The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Internet Of Things (IoT) In Agriculture Global Market Report 2024, the internet of things (IoT) in agriculture market is expected to show significant growth in the forecast period.

The IoT in agriculture market has witnessed substantial growth in recent years, with a promising outlook for the future. Here’s a snapshot of its trajectory:

• Past Growth: From $13.73 billion in 2023 to $15.21 billion in 2024, boasting a Compound Annual Growth Rate (CAGR) of 10.7%.
• Factors Fueling Past Growth: Data analytics for decision support, integration of autonomous machinery, crop monitoring solutions, livestock monitoring, and water management solutions.

Looking Ahead: Anticipated Expansion
The momentum is set to continue, with projections indicating robust growth:

• Forecasted Growth: Estimated to reach $22.65 billion by 2028, with a CAGR of 10.5%.
• Driving Forces: Government initiatives, integration of AI and machine learning, data-driven decision-making, and a surge in demand for smart farming solutions.

View More On The Internet Of Things (IoT) In Agriculture Market Report 2024 – https://www.thebusinessresearchcompany.com/report/internet-of-things-iot-in-agriculture-global-market-report

Major Trends Shaping the Landscape

Several trends are expected to define the IoT in agriculture market in the coming years:

• Precision Agriculture Adoption: Harnessing technology for optimized farming practices.
• Rising Demand for Smart Farming: Meeting the growing need for efficiency and sustainability.
• Climate Change Resilience: Adapting agricultural practices to mitigate climate risks.
• Water Management Solutions: Addressing the crucial issue of water scarcity.
• Livestock Monitoring and Welfare: Ensuring the health and well-being of animals.

Surging Food Demand Drives The IOT In The Agriculture Market

Meeting the Challenge of Growing Food Demand

• Significance of Food Demand: Driving force behind the expansion of IoT in agriculture.
• IoT’s Role in Boosting Productivity: Monitoring various data points crucial for agriculture.
• Risk Mitigation: Early detection of anomalies in crop growth or animal health.
• Projected Growth in Food Demand: Expected increase of 35% to 56% between 2010 and 2050.

Technological Advancements In IoT In The Agriculture Market

Embracing Innovation for Agricultural Transformation

• Key Trend: Technological Advancement: Integrating new technologies into precision farming.
• Example: Zyter Smart Agriculture: Leveraging IoT sensors and AI for precision agriculture.
• Focus on Automation and Optimization: Enhancing efficiency and sustainability in crop management.

CNH Industrial N.V. Acquires Raven Industries Inc.

A Strategic Move Towards Precision Farming

• Acquisition Details: CNH Industrial N.V. acquiring Raven Industries, Inc. to bolster its precision farming and IoT strategies.
• Raven Industries’ Expertise: Adding innovation capabilities to accelerate agricultural technology advancements.

Segmentation and Regional Insights

Understanding Market Dynamics

• Segmentation:
  • By Component: Hardware, Software, Connectivity, and Services.
  • By Type: Small Farms, Mid-Sized, Large.
  • By Application: Livestock Monitoring, Smart Greenhouse, Precision Forestry, Fish Farm Monitoring, and Others.
• Regional Insights: Asia-Pacific leading the IoT in agriculture market in 2023.

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The Internet Of Things (IoT) In Agriculture Global Market Report 2024  provides an in-depth analysis on the internet of things (IoT) in agriculture market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the internet of things (IoT) in agriculture market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
IoT Global Market Report 2024
Agriculture Global Market Report 2024
IOT Sensors Global Market Report 2024

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