Market Overview
The technology of the Internet of Things has evolved into a massive technology portfolio that extends even to the agriculture sector. The growing demand for food resources to stave off world hunger and increased population has made the use of technology a necessity in the agricultural sector. Agricultural IOT is a primary sector of IOT applications that support agricultural operations and productivity. The sector of Agricultural IOT applications has gradually expanded over the last decade. In the year 2017, the sector was valued at $ 16,330 million in USD. The use of technology has increased, and the IoT in Agriculture Market will grow further in the forecast period.
The IoT in Agriculture Market has been expanding with the introduction of advanced IoT tools, systems, and solutions to be implemented on large-scale farms. IoT empowered solutions are used to achieve many purposes in the agricultural field. For example, IOT devices help in maximizing yield and minimizing wastes generated from the field. IOT powered solutions are therefore very crucial for modern sustainable agriculture. IOT solutions help in the improvement of crop yield and productivity, bringing a streamlined structure to agricultural operations. IOT empowered agricultural devices to take up multiple responsibilities such as data collection, storage, and analysis for the improvement of the workflow of the agricultural field.
The market has also expanded to diverse applications like precision farming and livestock farming. Crop management and smart greenhouse maintenance also require the use of IoT devices. The judicious use of IOT devices in the sector can help in the optimization of quantity and quality of the crop yield and also manage land use sustainably. The extent of arable land is not increasing but decreasing with time. Therefore, it is important to manage global agricultural yield with the help of IOT devices and other technical capabilities. The IoT in Agriculture Market will grow at a double-digit growth rate of 14.7 percent in the upcoming years.
Segmental Analysis
The IoT in Agriculture Market has been divided into industrial segments based on different criteria. For example, the market divides into sectors based on hardware type, farm application area type, and Crop production planning stage. The regional segmentation of the market is explained in the upcoming segment. The industrial segment analysis shows the application trends and areas of use for the devices.
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Detailed Regional Analysis
The market is based in different regions of the world that collectively make up the global business chain. The key stakeholders are dispersed over different regions of the world. For example, the stakeholders are present in the primary regional markets of Asia Pacific, the European region, North America, South America, the Middle East, and Africa. The leading regional market by revenue share in the Asia Pacific region. Other regional markets will also make significant contributions to the global revenue makeup in the coming years.
Competitive Analysis
The currency inflow is estimated to be restricted in the upcoming period, which may create further problems for the overall market growth. The expansion of the market has currently come close to a standstill with government agencies and trade bodies, introducing a stimulus to pick up the pace of development in the global market. The planning and forecasting for human capital in the market is estimated to be a crucial area for focus in the years ahead. Advances in production style and technologies are estimated to gain precedence in the coming years as areas of innovation. The support provided by regulations is estimated to stave off the effects of the downturn considerably in the coming period. Current disequilibrium in the market forces has led to the market players adopting a more cautious approach to growth and development strategies. The recalibration of the supply chain is estimated to be another area for market expansion in the upcoming period.
The central companies in the IoT in the agriculture market are Dickey John (US), Cainthus (Ireland), Descartes Labs (US), Raven Industries (US), CropIn (US), Trimble Inc. (US), Scicrop (Brazil), Precisionhawk Inc. (US), Shivrai Technologies Pvt. Ltd (India), Proagrica (US), AG Leader Technology (US), Deere & Company (US), Rapidsoft Technologies Pvt. Ltd (US),IBM Corporation (US), Hexagon Agriculture (Sweden), DuPont Pioneer (US), Tigercat (US), Tree Metrics (Ireland), Decisive Farming (Canada), Topcon Corporation (Japan), Autonomous Tractor Corporation (US), Sky (Canada), Grownetics (US), Nileworks Inc. (Japan), and Gamaya (Switzerland).
Industry news
There are many recent developments in the IoT in Agriculture Market that is noteworthy. Many leading companies in the sector are introducing new technology applications that will help farmers around the world. For example, Raven Industries introduced the first driverless technology-powered machine for agricultural use recently.
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Table of Contents
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Market Structure
Continued…
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