Integrating the Internet of Things (IoT) within the global agricultural sector is witnessing a remarkable surge, transforming farming practices and addressing vital global challenges. With a market value of $27.1 billion in 2021, it is projected to reach $84.5 billion by 2031, reflecting a compound annual growth rate (CAGR) of 12.6% from 2022 to 2031.
IoT’s Role in Agriculture
IoT is emerging as a key player in innovative farming solutions, with farmers, agribusinesses, and tech firms investing heavily to enhance efficiency, improve yields, and increase profitability. The growth also reflects the urgent need for innovative solutions to combat global challenges such as climate change, population growth, and changing dietary demands.