According to a new report, published by KBV research, The Global Agriculture IoT Market size is expected to reach $58.95 billion by 2031, rising at a market growth of 10.1% CAGR during the forecast period.
The Cloud segment exhibits a CAGR of 10.6% during (2024 - 2031). Cloud-based deployments enable farmers to access real-time data, analytics, and insights from anywhere, facilitating efficient decision-making and operational flexibility. The integration of advanced technologies like artificial intelligence (AI) and machine learning (ML) in cloud platforms enhances predictive analytics and automation, helping farmers optimize productivity. Furthermore, the enhanced accessibility of high-speed internet, coupled with an increased awareness of the advantages of cloud computing, has expedited the adoption of cloud-based IoT solutions.
The Hardware segment is leading the Global Agriculture IoT Market by Component in 2023; thereby, achieving a market value of $30.47 billion by 2031. The increasing adoption of advanced devices such as sensors, drones, GPS systems, and automated machinery drives the growth of the hardware segment in the agriculture IoT market. These tools play a critical role in precision farming, enabling real-time monitoring of soil, weather, and crop conditions, which helps optimize resource utilization and boost yields. The rising focus on automation to reduce labor dependency and enhance efficiency has fueled the demand for hardware solutions.
The Bluetooth segment is experiencing a CAGR of 10.8% during (2024 - 2031). Bluetooth-enabled IoT devices are particularly popular for localized use cases, such as monitoring greenhouse conditions, connecting sensors in proximity, or enabling data sharing between devices. The advancement of Bluetooth technologies, including Bluetooth Low Energy (BLE), has significantly improved IoT devices' battery life and reliability, making them an attractive option for farmers looking for cost-effective and easy-to-implement solutions. This segment particularly appeals to small and medium-sized farms, where large-scale connectivity solutions may not be required.
The Precision Farming segment is generating the highest revenue in the Global Agriculture IoT Market by Application in 2023; thereby, achieving a market value of $24.50 billion by 2031. IoT technologies such as sensors, drones, and GPS systems enable real-time monitoring of soil health, weather conditions, and crop growth, allowing farmers to apply fertilizers, pesticides, and water more efficiently. The heightened emphasis on sustainable agricultural practices, coupled with the necessity to confront challenges such as climate change and resource scarcity, has significantly accelerated the adoption of precision farming solutions.
The Mid-sized market is expected to witness a CAGR of 10.4% during (2024 - 2031). These farms adopt IoT technologies to improve efficiency in soil monitoring, crop management, and irrigation scheduling, helping them remain competitive in the market. Financial support from government subsidies, grants, and loan programs has made IoT adoption more accessible to mid-sized farms.
Full Report: https://www.kbvresearch.com/agriculture-iot-market/
The Asia Pacific region dominated the Global Agriculture IoT Market by Region in 2023; thereby, achieving a market value of $22.65 billion by 2031. The North America region is expected to witness a CAGR of 9.4% during (2024 - 2031). Additionally, The Europe region would register a CAGR of 9.9% during (2024 - 2031).
By Deployment
By Component
By Connectivity
By Application
By Farm Type
Unique Offerings 
