Agriculture Iot Market Size, Share, Industry Trends and Forecast to 2030

1. What is the Market Size & CAGR of Agriculture IoT market in 2021?

The global Agriculture IoT market size in 2021 was valued at USD 14.5 billion. The market is expected to grow at a Compound Annual Growth Rate (CAGR) of 12.5% from 2021 to 2026, reaching a market size of USD 27.3 billion by the end of the forecast period.

2. COVID-19 Impact on the Agriculture IoT Market

The COVID-19 pandemic has had a significant impact on the Agriculture IoT market. With disruptions in the global supply chain and lockdown measures affecting agricultural operations, there has been a shift towards adopting IoT solutions to ensure continuity in farming practices. The pandemic has accelerated the adoption of Agriculture IoT technologies to enhance productivity and efficiency in the face of unprecedented challenges.

3. Agriculture IoT Dynamics

The Agriculture IoT market is driven by factors such as increasing demand for food security, rising adoption of smart farming practices, and the need for efficient resource management. IoT solutions enable farmers to monitor and control various aspects of their operations remotely, leading to improved yields, reduced costs, and sustainable agricultural practices.

4. Segments and Related Analysis

The Agriculture IoT market can be segmented based on applications such as precision farming, livestock monitoring, smart greenhouse management, and others. Precision farming, which includes the use of sensors, GPS technology, and data analytics, is the largest segment in the Agriculture IoT market, driven by the growing need for precision agriculture practices.

5. By Region Analysis

In terms of regional analysis, North America dominated the Agriculture IoT market in 2021, followed by Europe and Asia Pacific. North America's leading position can be attributed to the high adoption of advanced technologies in agriculture, favorable government initiatives, and the presence of key market players in the region.

6. Key Market Players and Competitive Landscape

Some of the key players in the Agriculture IoT market include IBM Corporation, Cisco Systems Inc., AGCO Corporation, Trimble Inc., and Deere & Company. These companies are focused on developing innovative IoT solutions for agriculture, establishing strategic partnerships, and expanding their market presence through acquisitions and collaborations.

7. Recent happenings in the Agriculture IoT Market

In recent developments, IBM launched the Watson Decision Platform for Agriculture, an AI-powered IoT solution that helps farmers make data-driven decisions to optimize crop yields and resource utilization. Cisco Systems introduced the Cisco Connected Agriculture IoT platform, enabling farmers to monitor and manage their agricultural operations efficiently.