IOT in Agriculture Market: Overview
Internet of things or IOT is projected to play a considerable role in enhancing the existing agricultural productivity to meet the growing demands for food across the globe. IOT in agriculture market uses IOT-based high-tech technological tools, equipment, solutions, and systems to improve the operational efficacy, minimize the wastage, and maximize the yield. There is a wide range of applications of the IOT in agriculture market that helps them to achieve their production goals.
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IOT in Agriculture Market: Notable Developments
Some of the notable developments in the global IOT in agriculture market are given below:
- In May 2019, Farmer’s Edge announced that the company has launched a new yield-based nitrogen tool. The tool will help farmers to reach their production goals by offering more control over the key decisions that affects the production of corn.
- In September 2019, Swim System announced that the company has entered into a new long-term strategic distribution and sales agreement with two Merced-based companies Water and Land Solutions and Central Irrigation.
IOT in Agriculture Market: Drivers and Restraints
There are several factors that are influencing the positive growth of the global IOT in agriculture market. One of the key driving factor for the market growth is the ever increasing demand for food across the globe. This has raised the requirement for mass production and efficient production practices. Technology plays a significant role in achieving both of these objectives. Naturally, there has been growing demand for IOT in agriculture market.
In addition to this, the changes in the climate across the globe is also playing a big role in the overall development of the global IOT in agriculture market. Unfavorable climate changes considerably hamper the production of agriculture across the globe. Due to such drastic weather changes it becomes necessary to deploy IOT-based advanced agricultural techniques to optimize the production of crops.
However, with such drivers, there are some challenges on route to the development. One key restraining factor is the lack of awareness among the farmer community. There are several small-scale agricultural industries that offer solutions at different stages of the value chain. As some of these agricultural processes gain economic feasibility, the development of the global IOT in agriculture market is expected to slow down.
Nonetheless, with growing penetration of smartphones and internet among farmers is expected to raise the needed awareness about the use of IOT in agriculture and thus help in the development of the global market.
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IOT in Agriculture Market: Geographical Outlook
There are five key regions that divide the IOT in agriculture market in terms of geography. These regions are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of these regions, the global market is currently dominated by the Asia Pacific region and is expected to continue its dominance over the course of the given forecast period of 2018 to 2028. The growth of the Asia Pacific market is due to the presence of emerging economies such as India and China. India in particular is expected to play a big role in the development of the Asia Pacific region. In recent financial budget, substantial amounts of fund were allocated for the development of the agricultural sector and bring in advanced technology for efficient and mass production. This is expected to boost the development of the IOT in agriculture market in India and subsequently in the Asia Pacific region.
Internet of Things (IOT) in Agriculture Key Market Segments:
- Automation and control systems
- Sensing and monitoring devices
- Livestock monitoring Hardware
- Fish farming hardware
- Smart greenhouse hardware
- Precision farming
- Livestock monitoring
- Smart greenhouse
- Fish farm monitoring
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