Reports suggest that the agriculture Internet of Things (IoT) market is expected to soar from $12.7bn in 2019 to $20.9bn by 2024.
According to a market research report published by MarketsandMarkets™, the agriculture IoT market is expected to grow from $12.7bn in 2019 to $20.9bn by 2024, at a CAGR of 10.4% from 2019 to 2024.
What are the key findings from the report?
The MarketsandMarkets™ report demonstrated that the main factor driving the growth of this market is the increasing adoption of technology by farmers and growers, however, the reasons behind this market growth are not as simple, the report highlights that:
- Demands for hardware is to be the largest driver of agriculture IoT market – Hardware is expected to account for the largest share of this market during the forecast period. The increasing adoption of new technologies and advanced devices for smart agriculture is expected to drive the growth of this market for hardware during the forecast period.
- Precision farming market is set to rise – The agriculture IoT precision farming market for Automation and control systems was valued to grow at a higher CAGR from 2019 to 2024. The increasing demand for drones/unmanned aerial vehicles (UAVs) is a major reason behind the high growth of the market for automation and control systems.
- Agriculture IoT market in Asia-Pacific is expected to grow at the highest CAGR – The agriculture IoT market in Asia-Pacific is expected to grow at the highest CAGR during the forecast period. Factors driving the adoption of these technologies in Asia-Pacific include the rising demand for food, growing pressure to improve yields with limited resources, and increasing requirement to protect crops from unexpected climatic changes. India, China, and Japan have embraced this technology and hold a major share of this market.
The report suggests that the key industry players in agricultural IoT include “Deere & Company (US), Trimble (US), Raven Industries (US), AGCO Corporation (AGCO) (US), AgJunction Inc. (AgJunction) (US), DeLaval (Sweden), GEA Farm Technology (Germany), Lely (Netherlands), Antelliq (France).”