According to TechSci Research report, the global IoT in farming market would potentially project an impressive growth in the forecast period, 2022-2026, with an impressive CAGR on the account of rapidly increasing population of the whole world. Changes in the climatic
conditions is also driving the growth of the global IoT in farming market in the upcoming five
years. Rapidly evolving technologies and consistent research is also aiding the growth of the
global IoT in farming market in the next five years. Moreover, productivity in the agricultural
industry is rising due to IoT technology. Irrigation, planting, harvesting are all sections that
involves the use of technologies in the procedures thus driving the growth of the global IoT in
farming market in the future five years. Furthermore, increased penetration of smart
technologies, internet enabled services, internet of things, and artificial intelligence is further
substantiating growth of the global IoT in farming market in the forecast period, until 2026.
IoT in farming is the application of technologically advanced internet of things in the
agriculture sector. Internet of thigs also have applications in various sectors of different
industries like healthcare industry, agriculture industries, defense, manufacturing of
advanced devices, consumer electronic industries etc. Applications of internet of things in
farming has introduced the use of technologies that modifies the agricultural practices, seed
quality, land qualities, understands the demand of the crops for better yields, as well as
idealizing the climatic and other necessities such that large amount of the feeding crops can
be produced. Smart farming based on IoT includes multiple IoT sensors that can analyze
and update themselves according to working conditions to collect real-time data generated in
the product development phase.
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According to TechSci Research The global IoT in farming market is segmented by component, application, competitional landscape, and regional distribution. Based on component, the market is further fragmented into hardware, software, and services. Hardware sub segment is again differentiated into automation and control systems, sensing and monitoring devices, RFID tags and readers, drones, navigation, displays, handheld computers, LED grow lights, and others. Automation and control systems is anticipated to hold the largest revenue shares of the market as well as assert its dominance over the market in the account of rapidly increasing incorporation of technology in agriculture sector. Software subsegment is anticipated to dominate the component segment on the account of numerous tools to control hardware such as yield monitors, soil sensors, water sensors, climate sensors etc. These devices along with the software is used actively for precision farming, smart greenhouse, livestock monitoring, smart irrigation, etc. Software is of two types on-premises, and cloud-based.
Deere & Company, Trimble, Inc., Raven Industries, DeLaval, Inc., AKVA group, Topcon Positioning Systems, Inc., AgJunction Inc., Allflex USA, Inc., GEA Group, CropMetrics LLC, Telit IoT Platforms, LLC, InnovaSea Systems, Inc., Bayer AG, Farmers Edge, Inc., Teejet Technologies Illinois, LLC, are some of the market players holding the major shares of the global IoT in farming market. Market players are actively involved in the research and technological development in the product developments. The advanced technology has made it possible for the industry to provide excellent services through IoT in farming. Further advancement would aid the market value and brand establishment in the future five years. New market players may focus on the research and development to provide options that satisfies the consumer demand as well as benefits the market players in building their brand value. Other competitive strategies include mergers & acquisitions and new product developments.