Rising demand, IoT, AI and livestock monitoring are some of the factors which can boost farming efficiency

According to a comprehensive research report by Market Research Future (MRFR), Global IoT in Agriculture Market information by Components, by Application and Region – forecast to 2027 market size will surpass $36 billion by 2026 at a CAGR of 13 per cent.

Rising demand for agricultural production due to rising population, increased adoption of Internet of Things (IoT) and Artificial Intelligence (AI) technology by farmers and growers, and an emphasis on livestock monitoring and disease detection to boost farming efficiency are a few main factors driving the growth of this market.

The World Economic Forum released a study that stressed IoT-based farming to maximise the use of water and pesticides. Smart robots, blockchain, and the Internet of Things are projected to be used in the future to produce synthetic foods for personalised nutrition. Precision agriculture technologies that use machine vision, big data analytics, and advanced robotics will allow farmers to apply the optimal number of inputs for each crop and assist with livestock and aquaculture management, increasing yields while decreasing water use and greenhouse gas emissions. 

Precision farming and IoT-based agriculture are projected to support 80–150 million farmers by 2030. Crop production is projected to increase by 100-300 million tonnes, with 5-20 million fewer megatonnes of CO2-equivalent released. In addition, water usage is expected to fall by 50-180 billion cubic meters. The widespread implementation of advanced agricultural technology has resulted in the 4th Industrial Revolution, which is expected to significantly increase crop yield while lowering production costs. Other factors driving the growth of the global IoT in the agriculture market include the need for efficient farming and increased government involvement in the promotion of farming technologies.

By component, the global IoT in the agriculture industry has been divided into software, system, and services. Sensing and monitoring systems, fish farming systems, livestock monitoring systems, smart greenhouse systems, automation and control systems, and others are all part of the system segment. Soil sensors, yield monitors, water sensors, climate sensors, and other sensing and monitoring systems have been listed.

North America has the largest share of the smart farming market since vendors in this area invest heavily in R&D.