Agriculture IoT market projected to reach USD 60.12 billion by 2032 with 11.12% CAGR.

From GlobeNewswire: 2025-04-02 10:00:00

The Agriculture IoT Market, valued at USD 23.41 billion in 2023, is set to reach USD 60.12 billion by 2032, with a CAGR of 11.12% from 2024 to 2032. Major players include Deere & Company, Trimble Inc., and Raven Industries Inc. The U.S. Agriculture IoT Market is projected to reach USD 12.40 billion by 2032, driven by precision farming and smart irrigation solutions. The hardware segment led the market in 2023 with a 46% revenue share, due to the widespread use of IoT-enabled devices. On-premise solutions dominated the market in 2023, capturing a 57% revenue share, while the cellular segment led with a 39% revenue share, and precision farming dominated with a 41% revenue share. Large farms led the market in 2023, holding a 52% revenue share due to investments in sophisticated IoT technologies. Small farms struggle to incorporate smart farming technologies due to lack of economies of scale and limited resources. The Asia Pacific leads the Agriculture IoT market with a 37% revenue share in 2023, while North America is expected to grow at a CAGR of 10.67% from 2024 to 2032. The market is segmented by components, applications, connectivity, deployment, and farm types, with a focus on precision farming, livestock monitoring, smart greenhouse, aquaculture, and more. Advanced technologies like AI, cloud computing, and automation are driving the adoption of IoT solutions in agriculture to enhance productivity and sustainability.



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