The global IoT-compatible sensors for agriculture market size is expected to grow at a CAGR of 31.27% during the forecast period (2021-2027). Compared to other methods, precision farming techniques are anticipated to be influential in increasing the pace of agricultural processes. Precision farming provides farmers with increasing yields, productivity, and profitability in production, healthier working conditions, enhanced health of animals, and the ability to strengthen different forms of sustainability. Further, the increasing number of start-ups in the Agri-Tech industry would increase the overall production. This aspect will augment the global IoT-compatible sensors for the agriculture market over the forecast period.
IoT-Compatible Sensor Market Dynamics
- The key factors driving the global IoT-Compatible Sensors market are increasing awareness and acceptance of IoT by farmers and increasing performance.
- The implementation of new technology in agricultural applications, such as improved tracking of livestock and disease identification, is also fueling the development of the market.
- Governments around the globe are encouraging the use of modern agricultural methods by farmers and providing incentives to enhance farming.
- The use of IoT Sensors and devices for tracking, monitoring, and managing has resulted in high productivity of crops and improved profitability.
- The emergence of Big-Data analytics in agricultural farming and the launch of mobile apps specific to agriculture are generating new opportunities in the global market. Furthermore, developments in IoT, Big Data, Cloud Computing, and Artificial Intelligence have had a positive impact on the market's growth.
Limited Technological Knowledge and Skills of Farmers Hampers the Market Growth
- The global IoT-Compatible Sensors market is limited by heavy capital investment and high technology costs.
- Farmers limited technical knowledge and skills are hindering the market growth.
- The lack of data privacy and protection combined with the shortage of internet connectivity and infrastructure in the Agriculture industry is hampering the development of the global market.
- The unavailability of simple and consistent data collection and management and processing solutions poses many challenges to the global IoT-compatible sensors for the agriculture market.
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Impact of COVID-19 on IoT-Compatible Sensors for Agriculture Market:
As most of the manufacturing activities are temporarily halted, the current COVID-19 outbreak has definitely impacted the industrial sector, contributing to a significant decline in production. Farmers and major farm owners are currently focussing on their core activities and have sidetracked the mechanization or digitization process of farming. The increasing strain of high production, limited resources, and lack of skilled and qualified labor would motivate farmers to accept IoT for agriculture. Moreover, government subsidies, decreasing IoT hardware costs, and steady growth in the refinement of IoT technology are projected to encourage and enable more farmers to adopt and implement IoT agriculture in the COVID-19 recovery phase.
Scope of the Report
The report outlines the global IoT-compatible sensors for the agriculture market based on offering, agriculture type, and its application.
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Based on the offering, the IoT-compatible sensors for agriculture market has been segmented into –
Based on the agriculture type, the IoT-compatible sensors for agriculture market has been segmented into-
- Precision Farming
- Precision Forestry
- Livestock Monitoring
- Fish Farm Monitoring
- Smart Greenhouse
- Horticulture and orchids
Based on its application, the IoT-compatible sensors for agriculture market has been segmented into-
- Yield Monitoring systems
- Yield Mapping
- Variable Rate Fertilizer
- Weed Mapping
- Variable Spraying controllers
- Topography and Boundaries
- Salinity Mapping
- Guidance Systems
IoT-Compatible Sensors for Agriculture Market: Regional Outlook
The global IoT-compatible sensors in agriculture market are segmented into five geographical regions, namely, North America, Asia Pacific, South America, Europe, and the Middle East and Africa (MEA). In 2020, the largest market share of the global IoT-compatible sensors in agriculture had been held by North America, followed by Europe and the Asia Pacific. The development in this region is driven by increased Smartphone adoption and growing demand for better and enhanced food quality. Moreover, the introduction of IoT Sensors has been publicly adopted in the Asia Pacific region, and rapid demographic growth and rising economic development make the region the fastest-growing market globally.
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Key Global IoT-Compatible Sensors for Agriculture Market Competitors Includes –
The global IoT-compatible sensors for the agriculture market are highly fragmented, with the presence of a large number of small players across the globe. The key players operating in the market include –
- Deere and Company
- Trimble Incorporated
- Raven Industries Incorporated
- AGCO Corporation
- AgJunction Incorporated
- DeLaval Corporate
- GEA Farm Technology Incorporated
- Antelliq Corporation
- AG Leader Technology Incorporated
- Ponsse OYJ
- Komatsu Limited
- Topcon Positioning Systems Incorporated
- DICKEY-john Corporation
- Farmer’s Edge Incorporated
- CropMetrics LLC.
The IoT-compatible sensors for agriculture market report provide a thorough analysis of macro-economic factors and the market attractiveness of every segment. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players in the respective segment and region/country. The information concluded in the report includes the inputs.
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