A study of U.S. farmers and ranchers, conducted by Alpha Brown, suggests that internet of things solutions are currently being used by 250,000 farmers, mainly for livestock and cereals crops (grains).
The technology is also used on a smaller scale in other farming operations, such as dairy, vegetable, fruits and greenhouses, Alpha Brown found.
Furthermore, the study reveals that more than half of U.S farmers have an interest in buying such solutions, which reflects a market potential of 1.1 million farmers and market size of $ 4 billion a year.
Business Insider predicts that IoT device installations in the agriculture world will increase from 30 million in 2015 to 75 million in 2020, for a compound annual growth rate of 20 percent.
OnFarm, which makes a connected farm IoT platform, expects the average farm to generate an average of 4.1 million data points per day in 2050, up from 190,000 in 2014.
Furthermore, OnFarm ran several studies and discovered that for the average farm, yield rose by 1.75 percent, energy costs dropped $7 to $13 per acre, and water use for irrigation fell by eight percent.
IoT is used in agriculture to control remote instruments and sensors in order to optimize farm work (measuring light, temperature, soil moisture, rainfall, humidity, wind speed, pest infestation, soil content or nutrients, location).