Technological advancement in the Agriculture sector coupled with AI, MI and Robotics integration for productivity enhancement, inspection of soil & farms, and livestock monitoring are resulting in growth of IoT integration in agriculture sector. However, the impact covid-19 pandemic on the industry has resulted in a temporary halt in the market growth, but it is expected that in Q3 of 2020, the market would witness an uptick in the demand.
Moreover, the escalating population across the globe has turned out in the increased demand for agriculture production. Furthermore, the need for time savings, wastage reduction, operation efficiency, and real-time data collection for analytics purposes is resulting in the deployment of IoT technology in the agriculture sector. Also, the governments’ special emphasis on increasing agricultural production quality and quantity leads to the deployment of IoT based application in the agriculture sector such as yield monitoring, crop scouting, field mapping and weather tracking & forecasting is contributing to the market growth of IoT in agriculture.
According to MarkNtel Advisors’ research report “Global IoT in Agriculture Market Analysis, 2020”, the market size of IoT in Agriculture industry across the globe is forecast to grow at a CAGR of around 10.20% during 2020-25. The galvanizing need for predictive maintenance of agricultural equipment, real-time data updates about on the weather conditions, equipment’s health coupled with the surging internet and smartphones penetration that help in increasing awareness about the technologies and developments in the agriculture industry would further proliferate the market growth.
The global hunger is growing at an exponential rate. As per the State of Food Security and Nutrition, around 821 million population across the globe were suffering from food scarcity, as of 2018. Also, the United Nation suggested in 2009 that the production of the food must be doubled by 2050 to meet the global food demand. Factors such as severe weather conditions, water scarcity, and abrupt climate changes adversely impacted the agriculture sector, due to which the demand for IoT solutions in the agriculture sector are emanating.
Europe to Hold Second Largest Share During 2020-25
In 2019, North America grabbed the major market share in the global IoT in Agriculture market. The key factors attributed to the growth of the market is the presence of prominent payers in the U.S and Canada who are dedicatedly working on the management and the accuracy in the harvesting. Furthermore, the farmers in the region have adopted technologies with IoT integration for the applications such as yield monitoring, crop counting, etc. in the quite early phase, which is the main contributor to the market growth.
Moreover, the increasing adoption of IoT in agriculture for livestock monitoring, animal tracking, dairy cattle management in countries such as France and Germany is anticipated to add fuel to the pace of the growing market share of Europe.
Precision Farming to Continue to Grab Greater Investments
The use of several tools (hardware and software) to collect the data of the farm in the precision farming helps in increasing productivity and efficiency by identifying the problem areas and solve them, made this segment the dominating in 2019. Moreover, the benefits of precision farming such as automatic monitoring of parameters of plant physicochemical and soil by placing sensors, real-time data gathering, time & cost savings on operations are some of the key factors attributed to the growth of the market share of the precision farming segment.
Furthermore, the services segment is expected to witness substantial growth during 2020-25. The escalating need for IoT system integration and consulting, supply chain management, weather condition information coupled with the data analytics for better decision making in the agriculture sector are some of the factor contributing to the need and market growth of service segment, as revealed by MarkNtel Advisors’ research report “Global IoT in Agriculture Market Analysis, 2020”.
According to MarkNtel Advisors’, the key player with the major market share in the industry are Trimble Inc., Deere and Company, Agco Corporation, Raven Industries, Deleaval, GEA Group, Agjunction, Antelliq, Ponsse, Komastu Forest, DJI, Granular, Hexagon Agriculture, Crop metrics, Dickey-john among others. The presence of numerous players makes the industry highly competitive. The companies are investing in R&D for the innovations to offer solutions in the industry that helps in increasing the market share in the industry. For instance, Sony launched a smart agriculture solution for Crop management with the IoT integration of drones and sensors in 2019.
“Global IoT in Agriculture Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for IoT in Agriculture solution providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
1. By Application ((Precision Farming (Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking and Foresting, Irrigation Management, Inventory Management, Farm Labor Management, Financial Management, Others), Precision Forestry (Genetics and Nurseries, Silviculture and Fire Management, Harvesting Management, Inventory and Logistics Management), Livestock Monitoring (Heat Stress Management, Milk Harvesting Management, Breeding Management, Animal Comfort Management, Behavior Monitoring Management), Smart Greenhouse (HVAC Management, Yield Monitoring, Water and Fertilizer Management), Fish Farm Monitoring (Fish Tracking and Fleet Navigation, Feeding Management, Water Quality Management))
2. By Components (Hardware (Precision Farming Hardware, Precision and Forestry Hardware, Livestock Monitoring Hardware, Fish Farm Monitoring Hardware, Smart Green House Hardware), Software (Local/ Web-based, Cloud-Based), Services (System Integration and Consulting, Managed Services, Connectivity Services, Assisted Professional Services, Maintenance and Support))
3. By Agriculture Type (Precision Farming, Precision Forestry, Live Stock Monitoring, Fish Farm Monitoring, Others)
4. By Region (North America, Europe, Asia-Pacific, Middle East and Africa, South America)
5. By Countries (U.S, Canada, Mexico, Brazil, Argentina, UK, France, Germany, Spain, Italy, UAE, Saudi Arabia, South Africa, China, Japan, India, Australia, South Korea, Others)
6. By Company (Trimble Inc., Deere and Company, Agco Corporation, Raven Industries, Deleaval, GEA Group, Agjunction, Antelliq, Ponsse, Komastu Forest, DJI, Granular, Hexagon Agriculture, Crop metrics, Dickey-John, Others)
Key questions answered in the study:
1. What are the current and future market trends of the Global IoT in the Agriculture industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the region followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Global IoT in Agriculture industry?
5. What are the customer orientation, purchase behavior, and expectations from the Global IoT in Agriculture solution providing firms across various regions?