IOT in agriculture market expected to grow at a CAGR of over 16% by 2022
Mar. 30, 2017
Advancement in IoT application in agricultural sector is being witnessed in various regions and countries. The developed economies are implementing this emerging technology in agriculture rapidly. Governments are also keen on investing in the IoT in agriculture market to boost their productivity. Recently a €30 million H2020 project- ‘Internet of Food & Farm (IpF2020)’, co-funded by the European Commission was launched in Amsterdam. According to EU reporter, “An inspiring start of the project enabled project partners to establish a structured collaboration and present their innovative research endeavours, aiming at improving agricultural production through the use of IoT technologies to answer the grand societal challenges.” The project aims to build “a sustainable ecosystem for the long-term application of IoT technologies in the European agri-food sector.”
Since the introduction of IoT in agriculture, the market has been competitive and major players are coming up with different concepts and innovations to target their potential customers. This trend was followed by CNH Industrial, a global leader in agricultural equipment and other capital goods, wherein it selected a cloud based platform by DroneDeploy “as a unique, all-in-one UAV system,” as reported by the IoT Journal. They added the “CNH Industrial's new UAV solution is designed to be easy to understand, simple to operate, and is a powerful investment in immediate field intelligence.” Such activities, including mergers and partnerships by key players in the market may be witnessed in the coming years to expand their business and rule out new entrants.
According to a newly published report from BIS Research, the IoT in agriculture market is expected to grow at a CAGR of over 16% in terms of market value through 2016 to 2022. An analyst from BIS Research said, “The market is dominated by North America due to increasing per capita income and increased mechanization in the country. The U.S. has built a reputation for adopting technologies at a fast pace, thus, is one of the leading countries holding a major share in the IoT in agriculture market. Asia-Pacific (APAC) is second in this regard after North America and is expected to grow at the highest rate from 2016 to 2022 due to the growing population and rapid urbanization in most of the major countries of APAC.”