Global IoT Market in Smart Farming 2017-2021
About IoT Market in Smart Farming
Internet of things (IoT) refers to automated networks of computers, devices, and sensors that can process their own data. These Internet-connected systems gather data and communicate with external processes via onboard sensors, impacting businesses in every industry, including agriculture. The development in the technology of telecommunication devices and IoT, with the support of wireless sensors, is providing the growth momentum for the global IoT market in smart farming. The market is primarily growing in developed countries like the US, Japan, the UK and Germany due to limited farmlands and the need for maximum productivity. In developing countries like China, India, Indonesia, Malaysia, Australia, Brazil, Mexico, Poland, South Africa, and Spain, the market is expected to grow at a linear growth rate. IoT devices are being deployed in farm fields for monitoring the condition of moisture, weather, temperature, growth, and acidity. These devices and sensors are connected to the gateways, and the data is stored in the cloud and shared to the systems. The growth in cloud computing is expected to drive the market during the forecast period.
Technavio’s analysts forecast the global IoT market in smart farming to grow at a CAGR of 10.94% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global IoT market in smart farming for 2017-2021. To calculate the market size, the report considers the sales and services market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global IoT Market in Smart Farming 2017-2021
Technavio recognizes the following companies as the key players in the global IoT market in smart farming: Cisco, IBM, KaaIoT Technologies, Oracle, and Trimble
Other Prominent Vendors in the market are: Virtus Nutrition, John Deere, Precision Planting, Accenture, AGCO, Auroras, CEMA, DigiReach, Libelium, Link Labs, Mouser Electronics, Postscapes, Pycno, SemiosBio Technologies, Senix, Senseye, Sensolus, SmartFarming, Softweb Solutions, Solution Analysts, and Topcon Positioning Systems.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Big data in smart farming. Big data in smart farming is gaining growth momentum in the agricultural industry. The improvement in wireless in-field communication, functional safety, and repair and maintenance information in order to realize unified interfaces provides opportunities for the adoption of big data in smart farming techniques. Big data is one of the key data capturing tools for better control of data from agricultural operations. The data related to the environment, digital maps of land surfaces, farm management, and machine data collectively serves smart farming.”
According to the report, one of the major drivers for this market is Reduction in cost of sensors. The increase in the adoption of wired and wireless sensors in the market is mainly driven by the reduction in costs. The development of communication technologies like 4G also supports the adoption of sensors in smart farming practices. The installation cost is being reduced due to technological advances and easy assembling options provided by sensor manufactures. The cost of sensors has continued to reduce, which indicates that the competition is increasing and hardware providers are looking forward to offering low-cost sensors. The competitive scenario prevailing among the major manufacturers of sensors as well as service providers is increasing, which will have a positive impact to the increasing adoption of smart farming.
Further, the report states that one of the major factors hindering the growth of this market is High initial capital cost for IoT integration in smart farming. The global IoT market in smart farming is growing with the development of smart solutions. The high initial capital and other service costs that involve installation and maintenance of hardware and software can lead to slow growth in the adoption of IoT in smart farming. IoT integration costs are considerably high, and the installation requires a large initial one-time payment. The cost of implementation and services related to IoT systems is greater than the costs saved by using the technology. The cost of data analytics and other related services offered by start-ups as well as leading vendors is increasing. Companies and service providers generally add service charges that are not affordable by farmers; this will affect the investments by the farmers for the implementation of IoT in smart farming.
Cisco, IBM, KaaIoT Technologies, Oracle, and Trimble, Virtus Nutrition, John Deere, Precision Planting, Accenture, AGCO, Auroras, CEMA, DigiReach, Libelium, Link Labs, Mouser Electronics, Postscapes, Pycno, SemiosBio Technologies, Senix, Senseye, Sensolus, SmartFarming, Softweb Solutions, Solution Analysts, and Topcon Positioning Systems.
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