwait, Bahrain, Rest of Middle East and Africa, Brazil, Argentina and rest of South America
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Market Players Covered
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Sencrop, Pycno Industries, Inc., HARDWARIO a.s. GEA Group Aktiengesellschaft, Ag Leader Technology, TeeJet Technologies, DICKEY-john, Delair, AKVA group, TOPCON CORPORATION, ScaleAQ, Innovasea Systems Inc., Afimilk Ltd., AgEagle Aerial Systems Inc, Hexagon AB, Eruvaka Technologies Pvt. Ltd, Hylio, TEKTELIC Communications Inc., CropX inc., and Digital Matter among others
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Market Definition
The Internet of Things (IoT) in agriculture refers to the use of interconnected devices and sensors to collect and exchange data, optimizing various farming processes. This technology is applied in precision farming, where IoT devices monitor soil moisture, weather conditions, and crop health to enhance irrigation, fertilization, and pest control. It is also used in livestock monitoring to track animal health and behavior, and in supply chain management to ensure the traceability and quality of agricultural products from farm to market. By integrating IoT into agriculture, farmers can make data-driven decisions, increase efficiency, reduce resource waste, and improve overall productivity
Global Internet of Things (IoT) in Agriculture Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:
Drivers
- IoT Facilitates Precise Monitoring and Management of Crops, Maximizing Resource Efficiency and Boosting Yields
IoT revolutionizing agriculture by enabling precise monitoring and management of crops, effectively optimizing resource efficiency and significantly boosting yields. Through real-time data collection and analysis, farmers gain invaluable insights into soil conditions, moisture levels, and crop health. This granular understanding allows for targeted interventions such as precise irrigation, tailored fertilization, and timely pest management. By minimizing resource wastage and maximizing output. This technological integration not only streamlines operations but also empowers farmers to make data-driven decisions that optimize crop performance and overall farm profitability.
- Government Subsidies and Initiatives Encouraging Farmers to Adopt IoT and Digital Farming Technologies
Government subsidies and initiatives play a crucial role in incentivizing farmers to embrace IoT and digital farming technologies. By offering financial support and policy frameworks, governments encourage the adoption of advanced agricultural practices. These subsidies help offset the initial costs associated with investing in IoT devices, sensors, and related infrastructure. Furthermore, governmental support promotes innovation and technological advancement in the agricultural sector, fostering increased productivity, sustainability, and competitiveness.
Opportunity
- Rapid Technological Advancement in IoT Devices
The worldwide agriculture sector has a great deal of potential due to the Internet of Things' rapid technical advancements, which are making farming operations more accurate, efficient, and sustainable. Better sensors, longer battery life, and increased connectivity are just a few of the upgraded features found in newer IoT devices, which enable more precise data collecting and analysis. These developments boosting smart agriculture so that, farmers can keep an eye on a variety of factors in real time, such as crop health, soil moisture, weather, and equipment performance. Because of the educated decision-making made possible by this real-time monitoring, resources are used more efficiently, crop yields are raised, and expenses are decreased. Thus, the constant advancement of IoT technology is essential to increasing agricultural productivity and profitability.
Restraint/Challenge
- Limited Internet Access in Rural Areas Affects Implementation
Limited internet access in rural areas significantly hampers the implementation of IoT in agriculture. Many remote farming regions lack reliable and high-speed connectivity, which is crucial for real-time data transmission and effective functioning of IoT devices. This connectivity gap restricts farmers' ability to fully utilize advanced technologies, hindering precision monitoring and management practices. Consequently, the potential benefits of IoT, such as optimized resource use and increased yields, are not fully realized.
Recent Developments
- In February 2023, HARDWARIO a.s. announced the CHESTER-V1 extension module for its IoT gateway CHESTER at the IoT Solution World Congress in Barcelona. This new module enables connection to the Astrocast satellite network, ensuring data transmission from remote locations. This innovation boosted HARDWARIO's market presence, attracting new customers in agriculture, mining, and oil and gas sectors, thereby expanding their IoT deployment opportunities
- In December 2022, HARDWARIO a.s. and ADASTRA formed a strategic partnership in retail digitalization. The agreement saw HARDWARIO redefining its role, exiting its subsidiary ADASTRA Lab, while continuing as a key supplier of IoT components. This collaboration aimed to deliver advanced, scalable solutions globally, focusing on smart shelving and scales. The partnership benefited HARDWARIO by expanding its market reach through ADASTRA's expertise in IoT solutions, enhancing product innovation and competitiveness in retail technology
Global Internet of Things (IoT) in Agriculture Market Scope
The global Internet of Things (IOT) in agriculture market is segmented into seven notable segments, which are based on the basis of offering, agriculture type, connectivity, farm size, and distribution. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Offering
- Hardware
- Services
On the basis of offering, the global Internet of Things (IOT) in agriculture market is segmented into hardware and services.
Agriculture Type
- Precision Farming
- Precision Forestry
- Dairy & Livestock Monitoring
- Smart Greenhouse
- Fish Farm Monitoring
- Others
On the basis of agriculture type, the global Internet of Things (IOT) in agriculture market is segmented into precision farming, precision forestry, dairy & livestock monitoring, smart greenhouse, fish farm monitoring, and others.
Connectivity
- Wi-Fi
- Bluetooth
- RF technology
- Zigbee
- Others
On the basis of connectivity, the global Internet of Things (IOT) in agriculture market is segmented into Wi-Fi, bluetooth, RF technology, zigbee, and others.
Farm Size
- Large Farms
- Small Farms
- Medium Sized Farms
On the basis of farm size, the global Internet of Things (IOT) in agriculture market is segmented into large farms, small farms, and medium-sized farms.
Distribution
- Dealers
- D2C
On the basis of distribution, the global Internet of Things (IOT) in agriculture market is segmented into dealers and D2C.
Global Internet of Things (IoT) in Agriculture Market Analysis/Insights
The global Internet of Things (IoT) in agriculture market is segmented into five notable segments, which are based on the basis of offering, agriculture type, connectivity, farm size, and distribution.
The countries covered in the global Internet of Things (IoT) in agriculture market is U.S., Canada, Mexico Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Sweden, Denmark, Poland, Norway, Finland, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia & New Zealand, Thailand, Indonesia, Philippines, Honk Kong, Taiwan, Cambodia, Vietnam, rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Qatar, Oman, Kuwait, Bahrain, Rest of Middle East and Africa, Brazil, Argentina and rest of South America.
North America is expected to dominate market due to its advanced technological infrastructure, significant investment in agricultural technology, and widespread adoption of precision farming practices. U.S. is dominating in North America due to the nation's commitment to sustainable urban development and its status as a global business hub also contribute to a continuous demand for ground investigation services.
China is dominating in the Asia-Pacific region due to city-state's ambitious construction agenda, featuring iconic structures and extensive transportation networks, to ensure the stability and safety of structures.
U.K. is dominating in the Europe region due to strong government support and a well-established ecosystem of agritech companies contribute to the region's leadership.
The country section of the report also provides individual market-impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Internet of Things (IoT) in Agriculture Market Share Analysis
Global Internet of Things (IoT) in agriculture market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to the global Internet of Things (IoT) in agriculture market.
Some of the prominent participants operating in the global Internet of Things (IoT) in agriculture market are Sencrop, Pycno Industries, Inc., HARDWARIO a.s. GEA Group Aktiengesellschaft, Ag Leader Technology, TeeJet Technologies, DICKEY-john, Delair, AKVA group, TOPCON CORPORATION, ScaleAQ, Innovasea Systems Inc., Afimilk Ltd., AgEagle Aerial Systems Inc, Hexagon AB, Eruvaka Technologies Pvt. Ltd, Hylio, TEKTELIC Communications Inc., CropX inc., and Digital Matter among others.
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