Internet of Things (IoT) in Farm Management Market size projected to reach $98.34 billion by 2035, growing at a CAGR of 19.6%. This expansion is driven largely by the international need for increased food production. As the population of the world continues to grow, farming systems are increasingly being pushed to improve efficiency and productivity. IoT technologies are at the center of this, enabling precision agriculture, resource optimization, improved crop yields, and reducing wastage.
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 Key Market Players
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Telit Corporate Group, Trimble Inc., Farmers Edge Inc., SWIIM System, Ltd., Cisco Systems, Inc., Hitachi, Ltd, Climate LLC, Decisive Farming Corp., SlantRange, Inc., International Business Machines Corporation |
In addition, the IoT in agricultural management industry is experiencing a boom, thanks in large part to the increasing adoption of precision farming. Precision farming, with the use of IoT devices, carefully tracks and controls crops and livestock, resulting in maximized resource allocation and increased yields. IoT sensor real-time data on soil, weather, and crop health enables farmers to make data-driven decisions, resulting in increased efficiency, cost savings, and reduced waste.
Apart from economic advantages, precision farming also resolves environmental issues by reducing water, fertilizer, and pesticide use. With the agricultural community increasingly becoming aware of these benefits, demand for IoT solutions in farm management is on a consistent rise, driving market growth.
The IoT in farm management market is faced with high barriers, mainly due to the enormous initial investments involved. The purchase and deployment of IoT devices, sensors, connectivity options, and data management platforms can be prohibitive, particularly for small and medium-sized farms. Moreover, recurrent costs of maintenance, software renewal, and storage of data further contribute to the cost. As much as the long-term gains IoT offers are attractive, such initial costs usually discourage farmers from embracing it. Compounding these issues is the lack of access to financing options and the wariness of technology among established farming communities, slowing down market growth.
Internet of Things in Farm Management Market Trends
Technology growth in AI and ML is driving farm management IoT industry growth. The new technologies, such as improved sensors, drones, and connectivity platforms, provide real-time monitoring of vital farm measurements like soil health, weather conditions, and plant development. AI especially reinforces the benefits through data analysis, predictive analytics, and automation. For instance, AI software can forecast yields, automate irrigation, and even diagnose disease before symptoms emerge. Such technologies not only optimize farm operations but also support decision-making, thereby eventually increasing productivity and driving market growth.
In a December 2023 example of note, British International Investment (BII) and TDK Ventures co-led a Series A funding round of INR 100 crore (some USD 12 million) in Indian Agri-tech company Fasal, which focuses on precision farming solutions. The investment was meant to strengthen Fasal’s horticulture optimization platform, which uses patented IoT-crop intelligence to increase yields and reduce operating expenses for farmers.
North America’s agricultural management market is a large force in the IoT world, with a large chunk of 37% of the market in 2023. The professionals estimate it will become even larger, reaching more than $7.3 billion by 2032. This is due to all the fancy new technology farmers are employing, such as precision farming, intelligent irrigation, and even monitoring systems for their animals. The U.S. and Canada are taking the lead, investing a lot in these technologies. Even the government is entering the fray, providing funds to research and development and encouraging sustainable agriculture. And then there are the tech-literate farmers and the companies offering IoT solutions – they’re all driving the market forward. Farmers are continuously seeking methods of making their activities more efficient and cost-effective while ensuring they do not harm the environment. And IoT is facilitating that!
IoT in farm management is a major market in Europe, boosted by innovative farming practices and a strong government drive for sustainable agriculture. Germany, France, and the UK are pioneer adopters, embracing IoT technologies for precision farming to increase crop yield and optimize the use of resources. The geographical area is equipped with strong infrastructure and high technical awareness among agriculturists. Moreover, a growing need to be environmentally friendly and stringent norms, encourage adoption of IoT technologies for optimized management of farms and thus drive market growth and innovations in Europe.
Internet of Things in Farm Management Market Share
In 2023, Topcon Positioning Systems, Inc., CNH Industrial N.V., and Lindsay Corporation collectively held a commanding market share of more than 18%. Topcon’s jewel, the TAP (Topcon Agriculture Platform), utilizes IoT technology to transform farm management. TAP smoothly integrates connectivity, cloud services, and data analytics powered by its Cloudlynk devices. The devices provide automatic data synchronization, facilitate remote support, and improve fleet management, leading to an integrated ecosystem for farm equipment.
CNH Industrial’s Precision Farming solutions, which are fundamentally based on IoT, are at the heart of their farm management strategy. Their telematics solutions collect data in real time, allowing farmers to optimize machine performance and enhance crop yields. With a pool of connected tractors and farm equipment, CNH Industrial is providing farmers with data-driven recommendations, enabling them to make more informed decisions and maximize their farm’s performance.
Lindsay Corporation’s FieldNET, which is powered by IoT, is a game-changer for farm management. It enables remote monitoring and control of irrigation systems and makes it possible for farmers to make real-time, data-informed decisions. Through leveraging predictive analytics, Lindsay’s platform not only improves crop management but also provides a boost to sustainability initiatives, optimizing water and energy consumption.
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