LONDON, Sept. 10, 2020
LONDON, Sept. 10, 2020 /PRNewswire/ -- According to a new market research report "Agriculture IoT Market by Component (Hardware, Software, Services), Application (Precision Farming, Smart Greenhouse, Livestock Monitoring, Smart Irrigation, Others), and Geography - Global Forecast to 2027", published by Meticulous Research®, the agriculture IoT market is expected to grow at a CAGR of 15.2% from 2020 to reach $32.7 billion by 2027.
Agriculture IoT refers to the adoption of advanced technologies for producing higher yield from farms in order to cater increasing food demands and enhance productivity by optimizing fertilizer use for increased efficiency. Deployment of smart devices based on IoT is changing the way agriculture data is being handled, processed, and delivered. The global agriculture IoT market is witnessing consistent growth owing to the growing use of precision farming techniques and increasing adoption of IoT and cloud-based solutions. In addition, the extensive government initiatives towards encouraging modernized farming techniques, rise in population, increase in demand for high quality food products, and shrinking arable land are driving this market. However, the lack of data privacy and security coupled with lack of internet infrastructure in agriculture industry are some of the key factors restraining the upsurge of the global agriculture IoT market.
Impact of COVID-19 on the Agriculture IoT Market
The ongoing COVID-19 outbreak has affected several end-use sectors, as most operations are temporarily suspended across major manufacturing and processing hubs. Prior to the outbreak, industries were actively competitive due to Industry 4.0, which led them to adopt various technologies to a greater extent. The agri-tech sector was also flourishing with the adoption of new techniques, such as IoT and big data analytics. However, with the sudden outbreak of this pandemic, several sectors have stopped their ongoing production and projects, which has affected businesses associated with the incorporation of technology. In addition, the immediate financial impact on farmers has already resulted in a massive reduction of non-essential spending and investments.
Due to the rapid dip in demand and unavailability of raw materials, workforce, and assets, production plans are expected to change on a much higher frequency. This would slow down the adoption of agriculture IoT solutions, as farmers are inclined to manage their business with existing technologies and resources. Furthermore, farmlands that had incorporated agriculture IoT solutions, which exist in the severely affected regions, are expected to explore a proactive deployment of automation technologies to decrease worker density throughout their operations.
Considering the lockdown and restriction across the globe, a moderate decline in the growth of the agriculture IoT market is considered in the 1st quarter of 2020. Post this quarter, farmers are expected to restart their production and ensure maximum usage of agriculture IoT solutions for various applications. Also, the farmlands are enforced to reduce the number of workers working at the same time, which, in turn, will increase the possibilities of usage of agriculture IoT solutions. This is projected to improve the services market for agriculture IoT solutions. Besides, the use of agriculture IoT software solutions that are primarily segmented as data analytics and management is expected to rise to a greater extent, as farmers would start making data-driven decisions for faster growth of their business. Further, the investments in this market are expected to recover at a steady pace, resulting in a market recovery for agriculture IoT solutions from 2022 onwards.
The global agriculture IoT market is segmented on the basis of component (hardware, software, and services), application (precision farming, smart greenhouse, livestock monitoring, smart irrigation and other applications), and geography.
Based on component, the hardware segment is estimated to account for the largest share of the overall agriculture IoT market in 2020. The growing demand for automating agricultural processes and increasing innovative products offered by start-ups are some of the major factors driving the growth of this segment. Also, affordable prices of sensors are triggering the adoption rate of sensing and monitoring devices, which is further expected to accelerate the growth of this segment.
Based on application, the precision farming segment is estimated to account for the largest share of the overall agriculture IoT market in 2020. The factors driving the growth of this segment include extensive government initiatives regarding the incorporation of precision farming techniques and rising adoption of modernized practices to improve farm productivity. Further, the yield monitoring segment is estimated to account for the largest share of the precision farming market in 2020. Yield monitoring helps farmers with adequate information to make educated decisions about their fields by allowing farm equipment, such as smart harvesters and tractors, to collect a huge amount of data, including grain yield, moisture levels, and soil properties, among others.
The agriculture IoT market scope varies greatly across different continents. The reason for this lies in the pace of technological development across different parts of the world. Large number of companies in North America are offering IoT solutions to enhance the agricultural output and leverage the benefits obtained from integrating new technologies, such as 5G and cloud computing with IoT solutions, which help to streamline the agriculture businesses. Presence of majority of established agriculture IoT players and start-ups have boosted the growth of the overall agriculture IoT market for the North American region. With respect to revenue, North America is currently the major market and expected to maintain its dominance throughout the forecast period. However, the rising government initiatives towards digitization, strong inclination of businesses and governments toward storing and processing data locally, and growing adoption of agriculture IoT by the farmers in the region are helping Asia Pacific to register the fastest growth in the global agriculture IoT market.
The report also includes extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 4 years. The agriculture IoT market has witnessed larger number of new product launches in recent years. For instance, in November 2019, Trimble, Inc. (U.S.) introduced GFX-350™ display and NAV-500™ guidance controller to provide a cost-effective option for farmers. This enabled farmers to adopt the latest precision agriculture technology for their daily operations. Similarly, in June 2019, Komatsu Forest (Japan) launched a product, MaxiVision, that helped the forest machine operators to visualize the state and conditions of the forest. This enabled operators to closely analyse the land and forest conditions and subsequently take further actions in their operations.
The global agriculture IoT market is consolidated and dominated by few major players namely, Deere and Company (U.S.), Trimble Inc. (U.S.), AGCO Corporation (U.S.), Raven Industries (U.S.), Delaval (Sweden), GEA Group (Germany), Agjunction (U.S.), Antelliq (France), Ponsse (Finland), Komatsu Forest (Sweden), Farmer's Edge Inc. (U.S.), The Climate Corporation (U.S.), DICKEY-john (U.S.), and CropMetrics LLC (U.S.) among others.
Scope of the Report:
Market by Component
Market by Application
Market by Geography
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