IoT (Internet of Things) technology is anticipated to play an important role in expanding the existing agricultural productivity to fuel the rising demand for food. IoT in the agriculture sector integrates IoT-based developed technological equipment, tools, systems, and solutions to improve the operational competence, maximize yield, and reduce wastage of energy with real-time field data collection, data analysis, data storage, and advancement of control platform. The wide-ranging IoT-based applications like livestock monitoring, precision farming, smart greenhouse, and fish farm monitoring, are likely to be key drivers in augmenting the pace of the agriculture practices.
The IoT technology is latent of addressing agriculture-based issues and optimizes the quality & quantity of agriculture produce, by connecting farms with a single platform and making them more advanced by sharing, archiving, and analyzing the data. The global agriculture IoT market is growing at a notable rate due to decreased cost of technology as an outcome of ongoing research & development in IoT, and efforts by several administrations of the countries around the world to surge the quality & quantity of agriculture produce.
Some of the key factors propelling the growth of this market are increasing demand for agricultural production due to rising population, augmenting implementation of IoT and AI (artificial intelligence) technology by farmers and focus on disease identification & livestock monitoring to enhance farming efficiency. The global agriculture IoT market for services is anticipated to advance at a significant rate in the future. Service providers in the market include organizations that offer farm operation services, farm data analytics, and data services to software firms or directly to farmers. Analytics services aid in offering right calls and notifications on farming operations to enhance the farmers’ decision-making abilities. The system integrator service suppliers are involved in diagnosing and troubleshooting farm management solutions, which also includes building new models related to software & hardware equipment.
Precision farming is the precise application of agricultural inputs related to weather, soil, and crop need for increasing the quality, productivity, & profitability in agriculture. Precision farming contributes to the major share of the agriculture IoT market and has the potential to transform the perception of agriculture for good, making conventional agricultural activities more predictable and efficient. This market growth is owing to the surging focus on enhancing farm productivity and efficiency. In precision farming, the farmers are able to use different software & hardware devices to assemble farm-related data, which will aid them in making better decisions and augment the productivity of their crops & lands.
The global agriculture IoT market is developing at rapid rate with advancements, mergers, and acquisitions. For instance, recently, John Deere advanced a leading approach to precision agriculture technology with developed onboard sensors & computers, communications & telematics, and specific global navigation satellite systems technology. This development will facilitate farmers for controlling input costs & yields, enhance soil conservation, reduce chemical use, and collect data. To expand in the agriculture IoT market the organization has adopted the organic approach of product launches.
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