IoT in Agriculture Market is anticipated to grow at a CAGR of ~10% from 2019 to 2030

Market Industry Reports (MIR) has published a new report titled “IoT in Agriculture Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Global IoT in agriculture Market is estimated to be over US$ ~12.9 Bn by 2019. The market is anticipated to grow at a CAGR of ~10% from 2019 to 2030. 

The continual growth of the IoT in Agriculture market can be attributed to several factors, which have led to its wide-scale adoption. Rising adoption of IoT by farmers and increasing use of drones in precision farming are anticipated to further contribute to market growth between 2019 and 2030. However, high technological cost and lack of technical knowledge & skills among farmers may hamper the global IoT in agriculture market to a certain extent.

To obtain better insights pertaining to the market scenario, prominent players are increasingly focusing on collaborative initiatives with several institutes, research centers and companies. For instance, In April 2019, Decisive Farming, a leading integrated farm management platform announced partnership with DTN, a leading provider for actionable weather and agricultural insights. Through this collaboration, decisive farming customers were provided with increased access to precision agriculture and weather insights to help them boost production and decrease costs.

According to UN Food and Agriculture Organization, growing population globally will need to produce 70% more food by 2050. Moreover, limited availability of natural resources, reduction in agricultural lands, and declining in agricultural labor has resulted in increase in adoption of internet connectivity solutions in farming practices and is major factors influencing the extensive growth of the market globally.

Browse key industry insights spread across 230 pages with market data tables & figures & charts from the report, IoT in Agriculture Market by Offering (Hardware, Software and Services), Application (Precision Farming, Precision Forestry, Livestock Monitoring, Smart Greenhouse, and Fish Farm Monitoring)-Analysis & Forecast 2019-2030 in detail along with the table of contents:

Adoption of drones in precision farming is one of the major factor influencing the extensive market growth of IoT in Agriculture globally. Drone technology are mainly used to monitor crops, identify issues in agriculture, and detect & control diseases and pests, therefore further propelling their adoption.

High technological cost and lack of technical knowledge & skills among farmers are the major factors hampering the market. Owing to high technological cost, farmers are hesitant to buy technology or rely on less advanced farming technologies which limit their productivity. Moreover, due to lower literacy rate in rural areas, smart agricultural technologies is challenging for farmers to handle.

Asia Pacific has been identified as the fastest-growing market for IoT in Agriculture market and is anticipated to contribute significantly to the global market share. This can be attributed to growing population & increase in their demands for food, and growing demand to protect crops from unpredicted climatic changes. Countries in the APAC, such as India, China, and Japan, are anticipated to provide significant growth opportunities for the global IoT in Agriculture market owing to adoption of this technology.

Some of the prominent players in the IoT in Agriculture market include Deere & Company, Trimble Inc., Cisco Systems, Inc., AKVA group, Ag Leader Technology, Decisive Farming, Telit, AllflexUSA Inc., OnFarmSystems Inc., SmartcultivaCorporation, among others.

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