The Global IoT in Agriculture Market Analysis, 2020 market research report depicts a deep-dive market analysis of statistics of Global IoT in the Agriculture market which consists of region-wise market size, market forecast, CAGR market segmentation, market share of various types of components, applications, agriculture type, etc.
According to MarkNtel Advisors’ market research report titled “Global IoT in Agriculture Market Analysis, 2020”, the IoT in Agriculture market across the globe is forecast to grow at the CAGR of 10.20% during 2020-25. The major factors attributed to the growth of the Global IoT in Agriculture market are- the need for a sustainable solution for the farm monitoring that includes monitoring of yields and crops, soil, weather, and climate, etc. However, the impact of COVID-19 pandemic across the globe has turned out to be bottleneck in IoT spending in 2020, but it is expected that the spending would surge post Q3 of 2020.
Moreover, the increasing need for food production due to the surging population and escalating statistics of global hunger is pressing the need for IoT integration in agriculture for operation efficiency and better productivity. Furthermore, the escalating adoption of IoT-integrated equipment for predictive maintenance and prevention from unexpected downtime in developed counties such as the U.S, China, etc., is one of the prime factors due to which the IoT solution deployment in the agriculture sector is witnessing an uptick.
Government’s Support to Agriculture Industry to Strengthen Europe’s Market Share
In 2019, North America acquired the major market share owing to the wide adoption of IoT technology in the agriculture sector in a very early phase. Also, the presence of well-established solution providers in the region is also contributing to the growth of the market.
Furthermore, Europe market is also projected to attain significant share in the market due to surging government support in the growth of the agriculture sector by investing in technology modernization For instance, European governments announced a project "Internet Food & Farm 2020" in 2017 with the investment worth USD 35.4 million that aimed at the integration of IoT-based solution in the agriculture sector in the region. Also, the European Union announced a 7-year plan with an investment of USD 26 billion for the modernizing farming and rural development in 2017.
Precision Farming Application to Witness an Uptick
In 2019, the precision farming acquired the major market share and the trend is expected to remain the same in the forecast period as well. The IoT integration in the precision imaging for the monitoring of soil, water, and weather coupled with the real-time data gathering about the equipment's health and farm's condition with the help of drones' sensors, controllers, etc. are promulgating the rise in the market share of precision farming.
Furthermore, the demand for consultation for the IoT solution integration, maintenance, and repair or upgradation or retrofitting of any part or software contributes to the demand for services. Also, the service providers in the developed countries for the data analytics for better decision making is contributing to the increasing market share, as stated in the MarkNtel Advisors’ research report “Global IoT in Agriculture Market Analysis, 2020”.
According to MarkNtel Advisors, the availability of numerous local and foreign players across the countries makes the global industry highly competitive. The key players with a considerable 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 players are launching new products and doing strategic alliances to gain a competitive advantage in the industry.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report on Global IoT in Agriculture Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecast up-to 2025.
Q. What are the units or denomination for measuring market value in the report?
A. The market size/industry size or the market value is measured in terms of USD Million.
Q. What would be the growth rate or CAGR of Global IoT in Agriculture Market during 2020-25?
A. The Global IoT in Agriculture Market is expected to growt at a CAGR of around 10.20 % during 2020-25.
Q. Which region would grab the highest market share during 2020-25?
A. It is forecast that North America will dominate the market with the majority market share, with market size registering considerably higher CAGR.
Q. Who are the key competitors or players operating Global IoT in Agriculture market?
A 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, etc., are the leading players in the Global IoT in Agriculture market.
Q. Which component type would emerge as an opportunity area for players in Global IoT in Agriculture Market?
A. Services segment is expected to attain the highest CAGR during the forecast period and maintain its significant market share.
Q. Which application would emerge as an opportunity area for players in Global IoT in Agriculture Market?
A. Precision Farming grabbed a significant market share continue to grow at the highest CAGR, presenting immense opportunities for manufacturers and suppliers of Global IoT in Agriculture Market.
