North America Precision Agriculture Market Report and Forecast 2023-2028

North America Precision Agriculture Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the North America precision agriculture market reached a value of about USD 3.67 billion in 2022. Aided by growing awareness of sustainable agricultural activities and increasing adoption of smartphones and other intelligent mediums, the market is projected to further grow at a CAGR of 11.10% between 2023 and 2028 to reach a value of almost USD 6.89 billion by 2028.

Precision agriculture, often termed satellite farming or site-specific crop management, revolves around the principle of doing the right thing, in the right place, at the right time. In essence, it is about managing variations in the field accurately to grow more food using fewer resources and reducing production costs. This approach leverages advanced technologies such as GPS, IoT, and data analytics to optimise crop yields and improve efficiency.

Growing shift towards data-driven farming is considered to be one of the major North America precision agriculture market trends. Farmers are progressively leaning towards technologies like drones, sensors, and automated tractors to collect, analyse, and interpret data, ensuring that they make well-informed decisions. This increasing reliance on technology is transforming traditional farming methods, aligning them with the demands of the modern world.

Another significant factor propelling the North America precision agriculture market growth is the region's natural inclination towards tech integration. As a global tech pioneer, North America, particularly the U.S., is at the forefront of embedding technology in various sectors, including agriculture. This not only boosts production rates but also aids in sustainable farming, ensuring that the ecological balance remains undisturbed.

The need for higher crop yields, given the ever-growing population, acts as a pivotal factor contributing to the North America precision agriculture market demand. Precision agriculture, with its promise of maximising output while minimising input, fits perfectly into this narrative. Furthermore, with the increasing global emphasis on sustainable practices and reducing carbon footprints, precision agriculture's resource-efficient methods offer an appealing solution.

Furthermore, the increasing partnerships between tech firms and agricultural specialists are shaping the market. By combining tech expertise with on-ground farming experience, these collaborations ensure that the solutions are not only advanced but also practical and field-ready.

The North America precision agriculture market analysis also highlights the growing investments in research and development within the sector. Various stakeholders, ranging from tech companies to government bodies, are collecting resources to ensure that precision agriculture becomes more accessible and efficient. With continuous advancements in satellite imagery, AI, and machine learning, the possibilities within the precision agriculture sector are boundless.

Market Segmentation

The market can be divided based on technology, type, component, application, and country.

Market Breakup by Technology

• GNSS/GPS Systems
• GIS
• Remote Sensing
• Variable Rate Technology (VRT)
• Others

Market Breakup by Type

• Automation and Control Systems
• Sensing and Monitoring Devices
• Farm Management Systems

Market Breakup by Component

• Hardware
• Software

Market Breakup by Application

• Mapping
• Crop Scouting
• Yield Monitoring
• Soil Monitoring
• Precision Irrigation
• Others

Market Breakup by Country

• United States
• Canada

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the North America precision agriculture market. Some of the major players explored in the report by Expert Market Research are as follows:

• AGCO Corporation
• Deere & Company
• Raven Industries, Inc.
• Trimble Inc.
• AgJunction, Inc.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.