Agriculture IoT market to reach $32.7 B by 2027
The agriculture IoT market is expected to grow at a CAGR of 15.2% from 2020 to reach $32.7 billion by 2027
Image source: PR Newswire
As per the new market research report ‘Agriculture IoT Market by Component (Hardware, Software, Services), Application (Precision Farming, Smart Greenhouse, Livestock Monitoring, Smart Irrigation, Others), and Geography - Global Forecast to 2027’, published by Meticulous Research®, the agriculture IoT market is expected to grow at a CAGR of 15.2% from 2020 to reach $32.7 billion by 2027.
Agriculture IoT refers to the adoption of advanced technologies for producing higher yield from farms in order to cater to increasing food demands and enhance productivity by optimizing fertilizer use for increased efficiency.
Due to the rapid dip in demand and unavailability of raw materials, workforce, and assets, production plans are expected to change on a much higher frequency. This would slow down the adoption of agriculture IoT solutions, as farmers are inclined to manage their business with existing technologies and resources.
- In the overall agriculture IoT hardware market, in 2020, the automation and control systems segment is estimated to account for the largest share. Field automation and control systems are incorporated by farmers to cope up with complex agricultural processes and execute operations at high efficiencies without polluting the environment.
- In the overall agriculture IoT software market, in 2020, the cloud-based segment is estimated to account for the largest share.
- In the overall agriculture IoT services market, in 2020, the professional services segment is estimated to account for the largest share.
However, the rising government initiatives towards digitization, strong inclination of businesses and governments toward storing and processing data locally, and growing adoption of agriculture IoT by the farmers in the region are helping the Asia Pacific to register the fastest growth in the global agriculture IoT market.