Global Agriculture IoT market research 2024, Forecast To 2033

The agriculture IoT market has witnessed rapid growth, increasing from$14.16 billion in 2023 to$15.67 billion in 2024 with a compound annual growth rate (CAGR) of 10.7%. This growth in the historic period is credited to factors such as farm mechanization and automation, the rise of smart farming practices, development in connectivity infrastructure, the prevalence of large-scale operations, crop health monitoring, efficient resource management, and the monitoring of weather and climate conditions, all contributing to enhanced affordability and scalability. Looking ahead, the agriculture IoT market is expected to experience continued rapid growth, reaching$22.94 billion in 2028 at a CAGR of 10.0%. This anticipated expansion is driven by the global expansion of precision agriculture, adherence to government regulations and standards, integration of drones and UAVs, efforts towards climate change mitigation, increased adoption in developing regions, implementation of predictive analytics for disease management, customization for various crop types, and a steadfast focus on sustainable agriculture. Major trends in the forecast period include advancements in sensor technology, the integration of AI and machine learning, the development of farm management software, the adoption of autonomous machinery and robotics, the utilization of edge computing in agriculture, the emergence of subscription-based IoT services, and the application of blockchain for transparency.