The Agriculture IoT Market is expected to grow from USD 12.7 billion in 2019 to USD 20.9 billion by 2024, at a CAGR of 10.4% from 2019 to 2024.
Key factors driving the growth of this market are increasing adoption of Internet of Things (IoT) and Artificial Intelligence (AI) technology by farmers and growers, focus on livestock monitoring and disease detection to improve farming efficiency, and rising demand for agricultural production owing to increasing population, according to the report by MarketsandMarkets.
Hardware is expected to account for the largest share of the agriculture IoT market during the forecast period. The increasing adoption of new technologies and advanced devices for smart agriculture (global positioning system (GPS) receivers, guidance and steering devices, and variable rate technology (VRT) tools) is expected to drive the growth of the agriculture IoT market for hardware during the forecast period.
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The agriculture IoT precision farming market for automation and control systems is expected to grow at a higher CAGR from 2019 to 2024. The increasing demand for drones/unmanned aerial vehicles (UAVs) is a major reason behind the high growth of the market for automation and control systems.
Also, the increasing adoption of automation and control devices such as GPS/GNSS, irrigation controllers, and guidance and steering has created a new approach to farming practices and is expected to drive the market for automation and control systems.
According to the MarketsandMarkets researchers, India, China, and Japan hold a major share of the agriculture IoT market.