LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global IoT market in smart farming to grow at a CAGR of close to 11% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global IoT market in smart farming for 2017-2021. The report also lists hardware, software, and services as the three major product segments, of which the hardware segment accounted for the major share of more than 63% of the overall market.
According to Raghav Bharadwaj Shivaswamy, a lead analyst at Technavio for automation research, “The global IoT market in smart farming is expected to witness a linear growth rate, which will be sustained by the demand from markets in Asia and Latin America. These regions are expected to offer high potential for the IoT market in smart farming, owing to the growth of agriculture in developing countries and the need for efficient agricultural operations in these countries.”
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global IoT market in smart farming:
- Reduction in cost of sensors
- Increase in IoT solutions for remote monitoring
- Rising population and shortage of cultivable lands
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Reduction in cost of sensors
The increase in the adoption of wired and wireless sensors in the market is mainly driven by the reduction in costs. The development of communication technologies like 4G also supports the adoption of sensors in smart farming practices. The installation cost is being reduced due to technological advances and easy assembling options provided by sensor manufacturers. The competitive scenario prevailing among the major manufacturers of sensors as well as service providers is increasing, which will have a positive impact to the increasing adoption of smart farming. Internet of Things farming is shaping the future of agriculture, and smart farming techniques help in increasing the crop yield and efficiency of resources with the help of weather prediction, real-time plant and filed monitoring, and better supply chain management.
The adoption of IoT and smart farming is primarily supported by the availability and affordability of wireless sensors. Moreover, growth in cloud computing additionally supports the growth of smart farming. The adoption of sensors in smart farms is growing at a linear rate in APAC, followed by the Americas. These regions will be the key marketplaces for manufacturers during the forecast period.
Increase in IoT solutions for remote monitoring
Smart farming plays a significant role in agricultural modernization. It involves seamless monitoring while connecting the entire farming and production chain, from soil content to weather monitoring. Automated machinery and equipment can be used to self-enhance and optimize irrigation and other farming processes by the analysis of real-time data and autonomous decisions, improving crop cultivation and overall productivity.
The deployment of IoT solutions for remote monitoring involves the use of sensors, smart technologies, connecting devices, and systems. All functions converge at a high-performance server or cloud by the incorporation of IoT solutions, which allow efficient farm and crop management, optimal use of agricultural resources, and reduction of water wastage and other expenditures.
Rising population and shortage of cultivable lands
The global population is growing at a fast rate and is expected to reach 9-9.5 billion by 2050. The increasing need for food and the shortage of cultivable land will lead to growth in the demand for smart farming and modern technologies. Hence, farmers prefer modern information technologies and precision equipment to meet the demand. Traditional farming methods are getting replaced by smart farming with the support of IoT, big data, drones, and robotics.
“The adoption of IoT in farming provides better decision-making along with efficient management and utilization of resources. Smart farming also helps in yielding better productivity and profit. The growing population and the need to accelerate food production is driving countries to look to smart farming, providing momentum to the adoption of IoT in smart farming,” says Raghav.
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