Internet of Things (IoT) is a term which refers to the connection of devices to the internet that allows the generation and transfer of massive amounts of data. IoT creates a virtuous cycle that can generate even more precise and tailored products, pushing the boundaries, which helps in digitalization for agriculture.
IoT enables devices entrenched with sensors to connect and interact with each other by using the internet. In the agriculture sector, various devices can be remotely monitored and controlled in real-time, including anything from sheds, tractors, pumps, and weather stations, and computers.
Read Report Overbview: IoT in Agriculture Market
IoT enables one to monitor farm conditions and infrastructure remotely which helps reduce time on field, labor efforts, and investment capital among others allowing the farmers to focus on other things.
IoT in Agriculture Industry Overview
The global IoT in agriculture market was valued at $21.99 billion in 2021, which is expected to grow with a CAGR of 10.1% and reach $35.55 billion by 2026. With the recent advancements in the industry, a transformation is expected to be witnessed as more and more companies are enhancing their product portfolio by introducing data acquisition, agricultural robotics, and analytic services.
Impact of COVID-19
The COVID-19 pandemic has had a significant impact on almost all major industries throughout the world, including the agricultural industry. The pandemic has led to economic instability throughout the world, and the GDP for all countries declined in 2020. The pandemic’s potential impact on the adoption of the Internet of Things (IoT) has increased the traction of sensing technology in the agricultural sector.
IoT in Agriculture Market by System Type
The IoT in agriculture market (by systems) was dominated by sensing systems which generated a revenue of $6.72 billion in 2021. Sensor technology constitutes one of the most crucial parts of the development of IoT solutions.
These sensor developments aid in the measurement of various production factors such as soil moisture, nutrients in the soil, weed density, and solar radiation.
IoT in Agriculture Market by Application
The IoT in agriculture market (by application) was dominated by the precision crop farming application area, which generated a revenue of $8.60 billion in 2021. The gradual adoption of smartphones, access to high-speed internet, availability of affordable and reliable satellites for positioning and imagery, and technological advancements in farming equipment have led to the high prevalence and popularity of precision crop farming techniques and equipment.
IoT in Agriculture Market by Region
North America was estimated to hold the highest share of about 35.7% in 2021, thereby accounting for a value of $7.84 billion in the same year. The highest contributing country in the North America IoT in agriculture market is the U.S. due to the prevalence of advanced technology and its implications in the farming sector to increase production.
Key Market Players and Competition Synopsis
Key players operating in the global IoT in agriculture market analyzed and profiled in the study involve companies that provide the required technology for deployment in the agriculture industry. Moreover, a detailed competitive benchmarking of the players operating in the global IoT in agriculture market has been done to help the reader understand how players stack against each other, presenting a clear market landscape.
Request For Sample: https://bisresearch.com/requestsample?id=1247type=download
Some of the key players operating in the market include DEERE COMPANY, Microsoft Corporation, CNH Industrial NV, Robert Bosch GmbH, Agrivi, The Climate Corporation, Granular Inc., Harvest Croo Robotics, LLC, AeroFarms, OSRAM GmbH, AmHydro, Kalera, Heliospectra AB, Signify Holding (Koninklijke Philips N.V.), Connecterra B.V., DeLaval, Allflex USA Inc., Boumatic LLC, Aquabyte, Inc., AKVA Group ASA, and Eruvaka Technologies.
