Farming is undergoing a transformative phase with the integration of the Internet of Things (IoT) in agriculture. This technological wave promises substantial growth, projected to escalate the market from US$ 11.5 Bn in 2021 to a staggering US$ 32.8 Bn by 2032, registering a Compound annual growth rate of 10%.
The surge in the agriculture IoT market is not an overnight phenomenon. It's the result of increasing competition with new entrants providing plenty of innovative solutions at competitive prices. These advancements are making high-tech farming tools more accessible, contributing to a projected rise in sales to US$ 18.5 Bn by 2026.
One standout application is the use of drones. These aren't your average recreational drones; they're equipped with advanced sensors for detailed mapping, crop monitoring, and data collection. This data is pivotal in providing insights like plant counting and yield projection, essential for informed agricultural decisions.
IoT's role isn't limited to drones. The emergence of smart greenhouses is a testament to IoT's versatility. These greenhouses, equipped with various sensors, optimize conditions for crop growth by regulating factors like light levels, humidity, and temperature, significantly reducing manual intervention.
Also, precision farming is gaining traction. This method enhances accuracy and control over farming operations, utilizing IT and various items like sensors and automated hardware. Companies like Crop Metrics are offering services like VRI optimization to augment yields and water usage efficiency.
Despite these advancements, there's a deterrent – some say the lack of familiarity and adequate training among farmer groups regarding IoT, hindering its adoption and market growth. Nevertheless, major players like DeLaval, SmartCultiva Corporation, and others are significantly contributing to market expansion.
Recent developments, such as Deere & Company's launch of an enhanced version of ExactRate and Raven Industries' introduction of an autonomous farming device, highlight the ongoing innovation in this sector.
The agriculture IoT market's landscape is competitive yet ripe with opportunities. As technology permeates traditional farming practices, it paves the way for a more efficient, productive, and sustainable agricultural future. However, for this potential to be fully realized, education and accessibility remain key factors needing immediate address.
Source : wisconsinagconnection