The growth is primarily attributed to increased awareness of the benefits and convenience that technological applications entail over conventional farming or agricultural practices. The adoption of IoT-based agricultural techniques is likely to provide impetus to countries with low agricultural production due to climatic conditions and low arable land and help reinvent their agricultural sector. The global IoT in agriculture market is expected to grow more in the coming years with increased emphasis on alternative and vertical farming and increased government initiatives throughout the world for uplifting the global agricultural industry.
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Agriculture technology services are being intensively introduced to improve agricultural productivity and thus the yield. Some prominent technology services utilized by farmers across the world include farm management software, agriculture drones, agriculture robots, precision irrigation equipment, and remote sensing. Agriculture technology being offered as a service also eases the financial friction among farmers to adopt technology for meeting the increasing demand for more food yield from their agricultural fields.
With the growing global population, the need to improve farm output also increases. It is a challenge for farmers across the globe to produce high-quality crops to cater to the need for increased food security. Fortunately, the introduction of mechanization and sustainable agriculture technology helps farmers to improve crop production and lessen the concern over global food security. Ranging from seeding and planting to harvesting, several application areas have been realized by the industry as areas that lead to high return on investment with IoT in the agricultural sector.
The global IoT in agriculture market by the application segment is expected to be dominated by precision crop farming. This dominance is majorly attributed to the popularizing concept and high adoption of precision crop farming practices. The increasing proliferation of IoT and the use of advanced analytics in the agricultural sector has been providing an impetus to the precision crop farming application.
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The COVID-19 pandemic had a significant impact on the agricultural industry, thereby leading to economic instability throughout the world, and the gross domestic product (GDP) for all countries declined in 2020. The pandemic has proved to act as a catalyst for technology and innovations in the agricultural sector. The pandemic’s potential impact on the adoption of the Internet of Things (IoT) has emerged as a boon and has yielded high traction of the technology in the sector. Recently, the application of robotic systems and drones in agriculture has increased extensively along with the combined use of connected remote sensor systems, global positioning system (GPS), communication technology, geographical information system (GIS), automated systems, and satellite imagery for developing site-specific solutions to any problem. The introduction of these technologies in agriculture is also being compared.
