Internet of Things (IoT) in Agriculture - Thematic intelligence
Description
Internet of Things (IoT) in Agriculture - Thematic intelligence
Summary
The IoT market is expected to grow to $1.2 trillion by 2027. The Internet of Things (IoT) describes the use of connected sensors and actuators to control and monitor the environment, the things that move within it, and the people that act within it. It encompasses many different technologies, with numerous use cases in automated home, smart cities, and wearable technology.
The IoT market is separated into three different sections: IoT hardware, IoT services, and IoT software, with all three having similar market revenue forecasts. In 2023, the services-based IoT sector was the smallest, contributing around $197 billion in revenue, while hardware-based IoT contributed the most, at $258 billion. The entire IoT technology is forecast to grow at a CAGR of 15.05% between the years of 2022 to 2027 with IoT software expected to grow the most with a CAGR of 16.68%.
IoT is essential to the fourth agricultural revolution. Smart farming refers to managing farms using modern information and communication technologies to increase the quantity and quality of products while optimizing the human labour required. IoT is at the center of smart farming innovations with sensors, drones, and data analytics all used to improve farmer productivity.
Key Highlights
Climate change is a major factor affecting agriculture industries today. While we accelerate towards exceeding the 1.5°C target, sea levels are rising at 3.9mm (0.15 inches) per year, more than double the rate of the 20th century according to Yale Climate Connections. There is also an increase in extreme weather events with rises in droughts, floods, and forest fires-all of which can be catastrophic to a farm. To minimize the risks of these events, the agriculture sector must invest in IoT and keep control of their farms during these events.
Precision farming is an umbrella concept for IoT-based approaches that optimize farming inputs and outputs. It can empower farmers to precisely minimize inputs including fertilizer and irrigation waste and monitor disease outbreaks while optimizing farm productivity. The data that is collected from the advanced sensors around the farms can then be analysed to allow farmers to make intelligent decisions and drive further revenue while also minimizing costs.
Scope
The Players section provides an overview of IoT, which is broken down into our value chain framework.
The report provides an analysis of the key challenges for the agriculture industry, IoT value chain where different companies within the agricultural value chain should focus their time and resources.
The value chain will help suggest that agricultural companies where to invest, explore, or ignore.
The report presents selected case studies highlighting the use of IoT within agriculture.
The report includes Market Size and Growth Forecasts for the IoT market.
Reasons to Buy
- Understand the impact of the -IOT theme for the -agriculture sector.
- Access the latest data on the IOT theme in the agriculture sector.
- Identify the leading digital transformation efforts from companies through investment into the IOT theme.
Table of Contents
52 Pages
- Executive Summary
- Players
- Agriculture Challenges
- The Green Revolution’s second act
- The Impact of IoT on Agriculture
- How IoT can help address the challenge of climate change
- How IoT can help address the challenge of disease
- How IoT can help address the challenge of spoilage and waste
- How IoT can alleviate the pressure of limited resources
- Case Studies
- Zyter has designed an IoT-enabled precision agriculture platform
- The University of Washington is using bees to collect data for IoT smart farms
- FarmVent has created an autonomous in-home micro-farming solution
- Market Size and Growth Forecasts
- Signals
- Mergers and acquisitions
- Patent trends
- Company filing trends
- IoT Value Chain
- Physical layer
- Connected things
- Cameras and lenses
- Sensors and microcontrollers
- Microprocessors
- Connectivity layer
- Edge infrastructure
- Cloud infrastructure
- Networking equipment
- Telecom networks
- Data layer
- Data integration
- Data aggregation
- Data processing
- Data storage
- Data validation
- Data governance and security
- App layer
- Apps
- Platforms
- Services layer
- Integration services
- Consulting services
- Companies
- Leading IoT adopters in agriculture
- Specialist IoT vendors in agriculture
- Glossary
- Further Reading
- GlobalData reports
- Our Thematic Research Methodology
- About GlobalData
- Contact Us
- List of Tables
- Table 1: Key challenges currently facing the agriculture sector.
- Table 2: Mergers and acquisitions
- Table 3: Leading IoT adopters in agriculture
- Table 4: Specialist IoT vendors in agriculture
- Table 5: Glossary
- Table 6: GlobalData reports
- List of Figures
- Figure 1: Key players in IoT
- Figure 2: The agricultural land area has declined since 2010, but the undernourished population has grown
- Figure 3: The share of internet users was significantly higher in urban areas than in rural areas in 2020
- Figure 4: IoT can play a massive role across the entire agriculture value chain
- Figure 5: Zyter’s IoT-enabled platform
- Figure 6: The University of Washington’s Bumblebee backpack
- Figure 7: FarmVent’s in-home micro-farming solution
- Figure 8: By 2030, the global enterprise IoT market revenue will reach $1.23 trillion
- Figure 9: There was a spike in patents in 2021 with 339 total patent publications
- Figure 10: The number of IoT mentions in the agriculture sector grew by 1,452% between 2016 and 2021
- Figure 11: The two continents with the most IoT interest in agriculture are North America and Asia
- Figure 12: The IoT value chain
- Figure 13: The IoT value chain - Physical layer: leaders and challengers
- Figure 14: The IoT value chain - Connectivity layer: leaders and challengers
- Figure 15: The IoT value chain - Data layer: leaders and challengers
- Figure 16: The IoT value chain - App layer: leaders and challengers
- Figure 17: The IoT value chain - Services layer: leaders and challengers
- Figure 18: Our five-step approach for generating a sector scorecard
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