Allied market research attributes population spurt as prime driver
In a report by Allied Market Research, ‘Internet of Things (IoT) in Agriculture by System and Application: Global Opportunity Analysis and Industry Forecast, 2018-2025’, the firm revealed that the global IoT in agriculture market is expected to generate $48,714 million by 2025, growing at a compound annual growth rate (CAGR) of 14.70 percent from 2018 to 2025.
The report conceded that due to considerable increase in population, food demand has also increased exponentially. This is one of the prime drivers of the IoT in the agriculture market.
In 2017, the precision farming segment led the IoT in the agriculture market, followed by the livestock monitoring segment. IoT-based technology to monitor livestock health helps farmers prevent illness by taking preventive measures, and is expected to boost the growth of the IoT in the agriculture market. However, the high cost of adoption of IoT based technology is a challenge for farmers across Brazil, China, India, and other developing countries. This is expected to limit the IoT in agriculture market share.
However, government initiatives in development of the agriculture industry have led to partnership between public and private enterprises along with agro-processing organizations, financial institutions, and food manufacturers.
