GMI Research analysis indicates that the Agriculture IoT Market size touched USD 12.1 billion in 2021 and is slated to register a double digit CAGR of 10.1% over the period 2022-2029 and is projected to reach USD 26.1 billion in 2029 attributed to growing demand for fresh produce and increasing adoption of aquaculture monitoring devices.

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Key Agriculture IoT Market Drivers

Major factors driving global agricultural IoT market are growing demand for agricultural output, increasing penetration of Internet of Things (IoT) & artificial intelligence (AI) technologies in the farming sector, and the rising government support to opt for latest agricultural techniques along with the growing focus on livestock monitoring to enhance the efficiency of farming. Moreover, the increasing penetration of drones in precision farming and the introduction of big data in agriculture farms will have a positive impact on the market growth. Drones are gaining traction amongst farmers as it provides accurate ariel image up to hundreds of acres of lands and less expensive as compared to surveillance drones. As per recent estimates, agriculture usage of drones and robotic equipment would represent 80% of the commercial market of drones in coming 9-10 years.

In addition, IoT-based technology helps in increasing the quality and quantity of farming production by joining via a single platform and making it interactive by sharing, analyzing, and storing the information. Growing adoption of the Internet of Things (IoT) and artificial intelligence (AI) by farmers and growers, increasing emphasis on livestock monitoring and disease detection, strong demand for organic products, accelerating population, loss of fertile land, and strong government support for precision farming practices, will augment the global IoT in Agriculture Market.

Growing adoption of advanced technologies, which include variable rate technology (VRT), remote sensing, GPS monitoring, and data management software, in agricultural practices is estimated to expand the market growth. Additionally, increasing population across several countries along with increased demand for high-quality food products is a projected to drive the market during the forecast period. Strategic initiatives enforced by the governments to encourage modern farming techniques by incorporating big data analytics in smart farming is projected to drive the IoT in agriculture market. Moreover, strong demand for food at the global level, followed by the rising population rate, especially in developing economies such as India, will create innumerable growth opportunities in the market. With the drastic change in the climate, it has become necessary to deploy IoT-based technologies in the agriculture sector to optimize production and minimize the chances of losses.

Growing penetration of smartphones and the Internet among farmers will encourage them to opt for the latest technologies to boost their quantity and enhance the quality of yield. However, the lack of availability of simple and standardized data management and data aggregation tools is a factor that is likely to hamper the growth of the global agriculture IoT market in the coming years coupled with high initial investment required for the agricultural IoT devices and tools are restricting the market growth.

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Based on Application, Precision Aquaculture segment is projected to grow at a faster rate.

Surge in the demand for real-time tracking of fishing activities coupled with government schemes promoting freshwater aquaculture production and increasing investments in research and product innovations are some of the factors propelling the segment’s growth. Precision farming is gaining popularity in the agriculture sector as it enables the farmers to use a precise application of agricultural input as per the soil, weather, and crop needs, thus improving the productivity and profitability of the farmers. In this type of farming, the farmers can use numerous IoT-based software and hardware devices to collect farm-related information, which in turn, will help in making better decisions.

Based on Farm Type, Small Farms segment is forecast to grow at a higher CAGR.

Farmers are increasingly adopting automated technologies as the cost of farm automation equipment is going down and advancements in technologies are encouraging farmer to deploy such technologies for maximizing their yields.

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Based on Region, Asia-Pacific region is forecast to grow at the fastest rate.

Asia-Pacific agriculture IoT market is driven by government policies promoting the adoption of smart agriculture technologies, increasing population growth rates, high pressure to improve farm yields and accessibility to arable land. European agriculture IoT market is driven by increasing demand for food, drastic change in climatic conditions, a significant shift in the diet patterns, and the rising scarcity of natural resources is encouraging the adoption of IoT-based technologies in the agriculture sector in the region. The farmers around the European countries are increasingly using smart agricultural technologies, such as yield monitoring, GNSS technology in guidance, and crop scouting. In Germany, the growing trend of animal tracking, cattle management, and other livestock monitoring technologies will attract a large number of consumers in the market. All these factors, along with the new era of technological development, are the key factors responsible for strengthening market growth in the region.

Top Market Players

Various notable players in the agriculture IoT market are Deere & Company, Trimble Inc., AGCO Corporation, Raven Industries, Inc., DeLaval, GEA Group, AgJunction, Merck & Co., Inc., Ponsse Oyj, and Komatsu Forest, among others.

Key Developments:

• • In 2021, Deere & Company, a major agriculture equipment manufacturer based out of United States, announced that it has launched a latest version of ExactRate, which is an on-planter technology that fertilizes new crops at a higher speed before and minimizes the amount of fertilizer tank refills required during planting.
  • In 2021, DeLaval incorporated RC550 and RC700 to their robot lineup. These robots were produced with the cow comfort and hoof condition on solid flooring. Any form of manure may be handled by the collector thanks to their innovative rotational dung intake technology, and no additional water is required.
  • In 2019, AGCO Corporation announced to enter into a strategic partnership with Solinftec, a world-leading developer and distributor of digital agriculture solutions. With this partnership, AGCO Corporation’s customers will get access to the solution portfolio of Solinftech, such as on-board computers, weather stations, soil sensors, and many more.
  • In 2019, Raven Industries, Inc., a developer of precision agriculture products  based in United States, announced to enter into an agreement with Dot Technology Corp. The agreement focuses on opening a new path to autonomy for farmers and bring disruptive technologies into the market.

Segments Covered in the Report

The global Agriculture IoT market has been segmented on the basis of Type, Farm Type, Farm Production Planning Stage, Application and Region. Based on Type, the market is segmented into Precision Farming Hardware, Precision Livestock Hardware, Precision Agriculture Hardware, Precision Forestry Hardware, Smart Greenhouse Hardware and Other Hardware. Based on Farm Type, the market is segmented into Large, Mid-Sized and Small Farms. Based on Farm Production Planning Stage, the market is segmented into Pre-Production Planning, Production Planning and Post-Production Planning). Based on Application, the market is segmented into Precision Farming, Precision Livestock, Precision Aquaculture, Precision Forestry, Smart Greenhouses and Others

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Report Coverage	Details
Market Revenues (2021)	USD 12.1 billion
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Value (USD Billion)
Market Segment	By Hardware Type, By Farm Type, By Farm Production Planning Stage, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Deere & Company, Trimble Inc., AGCO Corporation, Raven Industries, Inc., DeLaval, GEA Group, AgJunction, Merck & Co., Inc., Ponsse Oyj, and Komatsu Forest; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation:

Global Agriculture IoT Market by Hardware Type

• • Precision Farming Hardware
  • Precision Livestock Hardware
  • Precision Agriculture Hardware
  • Precision Forestry Hardware
  • Smart Greenhouse Hardware
  • Other Hardware

Global Agriculture IoT Market by Farm Type

• • Large
  • Mid-Sized
  • Small Farms

Global Agriculture IoT Market by Farm Production Planning Stage

• • Pre-Production Planning
  • Production Planning
  • Post-Production Planning

Global Agriculture IoT Market by Application

• • Precision Farming
  • Precision Livestock
  • Precision Aquaculture
  • Precision Forestry
  • Smart Greenhouses
  • Others

Global Agriculture IoT Market by Region

• • North America Agriculture IoT Market (Option 1: As a part of the free 25% customization)

• • • By Hardware Type
    • By Farm Type
    • By Farm Production Planning Stage
    • By Application
    • US Market All-Up
    • Canada Market All-Up

• • Europe Agriculture IoT Market (Option 1: As a part of the free 25% customization)

• • • By Hardware Type
    • By Farm Type
    • By Farm Production Planning Stage
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain All-Up
    • Rest of Europe Market All-Up

• • Asia-Pacific Agriculture IoT Market (Option 3: As a part of the free 25% customization)

• • • By Hardware Type
    • By Farm Type
    • By Farm Production Planning Stage
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

• • RoW Agriculture IoT Market (Option 4: As a part of the free 25% customization)

• • • By Hardware Type
    • By Farm Type
    • By Farm Production Planning Stage
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Agriculture IoT Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Deere & Company
  • Trimble Inc.
  • AGCO Corporation
  • Raven Industries, Inc.
  • DeLaval
  • GEA Group
  • AgJunction
  • Merck & Co., Inc.
  • Ponsse Oyj
  • Komatsu Forest