Dublin, Feb. 28, 2022 (GLOBE NEWSWIRE) -- The "Agriculture IoT Market by Component (Hardware, Software, Connectivity & Services), Application (Precision Farming, Smart Greenhouse, Livestock Monitoring, Smart Irrigation, and Other Applications), and Geography - Global Forecasts to 2028" report has been added to ResearchAndMarkets.com's offering.
The global agriculture IoT market is expected to grow at a CAGR of 10.8% from 2021 to reach $22.6 billion by 2028.
Changing climate & shrinking of arable land, rising population & growing demand for high-quality agriculture products, and growing need for proper water utilization drive the growth of this market. In addition, increasing public-private partnerships and the integration of high-end analytics with IoT offer prominent growth opportunities for this market.
The global agriculture IoT market is segmented based on component (hardware, software, connectivity & services), application (precision farming, smart greenhouse, livestock monitoring, smart irrigation, and other applications), and geography.
Based on component, the hardware accounted for the largest share of the global agriculture IoT market in 2021. The hardware segment is further segmented into automation & control systems, sensing & monitoring devices, guidance & navigation, drones, handheld computers, displays, smart harvesters & forwarders, RFID tags & readers, and LED grow lights.
The easy availability of IoT hardware, declining prices, and consistently growing adoption of IoT hardware in agriculture, especially in developing countries of Asia-Pacific, contributed to the large market share of the IoT hardware segment.
However, as the market matures in the coming years, the services segment is expected to witness significant growth and grow at the highest growth rate throughout the forecast period.
Based on application, the precision farming segment accounted for the major share of the global agriculture IoT market in 2021. With a consistently growing population expected to reach almost 10 billion by 2050, as stated by United Nations Organization, the demand for high-quality food products is expected to pose one of the biggest challenges to the human race.
In order to counter these issues and increase the productivity of limited arable land, governments are encouraging farmers to adopt IoT-enabled precision farming techniques. Thus the precision farming segment dominated the global agriculture IoT market in 2019.
However, the smart greenhouse segment is slated to register the highest growth rate over the coming years. Regulation of controlled environment helps boost the productivity within limited resources in greenhouse agriculture. Therefore, the integration of IoT in greenhouse farming can help achieve a high production rate of quality food. Hence, the smart greenhouse segment is expected to witness significant growth over the forecast period.
Geographic Review:
An in-depth analysis of the geographical scenario of this market provides detailed qualitative and quantitative insights about the five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
In 2021, North America commanded the largest share of the global agriculture IoT market, followed by Europe and Asia-Pacific. The large share of this region is mainly attributed to its open-minded approach towards smart agriculture and high adoption rate of technologies, presence of key players & start-ups, and established infrastructure.
However, Asia-Pacific is expected to witness the fastest growth rate in the global agriculture IoT market due to factors, including high disposable income, the participation of the young population in modernized farming, and the increasing government initiatives supporting agricultural digitalization.
Key Players
Key players operating in the global Agriculture IoT market include Deere & Company (U.S.), Trimble Inc. (U.S.), AGCO Corporation (U.S.), DeLaval (Sweden), Raven Industries, Inc. (U.S.), GEA Group AG (Germany), Komatsu, Ltd. (Japan), Ponsse PLC (Finland), Farmer Edge Inc. (Canada), DICKEY-john (U.S.), CropX, Inc. (Israel), The Climate Corporation (U.S.), Topcon Positioning Systems, Inc. (U.S.), AgJunction Inc. (U.S.), Antelliq Corporation (U.S.), and TeeJet Technologies (U.S.).
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Impact of Covid-19 on the Agriculture IoT Market
5. Market Insights
5.1. Introduction
5.2. Market Dynamics
5.2.1. Drivers
5.2.1.1. Changing Climate and Shrinking of Arable Land
5.2.1.2. Rising Population and Growing DemAnd for High-Quality Agriculture Products
5.2.1.3. Growing Need for Proper Water Utilization
5.2.1.4. Government Initiatives Encouraging Precision Farming
5.2.2. Restraints
5.2.2.1. Lack of Connectivity and Infrastructure
5.2.3. Opportunities
5.2.3.1. Increasing Public-Private Partnerships
5.2.3.2. Integration of High-End Analytics with IoT
5.2.4. Challenges
5.2.4.1. Lack of Technical-Know-How Among Consumers
5.2.4.2. Lack of Standardization in the Smart Agriculture Industry
5.2.5. Trends
5.2.5.1. Market Trends
5.2.5.1.1. Agriculture IoT-As-A-Service
5.2.5.1.2. Increasing Number Of Start-Ups in the Agro-Tech Industry
5.2.5.2. Technology Trends
5.2.5.2.1. Integration of Ai in Agriculture IoT
5.2.5.2.2. Use of Computer Vision for Precision Agriculture
5.2.6. Case Studies
5.2.6.1. Case Studies I
5.2.6.2. Case Studies II
5.2.6.3. Case Studies III
5.2.7. Value Chain Analysis
5.3. Opportunity Analysis: The Horticulture Industry
6. Global Agriculture IoT Market, by Component
6.1. Introduction
6.2. Hardware
6.2.1. Automation And Control Systems
6.2.1.1. Flow and Application Control Devices
6.2.1.2. Irrigation Controllers
6.2.1.3. Variable-Rate Controllers
6.2.2. Sensing And Monitoring Devices
6.2.2.1. Sensors (for Livestock)
6.2.2.2. Climate Sensors
6.2.2.3. Water Sensors
6.2.2.4. Soil Sensors
6.2.3. Rfid Tags and Readers
6.2.4. Smart Harvesters and Forwarders
6.2.5. Agriculture Drones
6.2.6. Guidance and Navigation
6.2.7. Displays
6.2.8. Handheld Computers
6.2.9. Led Grow Lights
6.3. Software
6.3.1. Cloud-Based
6.3.2. On-Premise
6.4. Connectivity & Services
7. Global Agriculture IoT Market, by Application
7.1. Introduction
7.2. Precision Farming
7.2.1. Yield Monitoring
7.2.2. Crop Scouting
7.2.3. Variable-Rate Technology
7.2.4. Field Mapping
7.2.5. Weather Tracking & Forecasting
7.2.6. Inventory Management
7.2.7. Financial Management
7.2.8. Other Precision Farming Applications
7.3. Smart Greenhouse
7.3.1. Ambient Environmental Monitoring
7.3.2. Yield Monitoring
7.3.3. Water & Nutrient Management
7.4. Livestock Monitoring and Management
7.4.1. Behavior Monitoring and Management
7.4.2. Feeding Management
7.4.3. Breeding Management
7.4.4. Other Livestock Monitoring and Management Applications
7.5. Smart Irrigation
7.6. Other Applications
8. Agriculture IoT Market, by Geography
9. Competitive Landscape
9.1. Introduction
9.2. Key Growth Strategies
9.2.1. Market Differentiators
9.2.2. Synergy Analysis: Major Deals & Strategic Alliances
9.3. Competitive Dashboard
9.3.1. Industry Leaders
9.3.2. Market Differentiator
9.3.3. Vanguards
9.3.4. Contemporary Stalwarts
9.4. Vendor Market Positioning
9.5. Market Share Analysis
10. Company Profiles
10.1. Deere & Company
10.1.1. Business Overview
10.1.2. Product Portfolio
10.1.3. Strategic Development
10.2. Trimble Inc.
10.2.1. Business Overview
10.2.2. Product Portfolio
10.2.3. Strategic Development
10.3. Agco Corporation
10.3.1. Business Overview
10.3.2. Product Portfolio
10.3.3. Strategic Development
10.4. Delaval
10.4.1. Business Overview
10.4.2. Product Portfolio
10.4.3. Strategic Development
10.5. Raven Industries, Inc.
10.5.1. Business Overview
10.5.2. Product Portfolio
10.5.3. Strategic Development
10.6. Gea Group AG
10.6.1. Business Overview
10.6.2. Product Portfolio
10.6.3. Strategic Development
10.7. Farmers Edge, Inc.
10.7.1. Business Overview
10.7.2. Product Portfolio
10.7.3. Strategic Development
10.8. Dickey John
10.8.1. Business Overview
10.8.2. Product Portfolio
10.8.3. Strategic Development
10.9. Cropx Inc.
10.9.1. Business Overview
10.9.2. Product Portfolio
10.9.3. Strategic Development
10.10. Ponsse Oyj (Plc)
10.10.1. Business Overview
10.10.2. Product Portfolio
10.10.3. Strategic Development
10.11. Komatsu, Ltd. (Komatsu Forest)
10.11.1. Business Overview
10.11.2. Product Portfolio
10.11.3. Strategic Development
10.12. The Climate Corporation
10.12.1. Business Overview
10.12.2. Product Portfolio
10.12.3. Strategic Development
10.13. Agjunction Inc.
10.13.1. Business Overview
10.13.2. Product Portfolio
10.13.3. Strategic Development
10.14. Topcon Positioning Systems, Inc.
10.14.1. Business Overview
10.14.2. Product Portfolio
10.14.3. Strategic Development
10.15. Antelliq Corporation
10.15.1. Business Overview
10.15.2. Product Portfolio
10.15.3. Strategic Development
10.16. Teejet Technologies
10.16.1. Business Overview
10.16.2. Product Portfolio
11. Appendix
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