Agriculture IoT Market Is Set To Revolutionary Growth At A CAGR Of 14.1% To Reach $34.9 billion By 2025 Meticulous Research
Pune, Maharashtra, March 4, 2020 (Wired Release) Meticulous Market Research leading global market research company published a research report titled Agriculture IoT Market byComponent (Hardware, Software, Services), Application (Precision Farming, Smart Greenhouse, Livestock Monitoring, Smart Irrigation, Others), andGeography Global Forecast to 2027.
According to this latest publication from Meticulous Research, the global agriculture iot market is expected to grow at a CAGR of 14.1% from 2019 to reach $34.9 billion by 2027. Substantial growth in the global agriculture IoT market is mainly attributed to the extensive government initiatives in encouraging modern farming techniques, rise in population, increase in demand for high-quality food products, and shrinkage of arable land. In addition, advent of big data analytics in smart farming and computer vision in precision farming provides significant opportunities for the agriculture IoT providers. Advent of Industry 4.0 is creating ample opportunities for agriculture IoT market to proliferate as it generates capabilities for optimized digital solutions. However, risk associated with the data security and lack of skilled farmers to effectively implement agriculture IoT are expected to offer hurdles to the rapid proliferation of the agriculture IoT market growth.
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The global agriculture IoT market study analyses data in terms of historical values (2017, 2018), estimated current value (2019), and forecast to 2027- by component (hardware, software, services), by application (precision farming, smart greenhouse, livestock monitoring, smart irrigation, others), and geography. The study also evaluates industry competitors and analyzes the market at a country level.
On the basis of component, the agriculture IoT market is classified into hardware, software, and services. Further, the hardware segment is classified into automation and control systems, sensing and monitoring devices, guidance and navigation, drones, handheld computers, displays, harvesters and forwarders, RFID tags and readers, and led grow lights. The automation and control systems accounted for the largest share of the overall hardware market, followed by sensing and monitoring devices. The large share of this sub-segment is attributed to the increasing automation, extensive adoption of precision farming, and growing emphasis on increasing farm productivity and profits. Moreover, growing proliferation of steering devices and GPS technology in smart farming industry is gaining traction and thus, automation and control systems will reflect high growth rate in the coming years. However, the software segment is projected to grow at a faster rate as compared to other sub-segments as there is an increasing demand for cloud-based software and solution providers that offer affordable tools to the farmers.
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On the basis of application, agriculture IoT market is classified into precision farming, smart greenhouse, livestock monitoring, smart irrigation, and others. Further, precision farming is segmented into yield monitoring, field mapping, crop scouting, weather tracking and forecasting, variable rate technology, inventory management, financial management, and others. Precision farming helps farmers with increased yields, profitability of production, better working conditions, increased animal welfare, and the potential to improve various aspects of environmental stewardship. Thus, precision farming contributes to the broader goal of achieving sustainability in agricultural production. In addition, use of variable rate technology devices for weather forecasting, crop scouting, yield monitoring, and field mapping is influencing the adoption of precision farming while contributing to drive the overall market growth. Moreover, smart greenhouse market is projected to a witness high growth rate during the forecast period as farmers have realized the significance of technology in safeguarding environment simultaneously along with the increasing farm productivity.
Asia Pacific: The fastest growing market
Asia Pacific is one of the major hubs for software providers with IT industry across the region expected to flourish further. This region will continue to experience rapid growth across all facets of technology during the forecast period. The farming methodologies have been improving off-late due to the presence of several advanced solution providers in the region and rapid growth in population, thereby offering high scope of implementing IoT solutions in agriculture. Some countries in this region, such as China, India, Japan, and South Korea, are at the forefront in terms of implementing these new technologies, while others are gradually adopting the latest technology. The growth in this region is driven by increasing adoption of smart devices, growing demands of consumers for enhanced food quality, and government initiatives in promoting technology in agriculture.
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Geographically, with respect to revenue, North America accounted for the largest share of the overall market and is expected to maintain its dominance throughout the forecast period. The growth of North America region is majorly attributed to the presence of the global key players of the agriculture IoT market and increasing adoption of modernized tools in farming. However, Asia Pacific region is offering some serious challenges to the dominance of North America in the overall market. The growth in APAC region is driven by a rising preference for implementing and end-user potential to invest in digital solutions to improve crop quality. Thus, the adoption of digital solutions by farmers is rapidly increasing in Asia Pacific region which ensures high growth opportunities for agriculture IoT market.
Key Players analysis in theAgriculture IoT Market
Key playersoperating in the global agriculture IoT market are Deere and Company (U.S.), Trimble Inc. (U.S.), AGCO Corporation (U.S.), Raven Industries (U.S.), Delaval (Sweden), GEA Group (Germany), Agjunction (U.S.), Antelliq (France), Ponsse (Finland), Komatsu Forest (Sweden), Farmers Edge Inc. (U.S.), The Climate Corporation (U.S.), DICKEY-john (U.S.), and CropMetrics LLC (U.S.), among others.
Key questions answered in the report-
1. Which are the high growth market segments in terms of type, technology, and end-use industry?
2. What are the major drivers, restraints, opportunities, and challenges in the overall agriculture IoT market?
3. Which geographic markets provide the fastest and highest revenue growth opportunities?
4. Who are the major players in the overall agriculture IoT market?
5. How is the competitive landscape in the overall agriculture IoT market?
6. What are the recent developments in the overall agriculture IoT market?
7. What are the different strategies adopted by major players in the overall agriculture IoT market?
8. What strategies key vendors have been following to strengthen their market?
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