Agriculture IoT Market to Record an Exponential CAGR by 2031
Agriculture IoT Market to Record an Exponential CAGR by 2031
A recent market intelligence report that is published by Data Insights Partner on Agriculture IoT Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international Agriculture IoT Market. The research study also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and world Agriculture IoT Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of international Agriculture IoT Market is offered.
In accordance with the report, the Agriculture IoT Market is projected to expand at a CAGR of X.X% over the period of forecast. The global Agriculture IoT Market was valued at USD XX.X Mn in 2022 and is expected to reach USD XX.X Mn in 2031, growing with a significant CAGR rate during the forecast period. Factors such as rising global population and rising food consumption have pushed the adoption of new technologies to optimise agriculture production, and the IoT in agriculture market is predicted to grow at a rapid pace. Furthermore, climate change has a huge effect on world agriculture productivity. As a result, the use of IoT-based technologies to maximise agriculture production is aided by harsh weather conditions. However, over the next few years, the scenario is projected to alter. Farmers will be encouraged to adopt agriculture IoT as the pressures of high output, limited resources, and a lack of qualified and educated labour grow. Furthermore, in the recovery period from COVID-19, government subsidies, lowering IoT hardware costs, and continuing growth in the sophistication of IoT technology are projected to encourage more farmers to use agriculture IoT. In order to support smart farming in their various regions, many government organisations have begun awareness campaigns, policy reforms, and partnerships with the private sector. Many groups are also working to improve precision farming techniques by including elements such as data accessibility and analytical power. Across the globe, growing population and increased demand for food, Asia-Pacific was the largest market for IoT in agriculture in 2021. Furthermore, the government's initiative to deploy remote sensing technology to collect ground data and satellite images to detect agriculture conditions in various regions is likely to promote market growth even further. China, India, Japan, and South Korea are among the countries in this region that are more open to new technologies. Increased adoption of smart gadgets, rising consumer demand for higher-quality food, and government initiatives are all driving growth in this region. Other factors driving growth in the APAC market include the need to use digital solutions in product development processes to reduce downtime and the increased willingness of users to spend in digital solutions to thrive in competitive markets.
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To compile the detailed study of the global Agriculture IoT market, a robust research methodology has been adopted that aids in determining the key insights and also evaluates the growth prospects of the Agriculture IoT Market. Comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecast possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Our research methodology implements a mix of primary as well as secondary research. Our projects are initiated with secondary research, where we refer to a variety of sources including trade databases; government published documents, investor presentations, company annual reports, Industrial papers, and paid databases. To carry out secondary research, the analysts have collected the information through company annual reports, journals, company press releases, and paid databases that were referred to gain and identify better opportunities in the Agriculture IoT Market.
COVID-19 Scenario Analysis:
The COVID-19 outbreak has shaken the whole economy in the world. In this scenario some industries are doing quite well while others have been crushed. This section of the report has explored the overall status of the COVID-19 scenario. The industry witnessed a huge decline in terms of sales. Likewise, the Agriculture IoT market was affected negatively due to the shutdown of manufacturing/processing facilities for some time. The analysts have also focused on the key measures that the companies are opting to withstand the harsh scenario.
Agriculture IoT Market report has been segmented by product type, by application also includes the market size and forecast for all these segments. Compounded annual growth rates for all segments have also been provided for 2019 to 2031. This report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
Agriculture IoT Market research report includes an in-depth coverage of the industry with estimates & forecast from 2019 to 2031, for the following segments:
Agriculture IoT Market, By Product type, 2021-2031 (USD Million)
Agriculture IoT Market, By Application, 2021-2031 (USD Million)
- Precision Farming
- Precision Forestry
- Livestock Monitoring
- Fish Farm Monitoring
- Smart Greenhouse
- Others (Horticulture and orchids)
The prime objective of the Agriculture IoT market report is to help the user understand the market in terms of its definition, segmentation, market potential, influential trends, and the challenges that the market is facing with different major regions and more than 30 major countries across the globe. During the report's production, extensive research and analysis were conducted. This research will assist readers in gaining a thorough understanding of the market.
Agriculture IoT Market, By Region, 2021-2031 (USD Million)
- North America ( United States, Canada, Mexico)
- Europe (Germany, UK, France, Italy, Russia, Spain, and Rest of Europe)
- South Asia ( India, Pakistan and Bangladesh)
- East Asia (China, Japan and South Korea)
- South East Asia (Indonesia, Thailand, Singapore, Malaysia, Rest of SE Asia)
- Middle East (Turkey, Saudi Arabia, Iran, UAE, Israel, Iraq, Qatar, Rest of MEA)
- Africa (Nigeria, South Africa, Egypt, Algeria, Rest of Africa)
- South America (Brazil, Argentina, Colombia, Chile, and Rest of SA)
- Oceania (Australia and New Zealand)
To enhance their position in the global market, key suppliers/manufacturers are concentrating on business expansion and product innovation. Manufacturers/producers are also working on boosting their manufacturing capacity and product quality to gain a competitive advantage. The following are some of the prominent manufacturers in the worldwide Agriculture IoT market:
- AG Leader Technology
- AGCO Corporation (AGCO)
- AgJunction Inc. (AgJunction)
- Deere & Company, Trimble
- DeLaval, GEA Farm Technology
- DICKEY-john Corporation
- Komatsu Forest AB
- Raven Industries
- Topcon Positioning Systems
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Agriculture IoT Market Report Highlights:
- Detailed analysis of the parent market
- Key players' strategies and products supplied in the competitive landscape
- Market segmentation in depth analysis
- Market size in terms of volume and value, past, present, and future scenario
- Potential and specialty areas, as well as geographical regions with promising growth prospects
- Market players use this information to maintain and expand their market presence, thus it's important to have an unbiased perspective on market performance.