農業におけるIoTの市場規模：コンポーネント、用途、地域別 - シェア、動向、および予測（2021年～2027年）
IoT in Agriculture Market Analysis, by Component, Application, and By Geography - Analysis, Size, Share, Trends, & Forecast from 2021-2027
|農業におけるIoTの市場規模：コンポーネント、用途、地域別 - シェア、動向、および予測（2021年～2027年）|
発行: AnalystView Market Insights
ページ情報: 英文 237 Pages
IoT in Agriculture Market Analysis, by Component (Hardware, Software, & Services), Application (Precision Farming, Livestock Monitoring, Precision Forestry, and Smart Greenhouse), and By Geography (EU, NA, APAC, LATAM, and MEA) - Analysis, Size, Share, Trends, & Forecast from 2021-2027.
The global IoT in Agriculture market was valued at USD 12.9 Billion in 2019, growing with 10.3% CAGR during the forecast period, 2021-2027.
IoT in the agriculture industry includes advanced technological tools, systems, and solutions to complement the operational efficiency, maximize yield, and minimize wastage of energy in real-time field data collection, data storage, and data analysis with the help of sensors, drones, remote sensing among other technologies. With the help of these tools, one can improve agriculture-based issues. Thus, it can be said that IoT is playing a significant role in increasing agricultural productivity for the growing demand for food.
Key factors that drive the growth of IoT in agriculture are an increase in demand for agricultural production due to massive population growth, advancement in IoT, climate change, monitoring the quality of crops & nutrient value of soil, focus on livestock monitoring, and disease detection to improve farming efficiency. In addition, due to an increase in smartphone usage with internet enablement boosts farmers' awareness about the latest developments in the agriculture market, which is certain to drive market growth.
The high cost of hardware devices is one of the major problems faced by farmers in under-developed and many developing countries. In addition, factors such as dearth of technical knowledge in many regions about the equipment and lack of skills among farmers for implementing IoT in agriculture effectively retrain the market. The process also faces issues such as risks associated with data security, data theft, and manipulation of data among others.
Based on components, IoT in Agriculture market is segmented into hardware, software, and services. The market for services is expected to grow at a higher CAGR of 11.7% during the forecast period. Service providers consist of companies that provide agricultural activities related services, farm data services, and various other parameter-based reports. This information is provided to farmers, large farm managers, and software companies in order to process this data and find fruitful results that help in decision making. These services assist the stakeholders in understanding the farm conditions and taking the right decisions accordingly. The services can be enabled only after seeking proper data from devices installed in the farms. These devices are categorized under the hardware components and include various sensors, network connection devices among others. Hardware component held the largest share of 52.5% in 2019 and is projected to grow at the same pace during the forecast period.
By application, this sector is segmented into precision farming, livestock monitoring, precision forestry, and smart greenhouse among others. The market for the smart greenhouse is expected to grow at a higher CAGR of more than 14% during the forecast period. IoT enabled greenhouses to monitor their ambient condition and adjust to avoid any deviation. This market growth can be associated with the increasing focus on improving greenhouse farm efficiency, maintenance of greenhouse devices using IoT, diseased free crops, and their increased productivity. IoT in the agriculture market for precision farming is projected to dominate the market in terms of share during the forecast period. Precision farming is a set of farming management techniques by adopting software and the use of technical equipment to collect accurate data in order to manage agricultural activities. The obtained information is used to select suitable crops, fertilizers, water requirements, and climate report data among others. This farming technique benefits farmers in several ways such as elimination of risk, cultivate crops based on suitability of land, optimized use of fertilizers, water management, wastage management, and overall environmental impact is also minimized.
At regional levels, the overall industry is divided into North America, Middle East & Africa, Asia Pacific, Latin America, and Europe. The North American region is expected to occupy maximum market share, mainly due to the presence of various companies, technological infrastructure, and capital investments in the region's agricultural landscape. North America accounted for a total share of 37.5% in 2019 due to increasing R&D investments in the region and the availability of state-of-the-art equipment to increase the sector's growth. The U.S. is expected to be the chief revenue generating country in the North American region.
On the other hand, the Asia-Pacific region is one of the fast-growing with the highest CAGR of 13.6% during the forecast period. The presence of a largely agriculture-based economy, government-supported subsidies to enable IoT in agriculture, increasing demand to secure food production for its large masses are expected to drive this market here. In addition, the rising demand to manage and monitor the soil and water requirements will fuel the IoT in agriculture market demand.
Our research suggests that the impacts of COVID-19 on the IoT in the Agriculture industry will be towards the investment policies of the key players. Due to the global economic slowdowns, many medium and small-range companies are hesitating to invest and expand on the technological fronts. Big companies are capitalizing on this opportunity and will keep an eye on acquiring of small scale player that is dwindling in this recession.
Key Vendor Takeaway
The leading players include Trimble, Deere & Company, Agrosmart, Scicrop, AGCO Corporation, Raven Industries, Tigercat, DeLaval, Lely, Cisco Systems, AgJunction Inc., Trackit, SemiosBio Technologies Inc., Lindsay Corporation, Caterpillar, Treemetrics, Dickey-john Corporation, and Ag Leader Technology among others. A number of companies are now working in the agriculture industry to increase efficiency and help farmers avail of a better income and decent production output.
Of all the strategies employed by these key vendors, investment strategy occupied a major share in the sector. Competitors in this sector are involved in strategizing new solution development and expansion in untapped regions thereby investing in R&D and opening of new facilities in emerging regions thereby attracting a better market share. It was observed that various agri-technology start-ups raised USD16.9 billion in 2018 to invest in the development of IoT in the agriculture sector. This investment was a 43% increase over the previous year.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year - 2016 to 2018
Base Year - 2019
Estimated Year - 2020
Projected Year - 2021 to 2027
IoT Solution Components
Traders, Distributors, and Suppliers
Government and Regional Agencies
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL IOT IN AGRICULTURE MARKET KEY PLAYERS
Deere & Company
GLOBAL IOT IN AGRICULTURE MARKET, BY COMPONENT
GLOBAL IOT IN AGRICULTURE MARKET, BY APPLICATION
GLOBAL IOT IN AGRICULTURE MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of LATAM
The Middle East and Africa
United Arab Emirates
Rest of MEA