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
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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
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
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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
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