Internet of Things (IoT) in Agriculture Global Market Report 2024

The internet of things (iot) in agriculture market size has grown rapidly in recent years. It will grow from $13.73 billion in 2023 to $15.21 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The expansion observed in the historical period can be attributed to the utilization of data analytics for decision support, the integration of autonomous machinery, solutions for crop monitoring, monitoring and welfare measures for livestock, and the implementation of water management solutions.

The internet of things (iot) in agriculture market size is expected to see rapid growth in the next few years. It will grow to $22.65 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The anticipated growth in the forecast period can be linked to government initiatives and funding, the integration of AI and machine learning, the adoption of data-driven decision-making practices, an increased demand for smart farming solutions, and a heightened focus on sustainability and resource management. Prominent trends expected in the forecast period encompass the adoption of precision agriculture, a growing demand for smart farming, efforts towards climate change resilience, the implementation of water management solutions, and advancements in livestock monitoring and welfare.

The growth of the Internet of Things (IoT) in the agriculture market is significantly fueled by the increasing demand for food. Food demand, indicating consumers' desire for food products, is measured through demand and consumption metrics. The integration of IoT in agriculture enhances productivity by collecting data on various aspects such as weather conditions, soil quality, livestock health, and crop growth progress. This enables farmers to identify abnormalities in crop growth or animal health, minimizing the risk of production loss. The rise in food demand, projected to grow by 35 to 56 percent between 2010 and 2050, as reported by Nature Food in July 2021, is expected to drive the IoT market in the agriculture sector.

The growth of the IoT in the agriculture market is anticipated to be propelled by increasing climate change. Climate change involves long-term alterations in average weather patterns, impacting specific regions or the globe. IoT in agriculture plays a crucial role in mitigating and adapting to climate change impacts by providing farmers with actionable data and tools for more resilient and sustainable farming practices. The World Health Organization (WHO) reported in October 2023 that approximately 3.6 billion individuals reside in regions highly vulnerable to climate change impacts. The projections indicate a potential annual increase of around 250,000 deaths from 2030 to 2050 due to factors such as undernutrition, malaria, diarrhea, and heat stress. Therefore, the rising concerns related to climate change are expected to drive the growth of the IoT in the agriculture market.

A key trend in the Internet of Things (IoT) in the agriculture market is technological advancement. Major companies in this market are focused on integrating new technologies into precision farming and expanding the applications of IoT in agricultural activities. For example, Zyter, Inc., a US-based digital health and IoT-enablement company, launched Zyter Smart Agriculture in December 2021. This IoT technology, operating on the Zyter SmartSpacesTM platform, provides farmers with a comprehensive virtual perspective of the farm ecosystem. It utilizes data from IoT sensors and AI technologies to automate and optimize basic crop management methods for sustainable precision agriculture.

Innovation in product development is a significant focus for companies operating in the IoT in the agriculture market. Fertilizer technology, encompassing scientific and engineering advancements in fertilizer development and application, is an example. Enfarm Agritech, a Singapore-based agriculture technology company, introduced smart fertilizer in October 2023. This technology employs sensors and IoT to continuously assess soil conditions, accurately determining the optimal amount of fertilizer needed for crops. It also provides irrigation recommendations, integrates weather data, offers price forecasting insights, diagnoses pest and disease issues, and utilizes artificial intelligence to address farmers' inquiries.

In November 2021, CNH Industrial N.V., a UK-based agricultural machinery company, acquired Raven Industries, Inc., a US-based precision agriculture technology company, for an undisclosed amount. This strategic acquisition enhances CNH's precision farming and IoT agriculture strategies by incorporating strong innovation capabilities from Raven Industries.

Major companies operating in the internet of things (iot) in agriculture market report are Trimble Inc., Deere & Company, AGCO Corporation, Topcon Positioning Systems Inc., The Climate Corporation, AgJunction Inc., The Tetra Laval Group, DICKEY-john, Gamaya, AgriData Incorporated, AgEagle Aerial Systems Inc., Aker Solutions ASA, Grownetics Inc., Auroras s.r.l., Granular Inc., Intervet Inc., Raven Industries Inc., Cisco Systems Inc., International Business Management Corporation, Telit, Hitachi Ltd., TELUS Agriculture Solutions Inc., OnFarm Systems Inc., Farmers Edge Inc., SlantRange Inc., Ponsse plc, Komatsu Forest AB, InnovaSea Systems Inc., Scale Aquaculture AS, TeeJet Technologies Pvt. Ltd.

Asia-Pacific was the largest region in the internet of things (IoT) in agriculture market in 2023. The regions covered in the internet of things (iot) in agriculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the internet of things (iot) in agriculture market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of Internet of Things (IoT) in agriculture include small farms, mid-sized farms, and large farms. Small farms are characterized by arable land with an area not exceeding what can be farmed without the permanent employment of non-family labor by the controlling farmer. This application is available in various components such as hardware, software, and connectivity, and finds utility in diverse applications such as livestock monitoring, smart greenhouses, precision forestry, fish farms, and others.

The Internet of Things (IoT) in agriculture market research report is one of a series of new reports that provides Internet of Things (IoT) in agriculture market statistics, including Internet of Things (IoT) in agriculture industry global market size, regional shares, competitors with a Internet of Things (IoT) in agriculture market share, detailed Internet of Things (IoT) in agriculture market segments, market trends and opportunities, and any further data you may need to thrive in the Internet of Things (IoT) in agriculture industry. This Internet of Things (IoT) in agriculture market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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