The agriculture IoT market is expected to grow from USD 12.7 billion in 2019 to USD 20.9 billion by 2024, at a CAGR of 10.4% from 2019 to 2024. A few key factors driving the growth of this market are rising demand for agricultural production owing to increasing population, increasing adoption of Internet of Things (IoT) and Artificial Intelligence (AI) technology by farmers and growers, and focus on livestock monitoring and disease detection to improve farming efficiency.

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The agriculture IoT market for market for services offering to grow at the highest CAGR during the forecast period

The agriculture IoT market for services is expected to grow at a higher CAGR during the forecast period. . Service providers include companies that provide farm operation services, data services, and farm data analytics to software companies or directly to farmers. Analytics services help in providing right calls and alerts on farming operations to improve the farmers’ decision-making capabilities. System integrator service providers are involved in troubleshooting and diagnosing farm management solutions, which also consists in developing new concepts related to software and hardware equipment.

Precision Farming to account for the largest share of agriculture IoT market during the forecast period

Precision farming to account for the largest share of agriculture IoT market during the forecast period. This market growth can be attributed to the increasing focus on improving farm efficiency and productivity. Precision farming has the potential to change the concept of agriculture for good, making traditional agricultural activities more efficient and predictable. In precision farming, farmers can use various software and hardware devices to collect farm-related data, which would help them make better decisions and increase the productivity of their lands and crops.
Agriculture IoT market in Europe is expected to hold the second-largest share during the forecast period

Europe is expected to hold the second-largest share of the agriculture IoT market during the forecast period. European farmers are already using smart agriculture technologies such as yield monitoring, GNSS technology in guidance and steering, variable rate application, and crop scouting. The adoption rate of animal tracking, dairy cattle management, and other livestock monitoring technologies is high in Germany. The UK is focusing on changing its agriculture IoT landscape by entering into the new era of technological developments to meet the rising demand for food by a growing population, rapid changes in climate, changing diets, and increasing scarcity of natural resources.

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Key Market Players

Deere & Company (US), Trimble (US), Raven Industries (US), AGCO Corporation (AGCO) (US), AgJunction Inc. (AgJunction) (US), DeLaval (Sweden), GEA Farm Technology (Germany), Lely (Netherlands), Antelliq (France), AG Leader Technology (AG Leader) (US), Tigercat (Canada), Ponsse (Finland), Komatsu Forest AB (Sweden), Caterpillar (US), Treemetrics (Ireland), Topcon Positioning Systems (US), and DICKEY-john Corporation (US) are some of the major players in agriculture IoT market.

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