IoT in Smart Farming Market by Component, Product, Application, Deployment

List of Tables

The IoT in Smart Farming Market was valued at USD 882.77 million in 2023, expected to reach USD 968.47 million in 2024, and is projected to grow at a CAGR of 9.80%, to USD 1,698.69 million by 2030.

The Internet of Things (IoT) in smart farming encompasses the integration of sensors, devices, and machinery connected via the internet to optimize agricultural processes. The necessity of IoT in smart farming arises from the need to enhance productivity, resource efficiency, and sustainability on farms while addressing challenges like climate change and a growing global population. It finds application in precision agriculture, livestock monitoring, greenhouse management, and smart irrigation, with end-use spanning from smallholder farmers to large agribusinesses. Market growth is primarily driven by technological advancements, increasing demand for food, and pressure to reduce environmental impacts. Despite its promise, challenges such as high initial costs, lack of technical skills among farmers, and data privacy concerns might stymie widespread adoption. However, the digital agriculture market offers robust opportunities, especially in developing nations where agriculture is a critical economic sector. By forming strategic collaborations with tech firms and offering flexible pricing models, companies can facilitate adoption and expansion in these regions. Innovation can flourish in areas like AI-driven predictive analytics, blockchain for supply chain transparency, and enhanced interoperability among diverse devices. As the market rapidly evolves, being a frontrunner necessitates staying abreast of technological trends and overcoming existing limitations through targeted research and development. Successful players will focus on user-friendly technologies that provide tangible benefits to end-users, such as reducing costs or increasing yield. To capitalize on emerging opportunities, firms should push for collaborative research projects with educational institutions and government agencies and advocate for digital literacy programs aimed at farmers. While IoT in smart farming offers a promising frontier for agricultural transformation, companies must diligently navigate challenges to unlock its full potential for stakeholders.

KEY MARKET STATISTICS
Base Year [2023]	USD 882.77 million
Estimated Year [2024]	USD 968.47 million
Forecast Year [2030]	USD 1,698.69 million
CAGR (%)	9.80%

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving IoT in Smart Farming Market

The IoT in Smart Farming Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

Market Drivers
- Growing adoption of the Internet of Things in improving farming practices
- Need to gain better control over the process of raising livestock and growing crops
- Rising focus on Cost management and waste reduction
Market Restraints
- Infrastructural mobility limitations
Market Opportunities
- Increased business efficiency through farming process automation
- Development of End-to-end farm management systems
Market Challenges
- Privacy and security concerns

Porter's Five Forces: A Strategic Tool for Navigating the IoT in Smart Farming Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the IoT in Smart Farming Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the IoT in Smart Farming Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the IoT in Smart Farming Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the IoT in Smart Farming Market

A detailed market share analysis in the IoT in Smart Farming Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the IoT in Smart Farming Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the IoT in Smart Farming Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Strategy Analysis & Recommendation: Charting a Path to Success in the IoT in Smart Farming Market

A strategic analysis of the IoT in Smart Farming Market is essential for businesses looking to strengthen their global market presence. By reviewing key resources, capabilities, and performance indicators, business organizations can identify growth opportunities and work toward improvement. This approach helps businesses navigate challenges in the competitive landscape and ensures they are well-positioned to capitalize on newer opportunities and drive long-term success.

Key Company Profiles

The report delves into recent significant developments in the IoT in Smart Farming Market, highlighting leading vendors and their innovative profiles. These include AGCO Corporation, AgJunction, Cisco Systems, Inc., International Business Machines Corporation, John Deere Company Inc., KaaIoT Technologies, LLC, Oracle Corporation, Precision Planting LLC, Pycno, Raven Industries, Inc., SemiosBio Technologies, Telit, Topcon Positioning Systems, Inc., Trimble Inc., and Virtus Nutrition, LLC.

Market Segmentation & Coverage

This research report categorizes the IoT in Smart Farming Market to forecast the revenues and analyze trends in each of the following sub-markets:

Based on Component, market is studied across Hardware, Services, and Software. The Hardware is further studied across Control & Monitoring Devices, Display Devices, and Sensors. The Services is further studied across Assisted Professional Services, Connectivity Services, Maintenance & Support, Managed Services, and System Integration & Consulting.
Based on Product, market is studied across Climate Monitoring, Fish Farm Monitoring, Livestock Monitoring, Smart Greenhouse, Smart Irrigation, and Waste Technology.
Based on Application, market is studied across Crop Scouting, Farm Labor Management, Field Mapping, Financial Management, Inventory Management, Irrigation Management, Weather Tracking & Forecasting, and Yield Monitoring.
Based on Deployment, market is studied across On-Cloud and On-Premises.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

Product Code: MRR-437896AA3971

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing adoption of the Internet of Things in improving farming practices
  - 5.1.1.2. Need to gain better control over the process of raising livestock and growing crops
  - 5.1.1.3. Rising focus on Cost management and waste reduction
- 5.1.2. Restraints
  - 5.1.2.1. Infrastructural mobility limitations
- 5.1.3. Opportunities
  - 5.1.3.1. Increased business efficiency through farming process automation
  - 5.1.3.2. Development of End-to-end farm management systems
- 5.1.4. Challenges
  - 5.1.4.1. Privacy and security concerns
5.2. Market Segmentation Analysis
5.3. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. PESTLE Analysis
- 5.4.1. Political
- 5.4.2. Economic
- 5.4.3. Social
- 5.4.4. Technological
- 5.4.5. Legal
- 5.4.6. Environmental

6. IoT in Smart Farming Market, by Component

6.1. Introduction
6.2. Hardware
- 6.2.1. Control & Monitoring Devices
- 6.2.2. Display Devices
- 6.2.3. Sensors
6.3. Services
- 6.3.1. Assisted Professional Services
- 6.3.2. Connectivity Services
- 6.3.3. Maintenance & Support
- 6.3.4. Managed Services
- 6.3.5. System Integration & Consulting
6.4. Software

7. IoT in Smart Farming Market, by Product

7.1. Introduction
7.2. Climate Monitoring
7.3. Fish Farm Monitoring
7.4. Livestock Monitoring
7.5. Smart Greenhouse
7.6. Smart Irrigation
7.7. Waste Technology

8. IoT in Smart Farming Market, by Application

8.1. Introduction
8.2. Crop Scouting
8.3. Farm Labor Management
8.4. Field Mapping
8.5. Financial Management
8.6. Inventory Management
8.7. Irrigation Management
8.8. Weather Tracking & Forecasting
8.9. Yield Monitoring

9. IoT in Smart Farming Market, by Deployment

9.1. Introduction
9.2. On-Cloud
9.3. On-Premises

10. Americas IoT in Smart Farming Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific IoT in Smart Farming Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa IoT in Smart Farming Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
13.4. Strategy Analysis & Recommendation

Companies Mentioned

1. AGCO Corporation
2. AgJunction
3. Cisco Systems, Inc.
4. International Business Machines Corporation
5. John Deere Company Inc.
6. KaaIoT Technologies, LLC
7. Oracle Corporation
8. Precision Planting LLC
9. Pycno
10. Raven Industries, Inc.
11. SemiosBio Technologies
12. Telit
13. Topcon Positioning Systems, Inc.
14. Trimble Inc.
15. Virtus Nutrition, LLC