Agriculture with advanced technology is projected to grow more than USD 20 billion

By 2024, the IoT market rate in agriculture is expected to grow more than 10% in relation to 2019

12 December 2019

Agricultural technology is here to stay. A study by ResearchAndMarkets , the world's largest market researcher, shows that the Internet of Things (IoT) sector is expected to grow from USD 12.7 billion in 2019 to USD 20.9 billion by 2024. Carried out in October, the research considered some key factors for the growth of this market, such as the increased adoption of Internet of Things and Artificial Intelligence (AI) by farmers and producers. "Smart agricultural technologies help increase profitability, improve sustainability, protect the environment and minimise the consumption of resources such as water, fertilisers and energy. The IoT is implemented in a number of applications, including precision farming, livestock monitoring, fish farming, intelligent greenhouse, and precision forestry," the study evaluates. The report also predicts that the American continent is the one that should grow the most in the projected period of the study.

Among the companies studied and cited as a world reference in the study is Hexagon, whose Agriculture Division has its headquarters and factory in Florianopolis (SC). "The research confirms the enormous growth potential of these technologies in agriculture", says the company's president, Bernardo de Castro. "As a key part of our innovation management, Hexagon maintains a network of leading customers across cultures and geographies who entrust the company with the development of a range of IoT and AI-related solutions, as well as machine and process automation. As such, we have a continuous roadmap of solutions, always linked to real returns on investment of these reference customers".

Still in the view of the president, the company's quotation reaffirms Hexagon's positioning in the segment, "consolidating us as a global player in precision farming, digital agriculture and corporate solutions," he concludes.