Agriculture IoT denotes to the implementation of cutting-edge techniques for cultivating sustainable and clean farming practices for boosting farm productivity. IoT-enabled smart farming consists of several IoT sensors that can examine and update themselves as per the working environments to gather real-time data produced in the product development phase.
The global agriculture IoT market is projected to witness substantial growth during the forecast period owing to factors such as the rising need for agricultural output along with the mounting penetration of artificial intelligence (AI) and Internet of Things (IoT) technologies within the farming sector. Further, several government institutions have begun awareness programs, collaborations with private sector, and restructuring policies to expedite smart farming within their respective regions. Also, numerous organizations are concentrating on enhancing precision farming methods with features such as high analytical abilities and easy availability of data. In addition, using IoT devices for checking crops, soil, and weather conditions, apart from managing dairy, livestock, and other current practices, has led to elevated profitability and higher crop production. Moreover, developments in the field of big data, cloud computing, and IoT are also anticipated to bring in several growth opportunities for the market during the coming period.
The global agriculture IoT market has been divided based on agriculture type, offering, application and geography. The global market, on the basis of offering, is segregated into software, hardware, and services. The global market, on the basis of application, is bifurcated into precision forestry applications, precision farming applications, smart greenhouse applications, fish farm monitoring applications, livestock monitoring applications, and other applications. The global market, on the basis of agriculture type, is classified into precision forestry, smart greenhouse, precision farming, fish farm monitoring, livestock monitoring, and others.
Regionally, the global agriculture IoT market is projected to be governed by Europe during the forecast period. This regional expansion can be attributed to factors such as the rising need for food stimulated by the rising population rate, a noteworthy change in the diet patterns, radical variation in climatic conditions, and the increasing shortage of natural resources that further boost the implementation of IoT-based technologies within the agriculture sector.
The major players participating within the global agriculture IoT market consist of Trimble Inc., Deere & Company, Raven Industries, Inc., AGCO Corporation, GEA Group, DeLaval, Merck & Co., Inc., AgJunction, Komatsu Forest, and Ponsse Oyj, among others. These market players are undertaking several approaches to make their market presence strong. To cite, Raven Industries, Inc., in 2019, declared to enter into a deal with Dot Technology Corp that would concentrate on opening an innovative track to autonomy for farmers and get disruptive technologies into the market.