Agriculture has been a primary sector of the economy worldwide. The 2020 pandemic refocused the world’s attention to agriculture as attention was drawn to the essentials. Now the post-pandemic forecast of 2021-2026 shows that agriculture and agriculture associated technology sector will be growing at a healthy rate. One of the primary sectors of agriculture technology is the agriculture IoT market.
According to reports, the agricultural IoT market will grow at a rate of 9.8 percent in the forecast period. The nearly 10 percent rate of growth is a possibility because of the increased adoption of the Internet of Things and Artificial intelligence in the sector. Farmers are more open to the implementation of technology in the farming sector. The farmers are using IoT to not only monitor crop production but also to monitor livestock and disease detection. Rapid population growth and consequent loss of fertile land have pushed farmers to adopt precision farming practices. The new IoT technology supports precision farming techniques. Farmers use IoT and artificial intelligence to aid precision farming so that produce can be maximized from a small piece of arable land.
The developing countries of the world still depend heavily on agriculture as an economic activity. Many developing countries depend on agriculture and livestock farming as primary economic activities. Developing countries use the Internet of Things and Artificial Intelligence to enhance agriculture production and optimization of feed devices for livestock. Since there is high government support for precision agriculture practices, the IoT sector of agriculture technology is also growing exponentially. The precision agriculture technology sector of agricultural IoT will register the highest CAGR in the forecast period.
Apart from agriculture, IoT applications also find use in aquaculture as aquaculture farms use these for fishing activity monitoring.
On the other hand, the production planning stage application of IoT will hold the largest share of the agricultural IoT market in the forecast period. Farmers use many IoT-driven hardware devices to monitor agricultural production trends. These IoT driven hardware monitor the pace of crop development and analysis of the standing period. Today, agriculture is becoming more dependent on data analytics, thanks to AI and IoT. While farmers earlier depended on traditional farming practices, now they find common ground between the conventional and unconventional. The IoT technology bridges the gap between traditional farming practices and technologically aided agriculture.
While agricultural land continues to shrink, farmers need to resort to smart agricultural practices that give proven results in terms of maximum productivity. IoT and AI are two techniques that aid farmers to a great extent. The good trend of growth in the coming forecast period is proof of how well IoT is supporting the agriculture segment. Market experts say that the current valuation of the agricultural IOT market is 11.4 billion. The global valuation of the same market will reach 18.1 billion in the next five years. As agriculture seamlessly blends with technology in the future, this growth can only persist for future years. The growth of the agricultural IOT market will continue beyond the forecast year of 2026.
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Tanaya is a Senior Content Developer at IoT Avenue who helped to build the content of the site along with several other sites with her compassionate SEO driven content. She is also a HubSpot, certified Content Marketer. She brings her five years of experience to her current role, where she is dedicated to developing the content of different websites.
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