IoT in Agriculture is Estimated to Grow to US$18.1 Billion by 2026

The growth of the IoT in agriculture is driven by factors such as increasing adoption of the IoT and AI by farmers and growers

The IoT in agriculture is projected to grow from US$11.4 billion in 2021 to US$18.1 billion by 2026 at a CAGR of 9.8% during 2021–2026. Rising demand for agricultural production due to rising population, increased adoption of Internet of Things (IoT) and artificial intelligence (AI) technology by farmers and growers, and an emphasis on livestock monitoring and disease detection to boost farming efficiency are a few main factors driving the growth of this market. The advent of advanced technologies such as guidance systems, variable rate technology, IoT, AI, and remote sensing has transformed the agriculture industry into a technologically intense and data-rich industry.

Internet of things (IoT) technology is anticipated to play a significant role in increasing the current agricultural productivity to cater to the growing demand for food. IoT in the agriculture industry incorporates IoT-based advanced technological tools, systems, equipment, and solutions to enhance operational efficiency, maximize yield and minimize wastage of energy through real-time field data collection, data storage, data analysis, and development of control platforms. Diverse IoT-based applications such as precision farming, livestock monitoring, smart greenhouse, and fish farm monitoring, are expected to be instrumental in increasing the speed of the agriculture processes.

At present farmers and big farm owners are concentrating on their core operation and side-tracked the process of mechanization or digitization of farming. However, the scenario is expected to change over the next few years. The growing pressure of high output, limited resources, and lack of skilled and educated workforce will encourage farmers to adopt agriculture IoT. The Internet of Things plays a critical role in increasing agricultural productivity, which is highly required to meet the rising food demand. By connecting farms through a common platform and providing them with knowledge exchange, storage, and review options, IoT technologies can solve agricultural problems and optimize the quantity and quality of agricultural output.