Allied Market Research published a report, titled, Internet of Things (IoT) in Agriculture Market by System (Automation and Control Systems, Sensing and Monitoring Devices, Livestock Monitoring Hardware, Fish Farming Hardware, Smart Greenhouse Hardware, and Software), Application (Precision farming, Livestock Monitoring, Smart Greenhouse, and Fish Farm Monitoring): Global Opportunity Analysis and Industry Forecast, 2018-2025. The report provides a detailed analysis of changing market dynamics, top investment pockets, key segments, geographical scenario, and market competition. As per the report, the global IoT in agriculture market garnered $16.33 billion in 2017 and is expected to reach $48.71 billion by 2025, registering a CAGR of 14.7% from 2018 to 2025.
Increase in demand for food with rise in global population, adoption of new technologies for improving yield, and implementation of IoT-based technologies to cope up with changing climatic conditions drive the growth in the industry. However, high capital investment to upgrade the existing infrastructure and setup in the ecosystem restrain the growth of the industry. On the other hand, growth in public-private partnerships between the government and state-owned enterprises create new opportunities in the market.