The global agriculture IoT market is estimated to grow from USD 11.4 billion in 2021 to USD 18.1 billion by 2026 at a CAGR of 9.8% during 2021–2026.

Increased adoption of the Internet of Things (IoT) and artificial intelligence (AI) by farmers and growers, increased focus on livestock monitoring and disease detection, high demand for fresh produce, population growth, loss of arable land, surging adoption of aquaculture monitoring and feed optimization devices in developing countries, and strong government support for precision farming practises are driving the growth of the agriculture IoT market.

Advanced technologies such as guiding systems, variable rate technology, IoT, AI, and remote sensing have transformed agriculture into a data-rich and technologically intensive industry. Smart agriculture technology help farmers increase profitability, improve sustainability, preserve the environment, and conserve resources like water, fertilisers, and energy.

Precise farming, livestock monitoring, precision aquaculture, and smart greenhouse are just a few examples of IoT applications.

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Precision aquaculture application segment to register higher CAGR during the forecast period

The precision aquaculture application segment is projected to register the higher CAGR during the forecast period, by application. Increasing demand for real-time tracking of fishing activity is the major reason behind the high growth of the agriculture IoT market in aquaculture farm monitoring applications. Additionally, increasing government support worldwide for freshwater aquaculture production, and growing investments in technological research and product innovations to further boost the demand for the market.

Small farm segment is expected to witness higher CAGR growth during the forecast period

The agriculture IoT market for the small farm segment is projected to register the higher CAGR during the forecast period, by farm size. Small farms are expected to adopt automation and other advanced technologies at the highest rate in the coming years due to the reducing cost of farm automation equipment and advancements in technology that make it more feasible to deploy automation tools even on smaller farms to achieve high returns on investments.

The Post-planning stage segment for the agriculture IoT market is expected to witness higher CAGR growth during the forecast period

The market for the post-production planning stage is estimated to grow at the highest CAGR during the forecast period, by farm production planning stage. In recent years, farm owners have started using agriculture IoT hardware devices extensively for the post-production planning stage. Large and medium-sized farm owners are using yield monitors and inventory and logistics management solutions for the post-production stage of farming.

APAC is projected to register the highest CAGR growth during the forecast period

APAC is likely to be the fastest-growing agriculture IoT market during the forecast period. Agriculture IoT techniques are expected to be adopted at a high rate in APAC. This region consists of emerging countries such as India, China, and countries in South East Asia. Rapidly growing population, availability of arable land, and strong government support for farmers through subsidies in these regions are the major factors driving the adoption of agriculture IoT technologies in APAC.

Key Market Players

The agriculture IoT market is dominated by a few established players such as Deere & Company (US), Trimble Inc. (US), Raven Industries (US), DeLaval (a subsidiary of Tetra Laval International, S.A.) (Sweden), and AKVA group (Norway). These companies have adopted both organic and inorganic growth strategies such as product launches and developments, partnerships, contracts, expansions, and acquisitions to strengthen their position in the market.