Agriculture IoT Market: Current Analysis and Forecast (2022-2028)
Emphasis on Component (Hardware, Software, Services); Farm Type (Large-Sized Farms, Mid-Sized Farms, Small-Sized Farms); Application (Precision Farming, Precision Livestock, Others); and Region/Country
Global Agriculture IoT Market is expected to grow at a significant rate of around 11% during the forecast period. IoT in the Agriculture Industry has helped farmers to maintain the quality of crops and fertility of the land, thus enhancing the product volume and quality. Thus, with the help of IoT devices, know the real-time status of the crops by capturing the data from sensors. Additionally, increasing awareness about the latest technology in the agriculture sector among farmers owing to the rise in internet penetration and smartphone users is also expected to drive the agriculture IoT market. Moreover, the agriculture sector significantly contributes to the GDP of major countries. For instance, Agriculture, food, and related industries contributed $1.055 trillion (5% share of the total US economy) to the US gross domestic product (GDP) in 2020. Moreover, the increasing demand for agriculture products, technological advancements, and increasing adoption of IoT devices by farmers. Therefore, with the rising demand for food various private firms, as well as the government, are leading the technical development of precision farming. According to the Food and Agriculture Organization of the United Nations, between 702 and 828 million people were affected by hunger in 2021.
Deere & Company, Trimble Inc, Raven Industries, AKVA Group ASA, Topcon Positioning Systems Inc., AgJunction Inc., Ponsse Oyj, Komatsu Forest AB, InnovaSea Systems Inc., AGCO Corporation. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst component, the hardware segment to hold a significant share in the market in 2020”
Based on the component, the market is segmented into hardware, software, and services. Among these, the hardware segment held a prominent share of the global agriculture IoT market in 2020 and is expected to witness robust growth during the forecast period. This is due to the high adoption of smart devices such as drones, GPS, irrigation controllers, guidance and guidance systems, yield monitors, and sensors in agriculture.
“Amongst farm type, small sized farms category to witness significant CAGR during the forecast period”
Based on farm type, the market is categorized into large-sized farms, mid-sized farms, and small-sized farms. Among these, small-sized farms to hold a significant share of the market in 2020. This is mainly due to the decreasing cost of farm automation equipment and technological advancements that make it more practical to deploy automation tools even on smaller farms to achieve high returns on investments.
“Amongst application, the precision farming segment to hold a significant share in the market in 2020”
On the basis of application, the agriculture IoT market has been classified into precision farming, precision livestock, and others. The precision farming category is to witness higher adoption of s during the forecast period. This detects the real-time working conditions of the connected devices to detect water and nutrient levels and also can analyze soil conditions and other related parameters to increase operational efficiency.
“Asia Pacific to hold a significant share in the market”
In 2020, Asia Pacific is anticipated to grow at a substantial CAGR during the forecast period. The major factors such as the rapidly growing population which is putting pressure on the agricultural industry to increase productivity thus increasing the adoption of advanced technology like agriculture IoT. The Asia and the Pacific region are home to 60 percent of the world’s population – some 4.3 billion people – and includes the world’s most populous countries, China, and India according to the UNFPA Asia-Pacific. Furthermore, the presence of key industry players in the region and an increasing number of product launches are also some of the factors contributing to the market growth. Such positive initiatives undertaken by the governments and economic growth in the Asia Pacific is driving the incorporation of IoT in agriculture amongst farmers. Thus, promoting the market growth.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global agriculture IoT market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Agriculture IoT Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global agriculture IoT market were the three major steps undertaken to create and analyze the adoption of agriculture IoT in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global agriculture IoT market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the agriculture IoT market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the agriculture IoT market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as a component, farm type, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the agriculture IoT market. Further, we conducted factor analysis using dependent and independent variables such as various rising adoption of IoT-based smart farming of agriculture IoT. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the agriculture IoT market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global agriculture IoT market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the agriculture IoT market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global agriculture IoT market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global agriculture IoT market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the component, farm type, and application in the global agriculture IoT market.
The main objective of the Global Agriculture IoT Market Study
The current & future market trends of the global agriculture IoT market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the agriculture IoT market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the component, farm type, and application.
- Define and analysis of the regulatory framework for the agriculture IoT
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the agriculture IoT market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the agriculture IoT market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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