The involvement of technology in agriculture is driving the growth of the Global IoT In Farming Market in the forecast period, 2022-2026. According to TechSci Research report, “IoT In Farming Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026 Segmented By Component (Hardware {Automation and Control Systems, Sensing and Monitoring Devices, RFID tags and readers, Drones, Navigation, Displays, Handheld Computers, LED Grow Lights, Others}, Software {On-Premise, Cloud-Based}, Services {Managed, Professional}), By Application (Precision Farming {Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking & Forecasting, Variable Rate Technology, Inventory Management, Financial Management, Others}, Smart Greenhouse {Ambient Environmental Monitoring, Yield Monitoring, Water & Nutrient Management}, Livestock Monitoring {Feeding Management, Breeding Management, Others}, Smart Irrigation, Others), By Region”, the global IoT in farming market would potentially project an impressive growth in the forecast period, 2022-2026, with an impressive CAGR on the account of rapidly increasing population of the whole world.
Important Factors of IoT In Farming Market
Changes in climatic conditions are also driving the growth of the global IoT in the farming market in the upcoming five years. Rapidly evolving technologies and consistent research are also aiding the growth of the global IoT in the farming market in the next five years. Moreover, productivity in the agricultural industry is rising due to IoT technology. Irrigation, planting, harvesting are all sections that involve the use of technologies in the procedures thus driving the growth of the global IoT in the farming market in the future five years. Furthermore, increased penetration of smart technologies, internet-enabled services, the internet of things, and artificial intelligence is further substantiating the growth of the global IoT in the farming market in the forecast period, until 2026.
IoT in farming is the application of the technologically advanced internet of things in the agriculture sector. The Internet of things also has applications in various sectors of different industries like the healthcare industry, agriculture industries, defense, manufacturing of advanced devices, consumer electronic industries, etc. Applications of the internet of things in farming have introduced the use of technologies that modifies agricultural practices, seed quality, and land qualities, understand the demand of the crops for better yields, as well as idealizing the climatic and other necessities such that a large amount of the feeding crops can be produced. Smart farming based on IoT includes multiple IoT sensors that can analyze and update themselves according to working conditions to collect real-time data generated in the product development phase.
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The global IoT in farming market is segmented by component, application, competitional landscape, and regional distribution. Based on components, the market is further fragmented into hardware, software, and services. The hardware subsegment is again differentiated into automation and control systems, sensing and monitoring devices, RFID tags, readers, drones, navigation, displays, handheld computers, LED grow lights and others. Automation and control systems are anticipated to hold the largest revenue shares of the market as well as assert their dominance over the market on the account of rapidly increasing incorporation of technology in the agriculture sector. The software subsegment is anticipated to dominate the component segment on the account of numerous tools to control hardware such as yield monitors, soil sensors, water sensors, climate sensors, etc. These devices along with the software are used actively for precision farming, smart greenhouses, livestock monitoring, smart irrigation, etc. Software is of two types on-premises, and cloud-based.
The Major competitors in IoT In Farming Market
- Deere & Company
- Trimble, Inc.
- Raven Industries
- DeLaval, Inc.
- AKVA group
- Topcon Positioning Systems, Inc.
- AgJunction Inc.
- Allflex USA, Inc.
- GEA Group
- CropMetrics LLC
- Telit IoT Platforms
- LLC
- InnovaSea Systems, Inc.
- Bayer AG
- Farmers Edge, Inc.
- Teejet Technologies Illinois LLC is some of the market players holding the major shares of the global IoT in farming market. Market players are actively involved in research and technological development in product development. The advanced technology has made it possible for the industry to provide excellent services through IoT in farming. Further advancement would aid the market value and brand establishment in the future five years. New market players may focus on research and development to provide options that satisfy consumer demand as well as benefit the market players in building their brand value. Other competitive strategies include mergers & acquisitions and new product developments.
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“North America dominated the global market and is anticipated to hold the rank in the upcoming five years on account of growing government initiatives and regulations to enhance the agriculture industry in the countries like the United States, and Canada. North America Climate Smart Agriculture Alliance is government authorized initiative to increase awareness and education while equipping farmers and cultivators to enhance and increase their crop productivity. Rapidly increasing concerns about water conversation, the environmental conversation, and the market for the internet of things in farming are anticipated to grow in the future five years.
Asia Pacific region is expected to register the fastest-growing CAGR value in the next five years due to the rapid introduction of smart farming in developing countries heavily dependent on the agricultural sector for its growing economy. The ministry of agriculture in Japan has been providing funds for developing precision agriculture. Similar initiatives in other countries of the region are aiding the growth of the global market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
“Global IoT In Farming Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026 Segmented By Component (Hardware {Automation and Control Systems, Sensing and Monitoring Devices, RFID tags and readers, Drones, Navigation, Displays, Handheld Computers, LED Grow Lights, Others}, Software {On-Premise, Cloud-Based}, Services {Managed, Professional}), By Application (Precision Farming {Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking & Forecasting, Variable Rate Technology, Inventory Management, Financial Management, Others}, Smart Greenhouse {Ambient Environmental Monitoring, Yield Monitoring, Water & Nutrient Management}, Livestock Monitoring {Feeding Management, Breeding Management, Others}, Smart Irrigation, Others), By Region”, has evaluated the future growth potential of global IoT in farming and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global IoT in the farming market.
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