PORTLAND, Oregon, December 6, 2018 /PRNewswire/ --
Increase in demand for food with rise in global population, adoption of new technologies for improving yield, and implementation of IoT-based technologies to cope up with changing climatic conditions drive the growth in the global IoT in agriculture industry
Allied Market Research published a report, titled, Internet of Things (IoT) in Agriculture Market by System (Automation and Control Systems, Sensing and Monitoring Devices, Livestock Monitoring Hardware, Fish Farming Hardware, Smart Greenhouse Hardware, and Software), Application (Precision farming, Livestock Monitoring, Smart Greenhouse, and Fish Farm Monitoring): Global Opportunity Analysis and Industry Forecast, 2018-2025. The report provides a detailed analysis of changing market dynamics, top investment pockets, key segments, geographical scenario, and market competition. As per the report, the global IoT in agriculture market garnered $16.33 billion in 2017 and is expected to reach $48.71 billion by 2025, registering a CAGR of 14.7% from 2018 to 2025.
Increase in demand for food with rise in global population, adoption of new technologies for improving yield, and implementation of IoT-based technologies to cope up with changing climatic conditions drive the growth in the industry. However, high capital investment to upgrade the existing infrastructure and setup in the ecosystem restrain the growth of the industry. On the other hand, growth in public-private partnerships between the government and state-owned enterprises create new opportunities in the market.
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Software to be a lucrative segment throughout the forecast period
Software accounted for the major market share in 2017, contributing to more than one-third of the total market share. It would register the highest CAGR with 19.9% from 2018 to 2025. It is a lucrative segment owing to rise in usage of connected devices and essential insights offered by collecting data from devices. The report also provides detailed analysis on segments including automation and control systems, sensing and monitoring devices, livestock monitoring hardware, fish farming hardware, and smart greenhouse hardware.
Precision farming to grow fastest & generate highest revenue by 2025
Precision farming contributed to nearly half of the total market share in 2017 and is expected to dominate in terms of revenue by 2025. This segment would grow at the highest CAGR of 15.6% from 2018 to 2025. It is a lucrative segment owing to increase in food demand for feeding the growing population along with availability of innovative IoT solutions in precision farming to increase the productivity of farm. The research also analyzes livestock monitoring, smart greenhouse, and fish farm monitoring.
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Asia-Pacific: The lucrative segment
Rise in population along with food demand, government initiatives for utilization of remote sensing technology and satellite imaging applications led Asia-Pacific region become a lucrative region. The region contributed to more than one-third of the total market share in 2017 and is expected to lead throughout the forecast period. Moreover, it would register the fastest growth with a CAGR of 16.4% from 2018 to 2025.
Leading industry players
Major market players analyzed in the research include International Business Management Corporation (IBM), Cisco Systems, Inc., Hitachi, Ltd., Telit, Trimble Inc., Decisive Farming, SlantRange, Inc., Farmers Edge Inc., OnFarm Systems Inc., and The Climate Corporation. These market players have implemented various strategies such as collaborations, partnerships, joint ventures, expansions, and others to gain stronghold in the industry.
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