IoT in Agriculture (IoTAg) represents a more specific use of technology wherein agricultural planning and operations becomes connected in ways previously impossible if it were not for advances in sensors, communications, data analytics, and other areas. The application of various AgriTech analytics tools and methodologies, such as predictive analytics will provide substantial enhancements to agriculture operations. With the emergence of M2M, IoT, and advanced data analytics technologies, data is becoming available that was previously uncollectible. The commercial agriculture industry is rapidly becoming one of the most IoT data-driven markets. The general term, AgriTech, represents the use of technology in agriculture, horticulture, and aquaculture for purposes of improving yield, efficiency, and profitability. This shift in managing agricultural operations will bring various benefits to farming and livestock management, including enhanced crop quality and quantity, improved use of resources and farm equipment, real-time monitoring of farms, animals, and machines, automated irrigation systems, fertilizer spraying, and pest control. This allows corporations to treat agriculture like manufacturing in the sense that measurements, data, and control is very important to manage costs, maximize yields, and boost profits. With this agricultural transformation, farming operations are increasingly a highly mechanized and computer-driven operation. This is atypical for commodities as inflation generally tends to make their prices increase over time. Many agricultural commodities such as corn, soy, and cotton are in backwardation as of the publication of this report, which means that the current price of an underlying asset is higher than prices trading in the futures market. There is currently an acute need for greater agricultural efficiency and effectiveness in the week of the recent pandemic. The implementation of combined AI and IoT solutions for agriculture will provide a substantial lift for both operational efficiency and effectiveness Intelligent solutions for aquaculture operations will $1.35 billion globally by 2028, which we see as a significantly underserved market The global market for agriculture drones will reach $1.91 billion by 2028 with an average price of $1,189 per unit for UAVs The market for smart sensor systems will reach $3.4 billion globally by 2028, growing at a CAGR of 62.5% through 2028 The fastest growing IoT solution area by revenue is automation, which will grow at a CAGR of 65.3% through 2028 The largest IoTAg application by revenue is monitoring, which will reach $8.1 billion globally by 2028 Within the Smart Sensor area, the report forecasts the following: Sensors for Detecting Physical Properties, Sensors for Chemical Analysis and Applications, Sensors for General Monitoring, Sensors for Quality, Sensors for Autonomous Agriculture, and others. Forecasts include precision agriculture, indoor farming, livestock, and fisheries.įorecasts cover IoT in agriculture solutions globally and regionally including: Intelligent Farm Equipment, Smart Sensor Systems, Intelligent Drones, Smart Farm Robots, and Software. The report evaluates the overall marketplace and provides forecasts for sensors (and other devices), services, solutions, and data analytics globally, and regionally for the period 2023 to 2028. This report assesses the technologies, companies, and solutions for IoT in agriculture.
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Dublin, J(GLOBE NEWSWIRE) - The "IoT in Agriculture Market by Technology, Automation (Robots, Drones, and Smart Equipment), Sensor Types, Hardware, Software and Solutions 2023 - 2028" report has been added to 's offering.
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