IoT In Farming Market would potentially project an impressive growth in the forecast period, 2022-2026, with an impressive CAGR on the account of the rapidly increasing population of the whole world. Changes in climatic conditions are also driving the growth of the global IoT in the farming market in the upcoming five years. Rapidly evolving technologies and consistent research are also aiding the growth of the global IoT in the farming market in the next five years. Moreover, productivity in the agricultural industry is rising due to IoT technology. Irrigation, planting, harvesting are all sections that involve the use of technologies in the procedures thus driving the growth of the global IoT in the farming market in the future five years. Furthermore, increased penetration of smart technologies, internet-enabled services, the internet of things, and artificial intelligence is further substantiating the growth of the global IoT in the farming market in the forecast period, until 2026.
IoT in farming is the application of the technologically advanced internet of things in the agriculture sector. Internet of things also has applications in various sectors of different industries like the healthcare industry, agriculture industries, defense, manufacturing of advanced devices, consumer electronic industries etc. Applications of the internet of things in farming has introduced the use of technologies that modifies the agricultural practices, seed quality, land qualities, understand the demand of the crops for better yields, as well as idealizing the climatic and other necessities such that a large amount of the feeding crops can be produced. Smart farming based on IoT includes multiple IoT sensors that can analyze and update themselves according to working conditions to collect real-time data generated in the product development phase.
According to TechSci Research, The global IoT in the farming market is segmented by component, application, competitional landscape, and regional distribution. Based on component, the market is further fragmented into hardware, software, and services. Hardware subsegment is again differentiated into automation and control systems, sensing and monitoring devices, RFID tags and readers, drones, navigation, displays, handheld computers, LED grow lights, and others. Automation and control systems is anticipated to hold the largest revenue shares of the market as well as assert its dominance over the market in the account of rapidly increasing incorporation of technology in the agriculture sector. Software subsegment is anticipated to dominate the component segment on the account of numerous tools to control hardware such as yield monitors, soil sensors, water sensors, climate sensors etc. These devices along with the software is used actively for precision farming, smart greenhouse, livestock monitoring, smart irrigation, etc. Software is of two types on-premises, and cloud-based.
Deere & Company, Trimble, Inc., Raven Industries, DeLaval, Inc., AKVA group, Topcon Positioning Systems, Inc., AgJunction Inc., Allflex USA, Inc., GEA Group, CropMetrics LLC, Telit IoT Platforms, LLC, InnovaSea Systems, Inc., Bayer AG, Farmers Edge, Inc., Teejet Technologies Illinois, LLC, are some of the market players holding the major shares of the global IoT in farming market. Market players are actively involved in the research and technological development in the product developments. The advanced technology has made it possible for the industry to provide excellent services through IoT in farming. Further advancement would aid the market value and brand establishment in the future five years. Newmarket players may focus on the research and development to provide options that satisfy the consumer demand as well as benefits the market players in building their brand value. Other competitive strategies include mergers & acquisitions and new product developments.
“North America dominated the global market and is anticipated to hold the rank in upcoming five years on the account of growing government initiatives and regulations to enhance the agriculture industry in the countries like the United States, and Canada. North America Climate Smart Agriculture Alliance is government authorized initiative to increase awareness and educate while equipping the farmers and cultivators to enhance and increase their crop productivity. Rapidly increasing concerns water conversation, environment conversation, the market for internet of things in farming is anticipated to grow in the future five years. Asia Pacific region is expected to register the fastest growing CAGR value in the next five years due to the rapid introduction of smart farming in the developing countries heavily dependent on the agricultural sector for its growing economy. The ministry of agriculture in Japan has been providing funds for developing precision agriculture. Similar initiatives in other countries of the region are aiding the growth of the global market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.