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Agriculture IoT - Introduction

  • The agriculture industry has been witnessing the integration of IoT technology, which has modified traditional farming activities and enhanced efficiency and productivity of the agriculture industry
  • Expansion of the agriculture IoT market is due to the support provided by governments worldwide for agriculture development and to increase the food quality by integration of technology of the aquaculture sector
  • Increased use of automated weeding machines and adoption of driverless vehicles in farms to monitor farming activities are estimated to boost the adoption of technology-based agriculture to improve the productivity of farms in various regions
agriculture iot market size and forecast

Global Agriculture IoT Market: Dynamics

Global Agriculture IoT Market: Key Drivers

  • Increase in adoption of advanced technologies, such as variable rate technology (VRT), remote sensing, GPS monitoring, and data management software, in agricultural practices is estimated to propel the demand for agriculture IoT during the forecast period
  • Rise in population in various countries along with increased demand for high-quality food products is a major factor that is likely to propel the market during the forecast period
  • Initiatives taken by governments to encourage modern farming techniques by integrating big data analytics in smart farming is estimated to fuel the demand for IoT in agriculture
  • Rise in rate of adoption of technologies and new product innovation in the agriculture industry is estimated to further boost the agriculture IoT market
  • However, high initial investment in agricultural IoT devices and tools is anticipated to restrain the agriculture IoT market
  • Implementation of computer vision in precision farming is expected to provide significant opportunities for the agriculture IoT market
agriculture iot market dynamics

Impact of COVID-19 on Global Agriculture IoT Market

  • Most countries across the globe are facing lockdowns due to the COVID-19 pandemic, which has resulted in economic slowdown and millions of employees are working from home for the first time, during this pandemic  
  • COVID-19 negatively impacted the agriculture sector in the initial months of 2020. It was difficult for farmers to manage their business with shortage of raw material, insufficient workforce, and assets in the initial period of COVID-19, which had a negative impact on the agriculture sector.
  • However, in the post COVID-19 situation, demand for IoT in agriculture is estimated to increase due to the availability of resources and the integration of technologies in the agriculture sector. This, in turn, is projected to propel the agriculture IoT market.

North America to Hold Major Share of Global Agriculture IoT Market

  • In terms of region, the global agriculture IoT market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
  • North America is expected to hold a major market share of the global agriculture IoT market due to high adoption of smart agriculture and availability of good technological infrastructure in countries such as the U.S. and Canada
  • Availability of large-sized farms and strong government support for farmers in APAC is likely to fuel the agriculture IoT market in Asia Pacific
  • Rise in awareness about IoT-based agriculture farming in Middle East & Africa and Europe is estimated to fuel the demand for agriculture IoT during the forecast period
  • Rise in adoption of automated tools and devices in farms in South America is projected to boost the demand for agriculture IoT in the region during the forecast period
agriculture iot market outlook by region

Global Agriculture IoT Market: Competition Landscape

  • Several players operating in the agriculture IoT have strong presence in the market and are witnessing rapid technological development
  • In September 2020, Deere & Company, a key player of the agriculture IoT market, acquired Unmil, a Brazil-based company that provides components to sugarcane harvesters. This acquisition helps Deere & Company to increase its investments in the Brazil market and help customers reduce the production cost of sugarcane.
  • In January 2021, Raven Industries, Inc. launched its first driverless agriculture technology for harvesting, which helps farmers to monitor driverless vehicles by adjusting speed and by setting location activities

Key Players Operating in Global Agriculture IoT Market Include:

  • Afimilk Agricultural Cooperative Ltd.
  • AgJunction, Inc.
  • AgEagle Aerial Systems Inc.
  • Deere & Company
  • DICKEY-john (TSI Incorporated)
  • Eruvaka Technologies Pvt Ltd.
  • Farmers Edge, Inc.
  • Hexagon Agriculture
  • InnovaSea Systems, Inc.
  • Raven Industries, Inc.
  • Steinsvik (Scale Aquaculture AS)
  • Shenzhen DJI Sciences and Technologies Ltd.
  • Trimble, Inc.
  • Topcon Positioning Systems, Inc.
  • Teejet Technologies Illinois, LLC.

Global Agriculture IoT Market: Research Scope

Global Agriculture IoT Market, by Component

  • Hardware
  • Software
  • Services

Global Agriculture IoT Market, by Farm Type

  • Large Sized Farms
  • Mid-Sized Farms
  • Small Sized Farms

Global Agriculture IoT Market, by Application

  • Precision Farming
  • Precision Livestock
  • Precision Aquaculture
  • Precision Forestry
  • Smart Greenhouses
  • Others

Global Agriculture IoT Market, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Agriculture Iot Market