$32.75 Billion Agriculture IoT Market - Global Forecast to 2027 - ResearchAndMarkets.com

The "Agriculture IoT Market by Component, by Application, and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The agriculture IoT market is expected to grow at a CAGR of 15.2% from 2020 to reach $32.75 billion by 2027

The growth of the agriculture IoT market is driven by the factors such as positive encouragement from local governments and development organizations for the adoption of modernized farming techniques.

Furthermore, the rising population and subsequently growing demand for high-quality food products and consistently shrinking arable land are the other prominent factors promoting the growth of the agriculture IoT market. Besides, the factors such as increasing awareness about AI and big data analytics, consistent proliferation of IoT devices across different end-use sectors, and enhanced end-user experience are also contributing to the growth of this market.

On the basis of component, hardware segment is estimated to account for the largest share of the overall agriculture IoT market. The hardware segment is further segmented into automation & control system, sensing & monitoring devices, guidance & navigation, drones, handheld computers, displays, smart harvesters & forwarders, RFID tags & readers, and LED grow lights.

Easy availability, declining prices, and consistently growing adoption of IoT hardware in agriculture, especially in developing countries of Asia Pacific, helped agriculture IoT hardware market to dominate other segments. However, in coming years, the market is expected to mature, and hence, the services segment is expected to grow with the fastest growth rate throughout the forecast period. The service segment is further classified into professional & managed services.

On the basis of application, precision farming segment is estimated to account for the largest share of the overall agriculture IoT market. With consistently growing population which is expected to reach almost 10 billion by 2050 as stated by United Nation Organization, the demand for high-quality food products is expected to pose one of the biggest challenges to human race. In order to counter such issues and increase the productivity of limited arable land, governments are encouraging farmers to adopt IoT enabled precision farming techniques. Thus, the precision farming segment dominated the overall agriculture IoT market.

However, the smart greenhouse segment is expected to register maximum growth rate over the coming years. Regulation of controlled environment can help boost the productivity within limited resources in greenhouse agriculture. Integration of IoT in greenhouse farming can help to achieve high production rate of good quality food. Hence, the smart greenhouse segment is expected to grow with a healthy growth rate over the forecast period.

In 2020, North America is estimated to command the largest share of the global agriculture IoT market, followed by Europe and Asia Pacific. The large share of this region is mainly attributed to its open-minded approach towards smart agriculture and high technology adoption rate, presence of key players & start-ups, and established infrastructure.

However, the factors such as high spending power, participation of young population in modernize farming, and government initiatives supporting agricultural digitalization is helping Asia Pacific to register the fastest growth in the global agriculture IoT market.

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

3.1. Market Analysis, by Component

3.2. Market Analysis, by Application

3.3. Market Analysis, by Geography

3.4. Competitive Analysis

4. Market Insights

4.1. Introduction

4.2. Drivers

4.2.1. Government Initiatives Encouraging Modernized Farming Techniques

4.2.2. Rising Population and Demand for High-Quality Food Products

4.2.3. Shrinking Arable Land

4.3. Restraint

4.3.1. Risks Associated with Data Security and Privacy

4.4. Opportunities

4.4.1. Advent of Big Data Analytics in Smart Farming

4.4.2. Computer Vision for Precision Agriculture

4.5. Challenges

4.5.1. Lack of Technically Skilled Farmers

4.5.2. Lack of Standardization in the Smart Agriculture Industry

4.6. Trend

4.6.1. Increasing Number of Start-Ups in the Agri-Tech Industry

4.7. Impact of Covid-19 On the Agriculture IoT Market

5. Global Agriculture IoT Market, by Component

5.1. Introduction

5.2. Hardware

5.2.1. Automation and Control Systems

5.2.1.1. Irrigation Controllers

5.2.1.2. Flow and Application Control Devices

5.2.1.3. Variable Rate Controllers

5.2.2. Sensing and Monitoring Devices

5.2.2.1. Soil Sensors

5.2.2.2. Water Sensors

5.2.2.3. Climate Sensors

5.2.2.4. Sensors for Livestock

5.2.3. Guidance and Navigation

5.2.4. Drones

5.2.5. Handheld Computers

5.2.6. Displays

5.2.7. Smart Harvesters and Forwarders

5.2.8. RFID Tags and Readers

5.2.9. LED Grow Lights

5.3. Software

5.3.1. On-Premise

5.3.2. Cloud-Based

5.4. Services

5.4.1. Professional Services

5.4.2. Managed Services

6. Global Agriculture IoT Market, by Application

6.1. Introduction

6.2. Precision Farming

6.2.1. Yield Monitoring

6.2.2. Crop Scouting

6.2.3. Variable Rate Technology

6.2.4. Field Mapping

6.2.5. Weather Tracking & Forecasting

6.2.6. Inventory Management

6.2.7. Financial Management

6.2.8. Other Types

6.3. Smart Greenhouse

6.3.1. Ambient Environmental Monitoring

6.3.2. Yield Monitoring

6.3.3. Water & Nutrient Management

6.4. Livestock Monitoring

6.4.1. Behavior Monitoring and Management

6.4.2. Feeding Management

6.4.3. Breeding Management

6.4.4. Other Types

6.5. Smart Irrigation

6.6. Other Applications

7. Global Agriculture IoT Market, by Geography

8. Competitive Landscape

8.1. Introduction

8.2. Key Growth Strategies

8.3. Competitive Benchmarking

8.4. Market Share Analysis

9. Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Development)

9.1. Deere & Company

9.2. Trimble, Inc.

9.3. Agco Corporation

9.4. Raven Industries, Inc.

9.5. Delaval, Inc.

9.6. GEA Group Ag

9.7. Agjunction

9.8. Antelliq Corporation

9.9. Ponsse Oyj

9.10. Komatsu, Ltd. (Komatsu Forest)

9.11. Farmers Edge, Inc.

9.12. the Climate Corporation

9.13. Dickey John

9.14. Cropmetrics LLC

For more information about this report visit https://www.researchandmarkets.com/r/ftcuzc

View source version on businesswire.com: https://www.businesswire.com/news/home/20201022005616/en/