Internet Of Things In Precision Agriculture Market, By Component (Hardware, Software, and Services), By System (Sensing System, Communication System, Cloud Computing, and Data Management System), By Application (Weather Tracking and Forecasting, Yield Monitoring and Farm Mapping, Crop Scouting, Irrigation Management, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Jul 2024

Code : CMI4993

Pages :170

Formats :

Excel and PDF

Industry : Information and Communication Technology

Regional Analysis

Internet Of Things In Precision Agriculture Market Regional Insights

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North America dominates the global Internet of Things in precision agriculture market. The region is expected to account for highest market share of 35.1% in 2024, owing to strong presence of key industry players and early adoption of latest technologies in the region. The U.S. accounts for the major share due to large-scale smart farming and growing emphasis on improving crop quality and maximizing yields. Several field trials and pilots of IoT solutions for agriculture have been successful in the U.S., driving its large-scale commercialization. Furthermore, supportive government initiatives and policies boost technological innovation.

Europe is another major regional market led by countries such as Germany, France and the U.K. Integrated supply chain networks, availability of skilled workforce and focus toward sustainable practices support the rapid deployment of IoT systems across farms. Moreover, growing exports of food and crops has propelled European nations to adopt smart agriculture practices for ensuring superior yields. The exchange of knowledge and expertise between academic institutes and technology providers further stimulates the development of intuitive IoT platforms. The incentives for new product development and government programs for the adoption of advanced agriculture techniques can drive the market growth.

Asia Pacific exhibits the fastest growth and is emerging as a lucrative regional Internet of Things in precision agriculture market. Countries like China, India, Japan and South Korea are increasingly investing in mechanization and automated systems to boost productivity and meet the rising food demand. The progressive economies offer opportunities for market players to collaborate with local partners and establish manufacturing bases. Improving internet connectivity in rural regions and initiatives such as ‘Digital India’ and ‘Precision Farming Development’ can foster the deployment of IoT infrastructure. This paves opportunities for solution providers to design low-cost and scalable platforms tailored for the diverse crop patterns and agricultural practices of Asia Pacific.