According to Goldstein Research, “Application of robotics technology and GPS enabled devices in farming is revolutionizing the agriculture sector. In U.S., over 80% of farmers have already adopted GPS technologies with computer imaging for agriculture machinery management and livestock monitoring. High adoption of connected solutions in farms is likely to fuel the expansion of IoT in agriculture business across the globe.”
The global IoT in agriculture market is segmented based on components such as hardware, software and platform. Among these segments, hardware is the dominating segment owing to the increasing number of connected devices. Hardware for IoT in agriculture market accounted for 66% revenue share of global IoT in agriculture market in 2015. However, platform section is projected to experience notable growth due to rising R&D spending on implementation of IoT based solutions. Connectivity/M2M Platforms market is the dominating segment and valued USD 0.22 billion in 2016 and is anticipated to reach USD 1.63 billion by the end of 2024.
Based on geography, Asia-Pacific region is the fastest growing region for IoT in agriculture market and is expected to witness remarkable growth owing to huge implementation of advance technologies for agriculture in countries such as China, Vietnam, Japan and India. Asia-Pacific IoT in agriculture market valued USD 0.47 billion in 2016 and is expected to reach over USD 2.0 billion in 2024.
IoT in livestock monitoring creating a new future prospects for farming
One of the innovative IoT solutions introduced in agriculture is smart cows. Europe based agricultural machinery manufacturer, Moocall provided IoT based solution which helps famers in monitoring pregnant cows. With the help of battery powered sensors, this solution helps in tracking cows motion associated with labor pain and facilitates with effective livestock monitoring. Moreover, to surmount the obstructions such as climate change, water scarcity and arable lands digital solutions are provided by leading IoT vendors which are encouraging the growth of IoT in agriculture sector at an incredible pace.
“Global IoT in Agriculture Market 2024” contains detailed overview of the global IoT in agriculture market in terms of market segmentation by components.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Sacle) analysis, Porter’s five force model and SWOT analysis.
Global IoT in agriculture market also provides competitive outlook of some of the major players of global IoT in agriculture market which includes profiling of companies such as IBM Corporation, ThingWorx, John Deere & Company, Qualcomm Flight Platform, Agribiotix, Deepfield Robotics (Bosch), Topcon Positioning Systems, Inc., Raven Industries, Inc., SemiosBio Technologies Inc., AGCO Corporation, CNH Industrial, Lindsay Corporation, Trimble Navigation Ltd., Cisco Systems, Leica Geosystems, Trackit, Euravka, FluxFarm Inc. and Climate Corporation. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global IoT in agriculture market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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