India, 5th Aug 2024 – The Global Internet of Things (IoT) in Agriculture Market reached US$ 31.10 billion in 2024 and is projected to grow to US$ 83.26 billion by 2031, with a CAGR of 13.1% during the forecast period of 2024-2031.
This growth is driven by the increasing demand for agricultural produce to meet global food requirements, prompting producers to adopt advanced technologies to enhance yields.
Key Findings and Highlights:
- The IoT in Agriculture market is expected to reach $83.26 billion by 2031, growing at a CAGR of 13.1% from 2023 to 2031.
- Precision farming is the largest segment of the IoT in the Agriculture market, accounting for 35.2% of the global market in 2022.
- The Asia Pacific region is the fastest-growing market for IoT in Agriculture, with a CAGR of 16.5% from 2023 to 2031.
- The increasing adoption of IoT devices and sensors in agriculture is driving the growth of the market.
- The rising demand for food and the need for sustainable agriculture practices are also contributing to the growth of the market.
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Market Trends
Adoption of Advanced Technologies: The agriculture industry is rapidly incorporating updated technologies to improve productivity. Among agritech submarkets, 21% of farmers have adopted farm-management software, 15% utilize remote-sensing and precision agriculture hardware, and 4% plan to adopt these technologies, with 2.5% focusing on automation and robotics.
Rising Demand for IoT Solutions: IoT technologies are revolutionizing farming practices by providing real-time data to optimize crop management, irrigation, fertilization, and pest control. Precision agriculture, powered by IoT, enables farmers to make data-driven decisions, improving efficiency, reducing resource wastage, and enhancing crop yields.
Food Traceability and Safety: Consumer demand for transparency in the food supply chain is driving the need for IoT solutions that ensure traceability and quality control. IoT sensors track food from farm to fork, aiding in early detection of contamination and facilitating faster product recalls.
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Internet of Things Market is Segmented into:
By Type
- Small Farms
- Mid-Sized Farms
- Large Farms
By Component
- Hardware
- Software
By Application
- Precision Aquaculture
- Precision Farming
- Precision Livestock
- Precision Forestry
- Others
By Region
- North America
- Europe
- South America
- Asia Pacific
- Middle East
- Africa
Regional Analysis
North America: North America dominates the global IoT in agriculture market, with significant contributions from the United States, Canada, and Mexico. The region is an early adopter of agricultural innovation and new technology solutions. Government support and incentives, such as financial assistance and loan programs from USDA, promote the adoption of IoT in agriculture.
Asia-Pacific: This region is the fastest-growing market for IoT in agriculture, driven by increasing technological adoption and the growing demand for agricultural produce.
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Internet of Things Market Key players include:
- IBM Corporation
- Groupe X-TELIA Inc.
- Arable
- Fujitsu Limited
- BASF SE
- Murata Manufacturing Co., Ltd.
- Avanijal Agri Automation Pvt. Ltd
- Cropin Technology Solutions Pvt Ltd
- SAP SE
- Semios
Related Reports
Agriculture Technology-as-a-Service Market:
https://www.datamintelligence.com/research-report/agriculture-technology-as-a-service-market
Smart Agriculture Market
https://www.datamintelligence.com/research-report/smart-agriculture-market
Precision Agriculture Market
https://www.datamintelligence.com/research-report/precision-agriculture-market
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