IoT market for agriculture can reach $4 BL - New study
Why IoT ? - In today’s era of technological revolution, an increasing number of farmers starts searching for technological solutions in order to improve the quality of their production.
As a result of development of cheap and reliable sensors alongside the need to gain better control over technological data, many integrated solutions are developed in the sphere of IoT
In order to clarify the needs of farmers in this field and to analyze market potential, Alpha Brown conducted an extensive study among more than 1600 farmers and ranchers, aimed at understanding the IoT – “Internet of the things” technological solutions among farmers.
Among other topics, the study indicates the farmers’ level of knowledge regarding IoT Ag Tech solutions, as well as types of IoT technological products and services utilized. Furthermore, the study attempts to understand the farmers’ plans for technological purchases in 2018.
The data that was aggregated in this study is intended to assist technology companies and investment institutes, interested in the field of agricultural technology, to understand the potential of the agricultural technology market, and in this case - the IoT sector, mainly based on the needs and perceptions of the customers - the farmers.
This study applies a combination of quantitative and qualitative research methods and is based on the following:
A comprehensive survey conducted by Alpha-Brown on March-April 2018, sent to thousands of farmers and growers mostly in the U.S.
The survey's responses represent a similar picture to the reality of the US market in terms of size of farms and types of crops (in relation to data collected by the US Department of Agriculture- the USDA)
In-depth review of several major companies currently developing IoT solutions worldwide.
Data regarding new investments in this field.