IoT in Agriculture Market Outlook and Forecasts 2020 – 2025
This research assesses the technologies, companies, and solutions for IoT in agriculture. The report evaluates the overall marketplace and provides forecasts for sensors (and other devices), services, solutions, and data analytics globally, and regionally for the period 2020 to 2025. Forecasts include precision agriculture, indoor farming, livestock, and fisheries. Forecasts cover IoT in Agriculture solutions globally and regionally including: Intelligent Farm Equipment, Smart Sensor Systems, Intelligent Drones, Smart Farm Robots, and Software.
Within the Smart Sensor area, the report forecasts the following: Sensors for Detecting Physical Properties, Sensors for Chemical Analysis and Applications, Sensors for General Monitoring, Sensors for Quality, Sensors for Autonomous Agriculture, and Others. All purchases of Mind Commerce reports include time with an expert analyst who will help you link key findings in the report to the business issues you're addressing. This needs to be used within three months of purchasing the report.
Increasingly, the agriculture business is becoming controlled by companies that are not conventional agriculture experts. Mind Commerce sees a shift from conventional agriculture to farm management systems through 2025. With this shift, software developers and predictive data analytics companies will take control of end-to-end agricultural operations. Agriculture has transformed in the last few decades from small to medium farming operations to highly industrialized, commercial farming that is concentrated among a few large corporations.
With this agricultural transformation, farming operations are increasingly a highly mechanized and computer-driven operation. This allows corporations to treat agriculture like manufacturing in the sense that measurements, data, and control is very important to manage costs, maximize yields, and boost profits. This shift in managing agricultural operations will bring various benefits to farming and livestock management, including enhanced crop quality and quantity, improved use of resources and farm equipment, real-time monitoring of farms, animals and machines, automated irrigation systems, fertilizer spraying and pest control.
The general term, AgriTech, represents the use of technology in agriculture, horticulture, and aquaculture for purposes of improving yield, efficiency, and profitability. The commercial agriculture industry is rapidly becoming one of the most IoT data-driven markets. With the emergence of M2M, IoT, and advanced data analytics technologies, data is becoming available that was previously uncollectible. The application of various AgriTech analytics tools and methodologies, such as predictive analytics will provide substantial enhancements to agriculture operations.
The Internet of Things (IoT) in Agriculture (IoTAg) represents a more specific use of technology wherein agricultural planning and operations becomes connected in ways previously impossible if it were not for advances in sensors, communications, data analytics and other areas. Virtually every aspect of agriculture that can be automated, digitally planned, and managed will benefit from IoT technologies and solutions.
Accordingly, Mind Commerce sees IoTAg fundamentally transforming the way agricultural operations and farms are managed, which will bring various benefits to farming, including enhanced crop quality and quantity; improved use of resources and farm equipment; real-time monitoring of farms, animals, and machines; and automated irrigation systems, fertilizer spraying, and pest control.
Monitoring will be the highest revenue earning application in IoTAg. Crop health monitoring will be the highest revenue generating application. Livestock monitoring and animal health monitoring to follow next. In fisheries, monitoring oxygen levels, pH and water quality will be the highest revenue generating applications. Through 2025, IoTAg-enabled monitoring will be a leading component of connected agriculture with a market share of 69% and a value of $4.5 billion with a CAGR of 72.4%.
Connected agriculture is also realized through the increasing use of emerging observation and automation technologies such as the use of Unmanned Aerial Vehicles (UAV) for detecting differences in heat signatures and use of robotics for planting, spraying, and harvesting. As various IoT technologies mature beyond the R&D phase and go into general production, costs for everything from drones/UAVs to sensors will continually decrease, making connected agriculture more accessible to smaller farms and third world countries.
Mapping farms using aerial drones and terrestrial robots is rapidly becoming table-stakes for connected agriculture. Agribusiness will also deploy drones/robots to obtain real-time data regarding many aspects of farming operations. This will be a combination of aerial and land perspectives/images captured using multi-spectrum cameras and sensors installed on agricultural drones/robots. The revenue associated with this market opportunity will grow by 76.4% CAGR with a value of $850 million.
• Sensor providers
• AgriTech companies
• IoT service providers
• IoT network providers
• Semiconductor companies
• Embedded systems companies
Select Research Findings:
• The shift from conventional to data-driven farming is accelerating thanks to AI and IoT
• IoT enabled systems are rapidly democratizing AgriTech for increasingly small farm ops
• Consumption, weather, and distribution data analytics will dominate the macro-factors
• Drone-based AgriTech imaging will witness 76.4% CAGR growth reaching $850M by 2025
• IoTAg-enabled monitoring will be a leading component at $4.5B by 2025 with 72.4% CAGR
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