IOT in Agriculture Market Size to Reach Revenues of over $48,714 million by 2025

IOT in Agriculture Market

IoT in agriculture market size was valued at $ 16,330 million in 2017, and is projected to reach $48,714 million by 2025, growing at a CAGR of 14.7% from 2018 to 2025.

Internet of things (IoT) technology is anticipated to play a significant role in increasing the current agricultural productivity to cater to the growing demand for food. IoT in agriculture industry incorporates IoT-based advanced technological tools, systems, equipment, and solutions to enhance the operational efficiency, maximize yield, and minimize wastage of energy through real-time field data collection, data storage, data analysis, and development of control platform. Diverse IoT-based applications such as precision farming, livestock monitoring, smart greenhouse, and fish farm monitoring, are expected to be instrumental in increasing the speed of the agriculture processes. IoT technology can address agriculture-based issues and optimize the quantity and quality of agriculture production, by connecting farms through a single platform and making them more intelligent by sharing, storing, and analyzing the information. The global IoT in agriculture market is estimated to grow at a notable CAGR of 14.7% from 2018 to 2025, due to lowered cost of technology as a result of ongoing R&D in IoT, and efforts by various governments of the countries across the globe to increase the quality and quantity of agriculture production.

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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. Data for the development of IoT application in the agriculture industry is provided by various agriculture-related industries such as agriculture equipment, seeds, and chemical manufacturers. Filling the gap between demand and supply across the globe requires more resources such as technically advanced equipment, skilled personnel, and capital for majority of companies. Investors have a major role to play in meeting these challenges and opportunities to benefit.

In terms of value, Asia-Pacific and LAMEA collectively contributed 35.7% share of the global IoT in agriculture market in 2017. The key players of the IoT in agriculture industry profiled in this 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.

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Key Findings of theInternet of Things (IoT) in Agriculture market:

  • Based on application, the precision farming segment was the highest contributor to the global IoT in agriculture market in 2017 and is projected to grow at a CAGR of 15.6%.
  • Based on system, the software segment is expected to grow at the highest CAGR of 19.9% from 2018 to 2025.
  • Based on region, Asia-Pacific is projected to grow at a CAGR of 16.4% from 2018 to 2025, owing to rise in population coupled with increase in food demand.
  • The U.S held the largest market share of 67.8% in 2017 and is expected to grow at a CAGR of 15.30% from 2018 to 2025.
  • China is expected to be the fastest growing segment at a CAGR of 18.5% from 2018 to 2025 owing to increase in livestock application.

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