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Demand of IoT in Agriculture Market Estimated to Reach USD 34.81 Billion in 2030

Demand of IoT in Agriculture Market Estimated to Reach USD 34.81 Billion in 2030

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IoT For All

- Publish Date: May 12, 2021

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IoT For All

- Publish Date: May 12, 2021

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Research Overview

IoT integrates technically advanced tools, frameworks, devices, and solutions in the IoT-based agricultural sector to improve operational performance, optimize production and reduce energy waste through real-time farm data collection, data storage, data evaluation, and system management creation. The weather, humidity, plant health, mineral conditions, chemical implementations, the prevalence of pests, and many more can be converted into huge data sets, which enable data analytics engineers to generate understanding into the farm with different coarseness levels using smart technologies. Agricultural production has to be increased to meet the world's growing demand for food. The growing proliferation of the internet and the deployment of technological solutions are anticipated to accelerate the overall development of IoT in the agriculture industry. The government is also actively engaged in awareness-raising projects and activities that boost agricultural production.

The Sr. Research Analyst, Akash Naithani from FATPOS Global Research and Consulting suggest that global IoT in Agriculture Market is estimated to grow from USD 14.5 billion in 2019 to USD 34.81 billion in 2030 with a CAGR of 12.55%.

Growth in the smart agriculture market is driven by factors such as increasing pressure on the food supply system due to the rapidly growing population, rising use of modern technologies such as drones in agricultural holdings, rising income levels, and demand for protein-rich aqua-food, and increasing emphasis on reducing management costs. Moreover, it is estimated that the global IoT in the agriculture market will expand due to reduced technology costs as a result of continued research and development activities in IoT and initiatives by diverse nations’ governments around the world to increase agricultural produce and quality. However, high technological costs associated and insufficient technical knowledge and skills amongst farmers are projected to hamper the market growth to a particular level. Nonetheless, a rise in smartphone users and internet usage among many farmers increases awareness of the latest agricultural market trends that are supposed to propel market growth.

Download a Free Research Report Brochure for More Details: https://www.fatposglobal.com/free-broucher-193

Hardware offerings are anticipated to be the fastest-growing over 2020-2030

Based on offering, the IoT in Agriculture is segmented into hardware, software, and services. The hardware segment held a major share in 2019 and is projected to have the largest share during the forecast period.  During the forecast timeframe, the growing use of emerging technology and modern smart agricultural devices would contribute to the growth of the IoT in the agricultural market for hardware supply. A new approach to agricultural practice that boosts market growth has been established through the greater popularity of automated systems like GPS / GNSS sensors, irrigation controls, and guiding and navigating systems.

Precision Farming Market to drive the IoT in Agriculture during the forecast period owing to its exceptional properties

Based on the applications, the market is segregated into livestock monitoring applications, precision farming applications, smart greenhouse applications, precision forestry applications, and fish farm monitoring applications. The precision agriculture application accounted for a major share in 2019 and is projected to continue this trend due to its advantages. The quantity of fertilizer and irrigation required to grow the crop is tracked in precision farming using sensing and monitoring equipment. To achieve optimum crop yields, the exact quantities of nutrients, pesticides, and water needed in this agriculture is employed.

For More Details, Read Details Report Here: https://www.fatposglobal.com/reports/iot-in-agriculture-market/193

About Us: Fatpos Global stands for “Failures Are The Pillar Of Success”. We are a rapidly-growing global management consulting, advisory, and market research services provider that aims to aid businesses with bold decisions that help them embrace change for their sustainable growth. With the help of our experts and industry veterans and their years of expertise across different industry verticals, we aid businesses with solutions that help in their efficient decision making and Developing executable strategies.

Contact Us: FATPOS Global Research & Consulting United Kingdom 275 New North Road, Islington Suite 1275 London, N1 7AA, UK Ph: +44 (208) 1235555 Email: [email protected] Web: www.fatposglobal.com

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