Smart agriculture and precision farming could just be the precursors to even greater use of technology in the farming world.
BI Intelligence 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%.
The US currently leads the world in IoT smart agriculture, as it produces 7,340 kgs of cereal (e.g. wheat, rice, maize, barley, etc.) per hectare (2.5 acres) of farmland, compared to the global average of 3,851 kgs of cereal per hectare.
This efficiency should only improve in the coming decades as farms become more connected. 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%, energy costs dropped $7 to $13 per acre, and water use for irrigation fell by 8%.