According to the recent report by IMARC Group, entitled “Precision Agriculture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on precision agriculture market report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global precision agriculture market size reached US$ 7.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 15.3 Billion by 2028, exhibiting a growth rate (CAGR) of 11.3% during 2023-2028.
Precision agriculture is a modern approach to farm management that uses information technology to ensure that crops and soil receive everything they need for optimum health and productivity. Additionally, it utilizes GPS guidance, control systems, robotics, autonomous vehicles, sensors, drones, variable rate technology, GPS-based soil sampling devices, automated hardware, telematics, and software. It enables accessing real-time data about the conditions of the crops, soil, and ambient air and provides information on hyperlocal weather forecasts, labor costs, and availability of equipment that helps the farmers in evaluating the right number of pesticides and fertilizers needed for enhanced yield production, and the right time to plant and harvest their crops through informative measures. Consequently, it helps farmers in increasing long-term, site-specific, and whole-farm production efficiency and profitability while minimizing the unintended impact on wildlife and the environment.
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Market Trends:
Significant growth in the agriculture sector is driving the global market. Moreover, the widespread integration of state-of-the-art agricultural tools, such as sensors or irrigation controls, growing utilization of telematics by farmers, and rapid advancements in artificial intelligence (AI)-enabled equipment are catalyzing the market. In line with this, numerous leading players are heavily investing in advanced technologies, including driverless tractors, guidance systems, and GPS sensing systems which are augmenting the demand for precision agriculture across the globe. Furthermore, several initiatives undertaken by the government to encourage the uptake of modern agricultural techniques to enhance crop yield and productivity is impacting the market favorably. Apart from this, continuous technological innovations, such as vertical farming with smart designs to maximize yields and reduce waste, are creating a positive market outlook.
One of the key drivers of the precision agriculture market is the increasing adoption of advanced technologies such as GPS, drones, sensors, and other IoT devices. These technologies help farmers to gather real-time data on crop health, soil conditions, weather patterns, and other relevant factors, allowing them to make data-driven decisions on crop management, irrigation, fertilization, and other aspects of farming.
Another factor driving the growth of the precision agriculture market is the increasing demand for sustainable farming practices. Precision agriculture enables farmers to optimize the use of resources such as water, fertilizers, and pesticides, reducing waste and environmental impact. This, in turn, helps to increase productivity, reduce costs, and improve the quality of crops, making precision agriculture an attractive option for farmers looking to adopt sustainable farming practices.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Agribotix
- Bayer CropScience AG
- Case IH Agriculture
- ClearAg Operations
- Conservis Corporation
- Deere & Company
- Farmers Edge Inc.
- Fairport Farm Software
- Fuse Technologies
- Granular AG
- Grownetics Inc.
- IBM
- MapShots Inc.
- Raven Industries
- SST Software
Precision Agriculture Market Segmentation:
Our report has categorized the market based on region, technology, type, component and application.
Breakup by Technology:
- Global Navigation Satellite System (GNSS)/Global Positioning System (GPS)
- Geographic Information System (GIS)
- Remote Sensing
- Variable Rate Technology (VRT)
- Others
Breakup by Type:
- Automation and Control Systems
- Sensing and Monitoring Devices
- Farm Management Systems
Breakup by Component:
- Hardware
- Software
Breakup by Application:
- Yield Monitoring
- Crop Scouting
- Mapping
- Soil Monitoring
- Precision Irrigation
- Others
Regional Insights:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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