Global IoT in Agriculture Market Expected to Reach $15 Billion by 2030, Reports MarkWide Research
According to a new report published by MarkWide Research, titled, “Global IoT in Agriculture Market,” the worldwide market for Internet of Things (IoT) in agriculture is poised for significant growth, with a projected market value exceeding $15 billion by the year 2030. This substantial expansion is driven by the imperative to enhance agricultural efficiency, sustainable farming practices, and food security through the integration of IoT technologies.
Market Overview:
IoT in agriculture involves the use of connected devices, sensors, and data analytics to monitor and optimize various aspects of farming, including crop management, livestock tracking, and environmental conditions.
Key Market Insights:
- Precision Agriculture: The primary driver of the IoT in agriculture market is the adoption of precision agriculture techniques, which enable farmers to make data-driven decisions, reduce resource wastage, and maximize yields.
- Sustainability: The market benefits from the growing emphasis on sustainable agriculture, where IoT technologies help minimize the environmental impact of farming practices.
- Supply Chain Integration: IoT in agriculture facilitates seamless integration with supply chains, enabling real-time monitoring of produce quality and freshness from farm to consumer.
Market Forecast and Growth Prospects:
The global IoT in agriculture market is expected to demonstrate robust growth, with a projected CAGR of over 12% during the forecast period, 2023-2030. The market, valued at approximately $6.5 billion in 2022, is anticipated to surpass $15 billion by 2030. This growth trajectory is driven by the increasing need for efficient resource utilization in agriculture, advancements in sensor technology, and the adoption of smart farming practices.
Challenges and Opportunities:
Challenges in the IoT in agriculture market include ensuring data privacy and security, addressing connectivity issues in remote agricultural areas, and providing affordable solutions for small-scale farmers. Opportunities lie in developing scalable and cost-effective IoT solutions, harnessing artificial intelligence for predictive analytics, and expanding agricultural digitization efforts globally.
Regional Analysis:
- North America: North America, particularly the United States and Canada, is expected to lead the IoT in agriculture market, with a strong focus on precision farming, agtech startups, and large-scale agricultural operations.
- Europe: Europe represents another significant market, driven by sustainable farming practices, government support for digitization in agriculture, and a strong agricultural sector.
- Asia-Pacific: The Asia-Pacific region, including India, China, and Australia, is witnessing rapid growth in IoT adoption in agriculture, supported by the need to feed growing populations and improve agricultural productivity.
Competitive Landscape:
Prominent players in the global IoT in agriculture market include John Deere, Trimble Inc., and IBM Corporation, among others. These companies offer comprehensive IoT solutions, including sensors, farm management software, and data analytics platforms, tailored to the evolving needs of modern agriculture.
Conclusion:
The global IoT in agriculture market is on an upward trajectory, driven by the urgent need for sustainable, efficient, and data-driven farming practices. With a commitment to innovation, data security, and addressing the challenges of global food production, IoT technologies are revolutionizing agriculture and contributing to enhanced food security worldwide.