Internet of Things (IoT) in Farm Management Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Description

The Global Internet of Things (IoT) in Farm Management Market was valued at USD 6.4 billion in 2023, projecting growth at CAGR of over 12.9% between 2024 and 2032. This is driven by the global need for increased food production. As the world's population rises, agricultural systems must become more efficient and productive. IoT technologies are crucial in this context, enabling precision farming, optimizing resource use, improving crop yields, and reducing waste.

Technological advancements in AI and ML are also driving growth in the farm management IoT sector. Innovations, such as advanced sensors, drones, and connectivity solutions provide real-time insights into essential farm metrics like soil health, weather, and crop growth. AI enhances these benefits by enabling advanced data analytics, predictive modeling, and automation.

The overall industry is classified into component, application, farm, and region.

Based on component, the hardware segment held over 46% of the market share in 2023 and is expected to surpass USD 8.8 billion by 2032. This segment leads due to its critical role in devices like sensors, GPS, drones, and RFID tags, which are essential for collecting real-time data. These devices monitor soil health, weather conditions, crop status, and livestock health for providing the foundational data for IoT applications.

Based on farm type, the market is divided into small, medium-sized, and large farms. The large farms segment held around 39% of the market share in 2023. These farms lead the IoT in farm management because they have the financial resources to invest in cutting-edge technologies. Their scale allows for significant cost savings and streamlines operations through IoT integration.

North America IoT in farm management industry accounted for 37% of the revenue share in 2023 and is expected to exceed USD 7.3 billion by 2032. This growth is driven by advanced agricultural practices and high technology adoption. The U.S. and Canada are key contributors, with substantial investments in precision farming, smart irrigation, and livestock monitoring systems. Government initiatives supporting sustainable agriculture and significant R&D activities will further bolster market growth. Additionally, the presence of leading IoT companies and a tech-savvy farming community accelerates adoption. This region's focus on enhancing productivity, reducing operational costs, and addressing environmental concerns propels the market forward.

Product Code: 10622

Chapter 1 Methodology and Scope

1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
1.2 Base estimates and calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research and validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
1.5 Market definitions

Chapter 2 Executive Summary

2.1 Industry 360° synopsis, 2021 - 2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Supplier landscape
- 3.2.1 Hardware manufacturers
- 3.2.2 Software developers
- 3.2.3 Connectivity providers
- 3.2.4 Data analytics firms
- 3.2.5 Farm management consultants
3.3 Profit margin analysis
3.4 Technology and innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
3.8 Impact forces
- 3.8.1 Growth drivers
  - 3.8.1.1 Increasing demand for food production across the world
  - 3.8.1.2 Rising adoption of precision farming
  - 3.8.1.3 Technological advancements in IoT and AI
  - 3.8.1.4 Government initiatives and subsidies to promote IoT adoption in agriculture
  - 3.8.1.5 Growing climate change and environmental concerns
- 3.8.2 Industry pitfalls and challenges
  - 3.8.2.1 High initial investment in IoT implementation
  - 3.8.2.2 Data security and privacy concerns
3.9 Growth potential analysis
3.10 Porter's analysis
3.11 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates and Forecast, By Component, 2021 - 2032 ($Bn)

5.1 Key trends
5.2 Hardware
- 5.2.1 GPS devices
- 5.2.2 Sensors
- 5.2.3 Drones/UAVs
- 5.2.4 Cameras
- 5.2.5 RFID tags
- 5.2.6 Others
5.3 Software
- 5.3.1 Data management
- 5.3.2 Farm management
- 5.3.3 Others
5.4 Services
- 5.4.1 Professional
- 5.4.2 Managed

Chapter 6 Market Estimates and Forecast, By Application, 2021 - 2032 ($Bn)

6.1 Key trends
6.2 Precision farming
6.3 Livestock monitoring
6.4 Smart greenhouses
6.5 Fish farming/aquaculture
6.6 Others

Chapter 7 Market Estimates and Forecast, By Farm, 2021 - 2032 ($Bn)

7.1 Key trends
7.2 Small
7.3 Medium-sized
7.4 Large

Chapter 8 Market Estimates and Forecast, By Region, 2021 - 2032 ($Bn)

8.1 Key trends
8.2 North America
- 8.2.1 U.S.
- 8.2.2 Canada
8.3 Europe
- 8.3.1 UK
- 8.3.2 Germany
- 8.3.3 France
- 8.3.4 Spain
- 8.3.5 Italy
- 8.3.6 Russia
- 8.3.7 Nordics
- 8.3.8 Rest of Europe
8.4 Asia Pacific
- 8.4.1 China
- 8.4.2 India
- 8.4.3 Japan
- 8.4.4 South Korea
- 8.4.5 ANZ
- 8.4.6 Southeast Asia
- 8.4.7 Rest of Asia Pacific
8.5 Latin America
- 8.5.1 Brazil
- 8.5.2 Mexico
- 8.5.3 Argentina
- 8.5.4 Rest of Latin America
8.6 MEA
- 8.6.1 UAE
- 8.6.2 South Africa
- 8.6.3 Saudi Arabia
- 8.6.4 Rest of MEA

Chapter 9 Company Profiles

9.1 AG Junction Inc.
9.2 AG Leader Technology
9.3 AGCO Corporation
9.4 CNH Industrial N.V.
9.5 DeLaval Inc.
9.6 DICKEY-john Corporation
9.7 Farmobile
9.8 Hexagon Agriculture
9.9 Iteris, Inc.
9.10 John Deere
9.11 Kubota Corporation
9.12 Lindsay Corporation
9.13 Precision Planting LLC
9.14 Prospera Technologies
9.15 Raven Industries, Inc.
9.16 Sentera
9.17 Afimilk
9.18 Topcon Positioning Systems, Inc.
9.19 Trimble Inc.
9.20 Valmont Industries, Inc.