According to the report published by Allied Market Research, the global IOT in agriculture market was estimated at $27.1 billion in 2021 and is estimated to reach $84.5 billion by 2031, registering a CAGR of 12.6% from 2022 to 2031. The 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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Report coverage & details:
|
Report Coverage |
Details |
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Forecast Period |
2022–2031 |
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Base Year |
2021 |
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Market Size in 2021 |
$27.1 Billion |
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Market Size in 2031 |
$84.5 Billion |
|
CAGR |
12.6% |
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No. of Pages in Report |
250 |
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Segments covered |
System, Farm Type, Application, and Region |
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Drivers |
The increase in the demand for automation and control systems in a variety of sectors |
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The rising use of cloud-based services |
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The rise in global population and the increase in the demand for food across the globe |
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Opportunities |
The introduction of smartphones and high internet penetration |
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Increase in public–private partnerships |
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Restraints |
Fragmented agricultural market |
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High capital investment requirement |
Covid-19 Scenario:
- The outbreak of COVID-19 has had a negative impact on the growth of IOT in agriculture market. Since China is the main center where components for Internet of Things (IoT) devices are produced, the COVID-19 outbreak disrupted the global supply chain and affected the export of IOT devices, owing to their reduced production.
- Furthermore, agricultural equipment production was put on hold to prevent the virus from spreading, and this had a negative impact on the growth of IOT in agriculture industry. Additionally, the economic slowdown impacted the development of new projects worldwide, as government funding was prioritized towards healthcare systems.
- Despite these challenges, the market has recovered post-pandemic.
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.
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.
Based on the farm type, the large segment contributed to more than half of the global IOT in agriculture market revenue and is projected to rule the roost by 2031. On the other hand, the mid size segment would portray the fastest CAGR of 14.0% throughout the forecast period. The small farms segment is also studied in the report.
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.
Based on region, Asia-Pacific held the major share in 2021, garnering nearly two-fifths of the global IOT in agriculture market revenue and is projected to rule the roost in terms of revenue during the forecast period. The same region would cite the fastest CAGR of 13.7% throughout the forecast period. The other provinces studied through the report include North America, Europe, and LAMEA.
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The prominent market players analyzed in the global IOT in agriculture market report include Decisive Farming Corp., Hitachi, Ltd, Farmers Edge Inc., SlantRange, Inc., Climate LLC, Trimble Inc., Telit Corporate Group, Cisco Systems, Inc., SWIIM System, Ltd., and International Business Machines Corporation. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
Source From:- https://www.globenewswire.com/news-release/2023/04/04/2640925/0/en/IOT-in-Agriculture-Market-Size-to-Reach-84-5-Billion-by-2031-Allied-Market-Research.html
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.