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IoT in Agriculture Market Report Coverage

IoT in Agriculture Market

Base Year

2022

Market Size in 2023

$20,148.9 Million

Forecast Period

2023-2033

Value Projection and Estimation by 2033

$71,929.6 Million

CAGR During Forecast Period

13.57%

Number of Pages

188
Number of Tables 90

Number of Figures

 36

 

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on thorough secondary research, which includes analyzing company coverage, product portfolio, market penetration, and insights gathered from primary experts.

The IoT in agriculture market comprises key players who have established themselves thoroughly and have the proper understanding of the market, accompanied by start-ups who are looking forward to establishing themselves in this highly competitive market.  In 2022, the IoT in agriculture market was dominated by established players, accounting for 73% of the market share, whereas the start-ups managed to capture 27% of the market. With the growth in advancements in agricultural technologies among the nations, more players will enter the global IoT in agriculture market with each passing year.

Some prominent names established in this market are:

•    Deere & Company
•    Microsoft
•    CNH Industrial N.V
•    Robert Bosch GmbH
•    Kalera Inc.
•    Heliospectra AB
•    Signify Holding
•    AKVA Group ASA
•    Eruvaka Technologies
•    AGRIVI
•    Climate LLC
•    AeroFarms

How can this report add value to an organization?

Product/Innovation Strategy: The product segment helps the reader understand the different types of components available for deployment and their potential globally. Moreover, the study provides the reader with a detailed understanding of the IoT in agriculture market by application on the basis of application (precision crop farming, livestock monitoring and management, indoor farming, aquaculture, and others) and product on the basis of component (hardware and software).

Growth/Marketing Strategy: The IoT in agriculture market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture. The favored strategy for the companies has been partnerships and contracts to strengthen their position in the IoT in agriculture market. For instance, in May 2023, Deere & Company revealed that it was bringing its sensing technology down to plant seed level. Not only can seeds be planted quickly with Deere's automated seeding technology, which can fire over 1,000 seeds per second, but John Deere has also created a new enhanced seeding-fertilizer capability aided by sophisticated and accurate tracking technologies.

Competitive Strategy: Key players in the IoT in agriculture market analyzed and profiled in the study involve major IoT in agriculture, offering companies providing IoT in agriculture for the purpose. Moreover, a detailed competitive benchmarking of the players operating in the IoT in agriculture market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.

Methodology: The research methodology design adopted for this specific study includes a mix of data collected from primary and secondary data sources. Both primary resources (key players, market leaders, and in-house experts) and secondary research (a host of paid and unpaid databases), along with analytical tools, are employed to build the predictive and forecast models.

Data and validation have been taken into consideration from both primary sources as well as secondary sources. 

Key Considerations and Assumptions in Market Engineering and Validation

•    Detailed secondary research has been done to ensure maximum coverage of manufacturers/suppliers operational in a country.
•    Exact revenue information, up to a certain extent, will be extracted for each company from secondary sources and databases. Revenues specific to product/service/technology will then be estimated for each market player based on fact-based proxy indicators as well as primary inputs.
•    Based on the classification, the average selling price (ASP) is calculated using the weighted average method.
•    The currency conversion rate has been taken from the historical exchange rate of Oanda and/or other relevant websites.
•    Any economic downturn in the future has not been taken into consideration for the market estimation and forecast.
•    The base currency considered for the market analysis is US$. Currencies other than the US$ have been converted to the US$ for all statistical calculations, considering the average conversion rate for that particular year.
•    The term “product” in this document may refer to “platform” as and where relevant.
•    The term “manufacturers/suppliers” may refer to “systems providers” or “technology providers” as and where relevant.

Primary Research

The primary sources involve industry experts from the agritech industry, including IoT in agriculture, agriculture/farming-related industries, and IoT in agriculture component manufacturers. Respondents such as CEOs, vice presidents, marketing directors, and technology and innovation directors have been interviewed to obtain and verify both qualitative and quantitative aspects of this research study.

Secondary Research

This study involves the usage of extensive secondary research, company websites, directories, and annual reports. It also makes use of databases, such as Spacenews, Businessweek, and others, to collect effective and useful information for a market-oriented, technical, commercial, and extensive study of the global market. In addition to the data sources, the study has been undertaken with the help of other data sources and websites, such as www.nasa.gov.

Secondary research was done to obtain critical information about the industry’s value chain, the market’s monetary chain, revenue models, the total pool of key players, and the current and potential use cases and applications.

 

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Global IoT in Agriculture Market

Focus on Application, Product, and Country-Wise Analysis - Analysis and Forecast, 2023-2033

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Some Faq's

Frequently Asked Questions

The Internet of Things (IoT) in agriculture, also known as smart farming, is a fast-developing sector that uses a network of sensors, devices, and IoT apps to create a highly regulated, information-driven environment for crop and livestock production. This technology monitors field conditions, automates agricultural activities, and delivers rich data analytics to help farmers make more educated decisions.

In precision farming, IoT devices provide detailed insights into soil moisture levels, weather conditions, and crop health. Livestock monitoring with wearables tracks health and activity levels. Greenhouse automation controls temperatures, humidity, and light, and agricultural drones provide aerial imagery and soil health scans and can even assist in planting or spraying. These many IoT applications seek not only to boost productivity and yield but also to reduce environmental effects, thus making agriculture more sustainable.

Within the agricultural sector, the global IoT in agriculture market has seen major key players such as Microsoft, Deere & Company, and Robert Bosch GmbH, which are capable of providing a range of IoT in agriculture products. Key players are offering IoT in agriculture, targeting diverse markets via contracts, agreements, and partnerships to enhance their global presence.

New IoT in agriculture providers, which include component manufacturers, should focus on providing components for the IoT in agriculture, where the need for IoT seems unending.

The following can be seen as some of the USPs of the report:

•    A dedicated section on growth opportunities and recommendations
•    A qualitative and quantitative analysis of the IoT in agriculture market based on application and product 
•    Quantitative analysis of application sub-segment, which includes: 
o    Precision Crop Farming
o    Livestock Monitoring and Management
o    Indoor Farming
o    Aquaculture
o    Others
•    Regional and country-level forecast on IoT in agriculture, which includes applications such as precision crop farming, livestock monitoring and management, indoor farming, aquaculture, and others and products, including components.
•    A detailed company profile comprising established players and some start-ups that are capable of significant growth, along with an analyst view

Companies developing IoT in agriculture, companies offering IoT in agriculture components, and defense organizations should buy this report. Additionally, stakeholders from the defense industry should also buy this report to get insights about the emerging IoT in agriculture demand and the benefits they could derive from it.