Agriculture is one of the oldest and most significant occupation in the world, and in a developing country like India, agriculture accounts for the broadest economic structure and contribute exponentially to the GDP. With the rising degree of migration from rural to urban areas and increasing food security concerns, governments are looking for various viable option to increase yield and efficiency in the farming sector. Introduction of Internet of Things (IoT) in agriculture has been a silver lining for farming sector, as it combines and manages the planning and application in agriculture.
Advancement in IoT application in agricultural sector is being witnessed in various regions and countries. The developed economies are implementing this emerging technology in agriculture rapidly. Governments are also keen on investing in the IoT in agriculture market to boost their productivity. Recently a €30 million H2020 project- ‘Internet of Food & Farm (IpF2020)’, co-funded by the European Commission was launched in Amsterdam. According to EU Reporter, “An inspiring start of the project enabled project partners to establish a structured collaboration and present their innovative research endeavours, aiming at improving agricultural production through the use of IoT technologies to answer the grand societal challenges.” The project aims to build “a sustainable ecosystem for the long-term application of IoT technologies in the European agri-food sector.”
Since the introduction of IoT in agriculture, the market has been competitive and major players are coming up with different concepts and innovations to target their potential customers. Recently this trend was followed by CNH Industrial, a global leader in agricultural equipment and other capital goods, wherein it selected a cloud based platform by DroneDeploy “as a unique, all-in-one UAV system,” as reported by the IoT Journal. They added the “CNH Industrial's new UAV solution is designed to be easy to
understand, simple to operate, and is a powerful investment in immediate field intelligence.” Such activities, including mergers and partnerships by key players in the market may be witnessed in the coming years to expand their business and rule out new entrants.
Recognizing the gradual growth in the global IoT in agriculture market and the trends to be followed by the major players in the market, BIS Research has compiled a report on ‘Global IoT in Agriculture Market – Analysis & Forecast- 2016 to 2022’, which emphasises on the different systems, components, and applications of global IoT in agriculture market. According to the analyst at BIS Research, “The IoT in agriculture market is a combination of complex components, technologies and systems. Increasing emphasis on food security, growing adoption of ICT in agriculture, adoption of UAVs/ drones in agriculture applications, growing popularity of precision agriculture, and need for data management in agriculture are some of the factors responsible for the growth of this market.”
The study also tracks the revenue generation along the lines of each application type and component type, while highlighting the key driving and restraining forces of the market. The market has been bifurcated geographically into different regions, mainly North America, Europe, Asia-Pacific (APAC), and Rest of the World (R.O.W.). According to the analyst, “The market is dominated by North America due to increasing per capita income, and increased mechanization in the country. The U.S. has built a reputation for adopting technologies at a fast pace, thus, is one of the leading countries holding a major share in the IoT in agriculture market. Asia-Pacific (APAC) is second in this regard after North America and is expected to grow at the highest rate from 2016 to 2022 due to the growing population and rapid urbanization in most of the major countries of APAC.”
The key market players are analyzed and profiled in detail in the report. This section covers the business financials, company snapshots, key products & services, major developments, future programs (if any), and finally, the individual SWOT analysis.