Published Date : 19 Apr 2024
The global internet of things (IoT) in agriculture market size surpassed USD 14.83 billion in 2023 and is estimated to gain around USD 33.57 billion by 2032, growing at a CAGR of 9.50% from 2023 to 2032. The boosting factor of the IoT in agriculture market growth is the increasing demand for technology in agriculture for efficiency and enhanced productivity.
The Internet of Things (IoT) in agriculture market raises the application of modern internet of things technologies to the agricultural industry. This creative approach demands incorporating various IoT applications, such as GPS systems, drones, sensors, drones, and other connected equipment that can collect and transfer data related to harvest health, soil conditions, weather patterns, and livestock to improve farming capacity. The increasing need for agricultural manufacturing adapted to the rising population and growing interest in agriculture techniques farming are enhancing the market growth.
In addition, disease observation in plants to improve land efficiency also fuels market development. The shortage of expert farmers for executing IoT in agriculture and the risk related to the data security of IoT can control market growth. Government initiatives for motivating modernized farming techniques, along with technological advancements and increasing.
Increase adoption of remote sensing and VRT by farmers worldwide
Accurate farming can help prevent the negative impact of nature on crops by collecting geospatial information on livestock, soil, plants, and inter and intra-field data. It also helps to decrease the wastage of resources and the overall cost of the crops by supplying inputs about their needs for irrigation, nutrients, liquid fertilizers, herbicides, nutrients, and pesticides. Land fertility and productivity can be maximized by making use of advanced technologies like GPS and data management software, remote sensing, and VRT (Variable rate technology), which is also helpful in decreasing the farming cost and cost of workers. These are the factors responsible for the growth of the internet of things (IoT) in agriculture market.
Intelligent data collection
The Internet of Things made it easier to process and collect information. Farmers have received data from sensors installed on the farm. The devices monitor crop health, crop quality, soil composition, and weather conditions. In addition, the information is processed and stored automatically. Farmers can receive tables, charts, and graphs to improve farming development strategies. Hence, this advanced driver may boost the growth of the internet of things (IoT) in the agriculture market.
However, the high upfront cost of deploying modern agriculture equipment can restrain the Internet of Things (IoT) in agriculture market. Right now, agriculture IoT applications and tools are costly, thereby making it expensive for smaller farmers in developed countries and most farmers in emerging economies. However, for a high initial economic investment to arrange satellite devices, VRT, GPS, drones, and GIS, precise farming also needs a skilled workforce to maintain these technology-enabled appliances. Precise livestock farming technologies involved automated milking and feeding artificial robots, as well as monitoring and sensing appliances. Farmers must make vast investments in automation and distribution compartments, GPS-enabled livestock observing systems, and robotic appliances.
| Report Coverage | Details |
| Market Revenue in 2023 | USD 14.83 Billion |
| Projected Forecast Revenue by 2032 | USD 33.57 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 9.50% |
| Largest Market | Asia Pacific |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Recent Development by CSIR
Recent Development by LTIMindtree
Asia Pacific dominated the internet of things (IoT) in agriculture market in 2023 due to the existence of countries relying upon agricultural ability, as well as extending populated regions such as India and China. This locality's increasing interest is basically because of more remarkable information on current agricultural innovation and the execution of ideal informal laws to support farm digitization. In addition, as urbanization increases and the need for more remarkable food security improves, so does the interest in computerized agricultural business, bringing about the Internet of Things suggestions in agriculture.
In India, the agriculture industry is the leading platform in the surge of innovation and efficiency, so the Internet of Things (IoT) in agriculture is the leading and most developed market. According to EET India, the Internet of Things (IoT) system in agriculture is classified into various sections, which include positioning, connectivity, power management, security, processing, signal conditioning, and sensors. Based on the Nasscom report, India has over 450 agritech firms, and this number is still growing. India has nurtured so many agritech firms that they help farmers work smarter with the help of Internet of Things (IoT) systems.
In China, agriculture has developed from mechanical to modern. The Internet of Things (IoT) systems make a significant contribution to the advancement of China's intelligent and modern agriculture. Data processing, networks, and intelligence have become the major features of China's new agricultural infrastructure market. According to the Agriculture and Food Organization, China is the major manufacturer of meat, cereals, eggs, cotton, fishery products, poultry, fruits, and vegetables under the Internet of Things (IoT), artificial intelligence (AI), robots and modern drones.
Rising adoption of drones in agriculture
Drones are quickly shifting from other fields to agricultural farms, capturing highly correct raised images to hundreds of acres in a single flight, thereby saving maximum money in the process. Agricultural drones are more reasonable than observative drones, and they come with modern sensors and picture capabilities that supply farmers with new processes for increasing crop farms and decreasing resource wastage. Usually, farmers use satellite images and planes to examine the crops. However, these processes are time-consuming, and the information collected through these methods takes a maximum amount of time to process and study. Owning Drones is considered to provide opportunities for the growth of the Internet of Things (IoT) in agriculture market.
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