Internet of Things (IoT) in Farm Management Market Size - By Component (Hardware, Software, Services), By Application (Precision Farming, Livestock Monitoring, Smart Greenhouses, Fish Farming/Aquaculture), By Farm & Forecast, 2023 – 2032

Internet of Things (IoT) in Farm Management Market Size - By Component (Hardware, Software, Services), By Application (Precision Farming, Livestock Monitoring, Smart Greenhouses, Fish Farming/Aquaculture), By Farm & Forecast, 2023 – 2032

Internet of Things in Farm Management Market Size

Internet of Things (IoT) in Farm Management Market size was valued at USD 6.4 billion in 2023 and is projected to grow at a CAGR of over 12.9% between 2023 and 2032. his growth is primarily fueled by the global imperative for heightened food production. With the world's population on the rise, agricultural systems face mounting pressure to boost efficiency and output. IoT technologies play a pivotal role in this scenario, facilitating precision farming, optimizing resource allocation, enhancing crop yields, and curbing wastage.

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By offering real-time insights on soil conditions, weather forecasts, and crop health, IoT solutions empower farmers to make data-driven decisions, ultimately boosting productivity. This technological leap is not just a choice but a necessity to meet escalating food demands sustainably, propelling the adoption of IoT in agriculture. Notably, the U.S. Department of Agriculture reports that only 27% of farmers have embraced precision agriculture technologies, including IoT.

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Furthermore, the IoT in farm management sector is witnessing a surge, largely attributed to the escalating embrace of precision farming. Precision farming, leveraging IoT tools, meticulously monitors and manages crops and livestock, leading to optimized resource utilization and amplified yields. Real-time data from IoT sensors on soil conditions, weather, and crop health empowers farmers to make informed choices, fostering heightened efficiency, cost reductions, and minimized waste.

Beyond economic benefits, precision farming also addresses environmental concerns by curbing water, fertilizer, and pesticide usage. As the agricultural community increasingly recognizes these advantages, the demand for IoT solutions in farm management is on a steady ascent, fueling market growth.

The IoT in farm management market is hindered by significant barriers, primarily stemming from the high initial investments required. Acquiring and installing IoT devices, sensors, connectivity solutions, and data management systems can be exorbitant, especially for small and medium-sized farms. Additionally, ongoing expenses for maintenance, software updates, and data storage add to the financial burden. Despite the long-term benefits IoT promises, these upfront costs often dissuade farmers from adoption. Further complicating matters, the scarcity of financing avenues and skepticism towards technology in traditional farming communities impede market growth.

Internet of Things in Farm Management Market Trends

Technological advancements in AI and ML are propelling growth in the farm management IoT industry. These innovations, including advanced sensors, drones, and connectivity solutions, offer real-time insights into crucial farm metrics like soil health, weather, and crop growth. AI, in particular, enhances these benefits by facilitating advanced data analytics, predictive modeling, and automation. For example, AI algorithms can predict crop yields, optimize irrigation, and even detect diseases early. Such technologies not only streamline farm operations but also bolster decision-making, ultimately elevating productivity and fueling market expansion.

In a notable example from December 2023, TDK Ventures and British International Investment (BII) co-led a Series A funding round of INR 100 crore (approximately USD 12 million) for Fasal, an Indian Agri-tech firm specializing in precision farming solutions. This investment was aimed at bolstering Fasal's horticulture optimization platform, which leverages patented IoT-crop intelligence to boost yields and cut operational costs for farmers.

Internet of Things in Farm Management Market Analysis

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Based on components, the market is segmented into hardware, software, and services. The hardware segment accounted for a market share of over 46% in 2023 and is expected to exceed USD 8.8 billion by 2032. The hardware segment leads the market due to its critical role in devices such as sensors, GPS, drones, and RFID tags that are essential for collecting real-time data. These devices monitor soil health, weather conditions, crop status, and livestock health, providing the foundational data for IoT applications.
 

Additionally, the decreasing costs and increasing availability of advanced hardware have accelerated their adoption. The demand for precision farming and automation further drives the need for sophisticated hardware, making it a significant component of the agricultural IoT ecosystem.

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Based on farm type, the internet of things in the farm management market is divided into small, medium-sized, and large. The large segment held around 39% market share in 2023. Large farms lead the IoT in farm management, leveraging their financial prowess to invest in cutting-edge technologies. Their scale not only allows for substantial cost savings but also streamlines operations through IoT integration.

Given the intricacies of managing vast areas and diverse operations, IoT solutions become imperative for real-time monitoring, precise resource allocation, and data-backed decision-making. Consequently, these factors contribute to the pronounced adoption rates among large farms, solidifying their dominance in the market.

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North America IoT in the farm management market accounted for 37% of the revenue share in 2023 and is expected to exceed USD 7.3 billion by 2032, driven by advanced agricultural practices and high technology adoption. The U.S. and Canada are key contributors, fueled by substantial investments in precision farming, smart irrigation, and livestock monitoring systems. Government initiatives supporting sustainable agriculture and significant R&D activities 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.

Europe is a key market for IoT in farm management, driven by advanced agricultural practices and strong government support for sustainable farming. Germany, France, and the UK are leading adopters, utilizing IoT technologies to enhance precision farming, improve crop yields, and optimize resource usage. The region benefits from well-established infrastructure and high technological awareness among farmers. Additionally, increasing concerns about environmental sustainability and stringent regulations, promote the adoption of IoT solutions for efficient farm management, contributing to the market's growth and innovation in Europe.

Internet of Things in Farm Management Market Share

In 2023, Topcon Positioning Systems, Inc., CNH Industrial N.V., and Lindsay Corporation collectively commanded a dominant market share exceeding 18%. Topcon's flagship, the TAP (Topcon Agriculture Platform), harnesses IoT technology to revolutionize farm management. TAP seamlessly blends connectivity, cloud services, and data analytics, bolstered by its Cloudlynk devices. These devices ensure automatic data sync, enable remote support, and enhance fleet management, culminating in a holistic ecosystem for agricultural machinery.

CNH Industrial's Precision Farming solutions, deeply rooted in IoT, are a cornerstone of their farm management approach. Their telematics systems gather real-time data, empowering farmers to fine-tune machine operations and boost crop yields. With a fleet of connected vehicles and machinery, CNH Industrial equips farmers with data-driven insights, empowering them to make informed decisions and optimize their farm's performance.

Lindsay Corporation's IoT-driven FieldNET platform is a game-changer in farm management. It allows for remote monitoring and control of irrigation systems, enabling farmers to make real-time, data-backed decisions. By harnessing predictive analytics, Lindsay's platform not only enhances crop management but also elevates sustainability efforts, optimizing water and energy usage.

Internet of Things in Farm Management Market Companies

Major players operating on the Internet of Things (IoT) in the farm management industry are

• Topcon Positioning Systems, Inc.
• CNH Industrial N.V.
• Lindsay Corporation
• Valmont Industries, Inc.
• Trimble Inc.
• John Deere
• Hexagon Agriculture
• DeLaval Inc.
• Iteris, Inc.
• AG Leader Technology
   

Internet of Things (IoT) in Farm Management Industry News

• In February 2024, Spacecom launched its Satellite IoT-as-a-Service, designed to transform digital agriculture in sub-Saharan Africa, particularly focusing on precision farming. This initiative, developed in collaboration with Ayecka, utilizes the AMOS GEO satellites and Ayecka AR-1100 satcom terminals to provide a sustainable, off-grid IoT solution for rural areas.
   
• In April 2024, Reliance Jio significantly transformed farming practices in India through its innovative 5G IoT solutions, particularly via its JioKrishi and JioGauSamriddhi initiatives. These solutions leverage advanced technology to enhance agricultural productivity and efficiency across various farming sectors.
   

The internet of things (IoT) in farm management market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2021 to 2032, for the following segments

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Market, By Component

• Hardware 
  • GPS devices
  • Sensors
  • Drones/UAVs
  • Cameras
  • RFID tags
  • Others
• Software 
  • Data management
  • Farm management
  • Others
• Services 
  • Professional
  • Managed

Market, By Application

• Precision farming
• Livestock monitoring
• Smart greenhouses
• Fish farming/aquaculture
• Others

Market, By Farm

• Small
• Medium-sized
• Large

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA