Authentication and Brand Protection Market: Current Analysis and Forecast (2022-2028)

Authentication and Brand Protection Market: Current Analysis and Forecast (2022-2028)

Global Agriculture IoT Market is expected to grow at a significant rate of around 11% during the forecast period. IoT in the Agriculture Industry has helped farmers to maintain the quality of crops and fertility of the land, thus enhancing the product volume and quality. Thus, with the help of IoT devices, know the real-time status of the crops by capturing the data from sensors. Additionally, increasing awareness about the latest technology in the agriculture sector among farmers owing to the rise in internet penetration and smartphone users is also expected to drive the agriculture IoT market. Moreover, the agriculture sector significantly contributes to the GDP of major countries. For instance, Agriculture, food, and related industries contributed $1.055 trillion (5% share of the total US economy) to the US gross domestic product (GDP) in 2020. Moreover, the increasing demand for agriculture products, technological advancements, and increasing adoption of IoT devices by farmers. Therefore, with the rising demand for food various private firms, as well as the government, are leading the technical development of precision farming. According to the Food and Agriculture Organization of the United Nations, between 702 and 828 million people were affected by hunger in 2021.

Deere & Company, Trimble Inc, Raven Industries, AKVA Group ASA, Topcon Positioning Systems Inc., AgJunction Inc., Ponsse Oyj, Komatsu Forest AB, InnovaSea Systems Inc., AGCO Corporation. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
 
Insights Presented in the Report
"Amongst component, the hardware segment to hold a significant share in the market in 2020”

Based on the component, the market is segmented into hardware, software, and services. Among these, the hardware segment held a prominent share of the global agriculture IoT market in 2020 and is expected to witness robust growth during the forecast period. This is due to the high adoption of smart devices such as drones, GPS, irrigation controllers, guidance and guidance systems, yield monitors, and sensors in agriculture.
"Amongst farm type, small sized farms category to witness significant CAGR during the forecast period”

Based on farm type, the market is categorized into large-sized farms, mid-sized farms, and small-sized farms. Among these, small-sized farms to hold a significant share of the market in 2020. This is mainly due to the decreasing cost of farm automation equipment and technological advancements that make it more practical to deploy automation tools even on smaller farms to achieve high returns on investments.
"Amongst application, the precision farming segment to hold a significant share in the market in 2020”

On the basis of application, the agriculture IoT market has been classified into precision farming, precision livestock, and others. The precision farming category is to witness higher adoption of s during the forecast period. This detects the real-time working conditions of the connected devices to detect water and nutrient levels and also can analyze soil conditions and other related parameters to increase operational efficiency.
"Asia Pacific to hold a significant share in the market”

In 2020, Asia Pacific is anticipated to grow at a substantial CAGR during the forecast period. The major factors such as the rapidly growing population which is putting pressure on the agricultural industry to increase productivity thus increasing the adoption of advanced technology like agriculture IoT. The Asia and the Pacific region are home to 60 percent of the world’s population – some 4.3 billion people – and includes the world’s most populous countries, China, and India according to the UNFPA Asia-Pacific. Furthermore, the presence of key industry players in the region and an increasing number of product launches are also some of the factors contributing to the market growth. Such positive initiatives undertaken by the governments and economic growth in the Asia Pacific is driving the incorporation of IoT in agriculture amongst farmers. Thus, promoting the market growth.

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