DUBLIN--(BUSINESS WIRE)--The "Agriculture IoT Market by Offering (Hardware, Software, & Services), Application (Precision Farming, Precision Forestry, Livestock Monitoring, Fish Farm Monitoring and Smart Greenhouse), Application, and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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.
Agriculture IoT market for software offering to grow at the second-highest CAGR during the forecast period
The agriculture IoT market for software is expected to grow at the second-highest CAGR during the forecast period. Software plays an important role in farm management solutions for smart agriculture. Software and information technology tools are increasingly being adopted by agriculturists and farmers. The software can be used for different functions such as data management, data security, crop health monitoring, farm work mapping, and stock management.
Agriculture IoT market for fish farm monitoring market to grow at the highest rate during the forecast period
The agriculture IoT market for fish farm monitoring is expected to grow at the highest CAGR during the forecast period. The increasing demand for various hardware devices, such as GPS/GNSS, and different types of sensors is contributing to the growth of the agriculture IoT market for fish farming. The implementation of IoT technologies in fish farming helps in monitoring feeding patterns, detecting diseases in fish in advance, controlling water quality, preventing illegal fishing, and so on.
The Americas is expected to account for the largest market share of the agriculture IoT market during the forecast period
The Americas is expected to hold the largest share of the agriculture IoT market during the forecast period. There is the presence of large-scale players in the region who are already using advanced agricultural technologies to dramatically improve the speed and accuracy of their planting and crop management techniques. Countries such as the US and Canada are the early adopters of agriculture IoT technologies, which is another key factor contributing to the growth of the agriculture IoT market in the Americas.
- Increasing Adoption of IoT and AI By Farmers and Growers
- Growing Focus on Livestock Monitoring and Disease Detection
- Rising Demand for Agricultural Production Output
- Governments Support to Adopt Modern Agricultural Techniques
- Fragmented Agriculture Industry
- High Technological Cost and Limited Technical Knowledge and Skills of Farmers
- Advent of Big Data in Agriculture Farm
- Introduction of Agriculture-Specific Applications in Smartphones
- Adoption of Drones in Precision Farming
- Unavailability of Simple and Standardized Data Management and Data Aggregation Tools
- Lack of Standardization in Smart Agriculture Industry
Emerging Trends in Agriculture Industry
- Technologies Influencing Future Precision Agriculture - A Road Map
Supply Chain Analysis
Value Chain Analysis
- Major Stakeholders in Precision Farming Ecosystem
- Deere and Company
- Trimble Inc.
- Agco Corporation
- Raven Industries
- Delaval (Subsidiary of Tetra Laval International, S.A.)
- GEA Group
- Antelliq (Subsidiary of Merck & Co., Inc)
- Komatsu Forest
Other Key Players
- Teejet Technologies
- Topcon Positioning Systems
- Hexagon Agriculture
- Tree Metrics
- Descartes Labs
- Decisive Farming
- Autonomous Tractor Corporation
- Nileworks Inc.
For more information about this report visit https://www.researchandmarkets.com/r/e2jcwx