Global Agriculture IoT market to touch $18.1 bn by 2026: Study

Global Agriculture IoT market to touch $18.1 bn by 2026: Study

The global Agriculture IoT market is estimated to grow from USD 11.4 billion in 2021 to USD 18.1 billion by 2026 at a CAGR of 9.8 percent during 2021–2026. The growth of the agriculture IoT market is driven by factors such as increasing adoption of the Internet of Things (IoT) and Artificial Intelligence (AI) by farmers and growers, growing focus on livestock monitoring and disease detection, high demand for fresh produce, population growth, loss of arable land, surging adoption of aquaculture monitoring and feed optimisation devices in developing countries, and strong government support for precision farming practices, a study ‘Agriculture IoT Market with COVID-19 Impact Analysis’ conducted by Markets and Markets has said.

The advent of advanced technologies such as guidance systems, variable rate technology, IoT, AI, and remote sensing has transformed the agriculture industry into a technologically intense and data-rich industry. Smart agriculture technologies assist in increasing profitability, improving sustainability, protecting the environment, and minimising the consumption of resources such as water, fertilisers, and energy. IoT is implemented in various applications, including precision farming, livestock monitoring, precision aquaculture, smart greenhouse, and precision forestry.

Farm production segment to hold the largest market share

According to the report, the production planning stage segment of the agriculture IoT market is estimated to register the largest market share in 2026, by farm production planning stage. In the production stage, farmers must monitor crops, equipment performance, and production processes, like the feeding of livestock and fish, to ensure that productivity is maximised and costs are reduced. Soil and crop monitoring, feeding management of livestock and fish, silviculture and fire management, harvesting management in precision forestry, equipment monitoring, and financial planning processes are the major constituents of this stage.

Precision aquaculture segment to register higher growth

The precision aquaculture application segment is projected to register the higher CAGR during the forecast period, by application. Precision aquaculture aims at optimising the efficiency of farms and the effective implementation of operational activities such as feed planning and yield measurement. Factors contributing towards the growth of the segment are the increasing adoption of advanced technologies such as Internet of Things, Artificial Intelligence and Machine Learning (ML) in aquaculture equipment and tools, and the growing demand for protein-rich aqua food products, Markets and Markets has said in the report.

Automation systems for precision farming

According to the study, the automation and control systems for the precision farming hardware segment of the agriculture IoT market is estimated to register the largest market share in 2026, by hardware type. Precision farming hardware devices and tools helps in managing variations in the field to grow more crops using fewer resources and reducing production cost. The increasing adoption of automation and control devices such as GPS/GNSS, irrigation controllers, and guidance and steering systems is expected to drive the market for automation and control systems.

The small farm segment

The agriculture IoT market for small farm segment is projected to register the higher CAGR during the forecast period, by farm size. As small farms hold small herd size, which is monitored and managed by farm owners themselves, the adoption of livestock monitoring solutions is low in these farms. However, with the increasing awareness and government initiatives related to the well-being of farm animals are expected to increase the implementation of monitoring solutions for livestock management applications in small farms, the study says.

North America to hold the largest market share

North America accounted for the largest share of the agriculture IoT market in 2020. Farmers or growers in the Americas are increasingly adopting advanced farming equipment such as steering and guidance systems, sensors, GPS trackers, smart irrigation systems, display devices, and farm management software, which is the prime factor supporting the growth of the market. In addition, government support for the adoption of such practices is further boosting the growth of the agriculture IoT market in the region, the study observed.

Key players in the agriculture IoT market include Deere & Company (US), Trimble Inc. (US), Raven Industries (US), DeLaval (subsidiary of Tetra Laval International, S.A.) (Sweden), AKVA group (Norway), Topcon Positioning Systems (US), AgJunction (US), Allflex (Subsidiary of Merck & Co., Inc.), Ponsse (Finland), Komatsu Forest AB (Sweden), InnovaSea Systems (US), Steinsvik (ScaleAQ) (Norway), TeeJet Technologies (US), DICKEY-john (US), AG Leader Technology (US), DJI (US), AgEagle (US), Afimilk (Israel), PrecisionHawk (US), Hexagon Agriculture (Brazil), Farmers Edge (Canada), Tigercat (US), The Climate Corporation (US), Descartes Labs (US), CropX (Israel), Eruvaka Technologies (India), ec2ce (Spain), Gamaya (Switzerland), Akuakare (Turkey), and In-Situ (US). These players are increasingly undertaking strategies such as product launches and development, expansions, partnerships and acquisitions to increase their market share, the study said.

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