Deloitte Predicts Robust Growth in Agricultural IoT

The recently released TMT Predictions 2024 by the Deloitte Center for Technology, Media & Telecommunications provides insights into the notable expansion of the Internet of Things (IoT) within the agricultural sector, specifically targeting precision crop farming, livestock management, and agricultural equipment tracking, as reported by iGrow News. The forecast indicates a substantial increase from 200 million IoT endpoints in 2022 to an estimated 300 million by 2024, reflecting a 50% growth in this period.

This growth trend aligns with the escalating global demand for efficient agricultural technology (AgTech), driven by various challenges in the sector. The comprehensive report positions the AgTech market, encompassing IoT endpoints and connectivity devices, to present a lucrative revenue opportunity of US$18 billion on a global scale by 2024, demonstrating a robust compound annual growth rate (CAGR) of 19% between 2020 and 2024.

In collaboration with the Environmental Defense Fund, Deloitte’s study emphasizes the potential environmental benefits of precision agriculture tech solutions. The report projects a reduction of approximately 9.8 gigatons of carbon dioxide-equivalent emissions from 2020 to 2050. Furthermore, these technologies are estimated to yield substantial cost savings for farmers, ranging from US$40 billion to US$100 billion by 2030.

Acknowledging the significance of agriculture as both a fundamental food source and a substantial contributor to global CO2 equivalent (CO2e) emissions, accounting for over 20%, Deloitte underscores the challenges posed by a growing global population, expected to reach 10 billion by 2050, and an aging average farmer demographic. These challenges underscore the imperative for embracing innovative, technology-driven solutions to ensure food security and sustainable agricultural practices.

Deloitte’s TMT Predictions 2024 not only anticipates the substantial role of IoT in transforming precision agriculture but also emphasizes the potential of these technologies to address critical global issues related to the environment, food security, and the future of agriculture. As industries worldwide seek sustainable solutions, the findings from this report provide valuable insights into the evolving landscape where technology plays a central role in reshaping agricultural practices.

For more details, read the Deloitte report here.