Internet of things in agriculture

Marinela Ilie ()
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Marinela Ilie: The Bucharest University of Economic Studies, Romania

International Conference on Competitiveness of Agro-food and Environmental Economy Proceedings, 2018, vol. 7, 157-166

Abstract: There are many ways to refer to modern agriculture. For example, AgriTech refers to the application of technology in agriculture in general. Smart agriculture, on the other hand, is mostly used to denote the application of IoT solutions in agriculture. The same applies to the smart farming definition. Although smart agriculture Internet of Things, as well as industrial Internet of Things in general, aren’t as popular as consumer connected devices; yet the market is still very dynamic. The adoption of Internet of Things solutions for agriculture is constantly growing. Namely, BI Intelligence predicts that the number of agriculture Internet of Things device installations will hit 75 million by 2020, growing 20% annually. At the same time, the global smart agriculture market size is expected to triple by 2025, reaching $15.3 billion (compared to being slightly over $5 billion back in 2016). Because the market is still developing, there is still ample opportunity for businesses willing to join in. Building Internet of Things products for agriculture within the coming years can set us apart as an early adopter, and as such, help farmers pave the way to success because technologies and Internet of Things have the potential to transform agriculture in many aspects like lower production risks and increased business efficiency through process automation.

Keywords: agriculture; smart agriculture; Internet of Things; market development; increased business efficiency. (search for similar items in EconPapers)
Date: 2018
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