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Internet of Things (IoT) in Farm Management Market Trends

Report ID: GMI10622
Published Date: Aug 2024
Report Format: PDF

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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.

Authors: Preeti Wadhwani, Aishwarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of Internet of Things (IoT) in farm management reached USD 6.4 billion in 2023 and is set to register over 12.9% CAGR from 2024-2032, owing to the global imperative for heightened food production.

Internet of Things (IoT) in farm management industry from the hardware segment is expected to exceed USD 8.8 billion by 2032, due to its critical role in devices such as sensors, GPS, drones, and RFID tags that are essential for collecting real-time data.

North America market is expected to reach over USD 7.3 billion by 2032, attributed to the advanced agricultural practices and high technology adoption in the region.

Topcon Positioning Systems, Inc., CNH Industrial N.V., Lindsay Corporation, Valmont Industries, Inc., Trimble Inc., John Deere, Hexagon Agriculture, DeLaval Inc., Iteris, Inc., and AG Leader Technology, are some of the major Internet of Things (IoT) in farm management companies worldwide.