IoT in Agriculture Market Top Key Players, Drivers and Trends to 2026

Posted by BIS RSRCH on May 16th, 2022

Agriculture technology services are being intensively introduced to improve agricultural productivity and thus the yield. Some prominent technology services utilized by farmers across the world include farm management software, agriculture drones, agriculture robots, precision irrigation equipment, and remote sensing. Agriculture technology being offered as a service also eases the financial friction among farmers to adopt technology for meeting the increasing demand for more food yield from their agricultural fields.

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With the growing global population, the need to improve farm output also increases. It is a challenge for farmers across the globe to produce high-quality crops to cater to the need for increased food security. Fortunately, the introduction of mechanization and sustainable agriculture technology helps farmers to improve crop production and lessen the concern over global food security. Ranging from seeding and planting to harvesting, several application areas have been realized by the industry as areas that lead to high return on investment with IoT in the agricultural sector.

The global IoT in agriculture market by the application segment is expected to be dominated by precision crop farming. This dominance is majorly attributed to the popularizing concept and high adoption of precision crop farming practices. The increasing proliferation of IoT and the use of advanced analytics in the agricultural sector has been providing an impetus to the precision crop farming application.

The highest contributing country in the North America IoT in agriculture market is the U.S. on account of high prevalence of advanced technology and its applications in the farming sector. Also, North America and its countries are characterized as tech-savvy markets. They are proactive in high adoption of smart technologies to achieve sustainable and efficient production.

Internet of Things (IoT) is a term that refers to the connection of devices to the internet that allows the generation and transfer of massive amounts of data. IoT helps to enable devices that gather data such as mobile phones, sensors, drones, satellites, and others to transmit the data captured over the internet. Significantly, IoT allows to capture data from various sources without being there in person; hence, due to such ability, IoT is witnessing a surge across multiple industries.

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In addition to this, IoT helps in enormous amounts of big data storing, processing, and analyzing data to arrive at potential insights. It enables physical objects to be sensed and controlled remotely, allowing for more direct integration between the physical world and computer-based systems. Machine learning allows advancing solutions on an ongoing basis, developing algorithms that understand users better. Each technology, namely IoT, AI, big data, or machine learning, is extremely to bring about a change in the global ecosystem, and if they are combined, they become even more powerful and revolutionary. It creates a virtuous cycle that can generate even more precise and tailored products, pushing the boundaries, which helps in digitalization for agriculture.

For instance, IoT-enabled devices are entrenched with sensors to connect and interact with each other by using the internet. In the agricultural sector, various devices can be remotely monitored and controlled in real time, including anything from sheds, tractors, pumps, weather stations, and computers. Also, data from devices can help farmers analyze their farms and help in decision making, assisting them in making the farm smarter and safer and adapting more quickly to changing conditions.