Precision Agriculture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Precision Agriculture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

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. The growing utilization of smartphones and ease of internet facilities, increasing adoption of technology, and rising public-private partnership represent some of the key factors driving the market.

Rising Adoption of Smartphones and Ease of Internet Facilities Augmenting Market Growth

The precision agriculture market has been experiencing continuous growth on account of the rising adoption of smartphones with the ease of internet facilities. In addition, the increasing reliance on smartphones for up-to-date latest development in the agricultural sector is propelling the growth of the market. Moreover, farmers are dependent on broadband and other wireless networks to stay updated and participate in specific industry-directed knowledge sharing initiatives. In line with this, smartphones assist in spreading awareness among farmers about farming-related advanced solutions. Also, web-based agricultural institutes are gaining popularity among farmers across the globe.

Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented with a large number of players operating in the industry. The volume of new entrants is moderate in the precision agriculture industry due to high capital investments, particularly in premium priced products. Additionally, the product differentiation in the precision agriculture market is high, as providers are innovating their product by utilizing different technological techniques. 

What is Precision Agriculture?

Precision agriculture, also known as site-specific crop management (SSCM), refers to an approach of farm management that enables farmers to produce more food in a cost-effective manner. It comprises various technologies, such as global positioning system (GPS), geographical information system (GIS), remote sensing (RS), and variable rate technology (VRT). It relies on specialized equipment, software, and information technology (IT) services to provide real-time data about the condition of the soil, ambient air and crops, labor costs, availability of equipment, and local weather predictions. It allows farmers to know about precise planting times, crop rotation, and harvesting times. It assists in decreasing the overall usage of water, pesticides, herbicides, and fertilizers. Besides this, it aids in improving the profitability, productivity, quality, and sustainability of the crops. As it reduces production costs and labor inputs, the demand for precision agriculture is rising across the globe.    

Precision Agriculture Market Trends:

At present, the increasing adoption of smartphones with the ease of internet facilities around the globe represents one of the major factors bolstering the growth of the market. Besides this, the growing dependence on Wi-Fi services, low power wide area (LPWA), and wireless sensor technologies for improving agricultural output is positively influencing the market. In addition, the rising integration of the internet of things (IoT) in precision agriculture for increasing yield and avoiding the negative impacts of climate change is propelling the growth of the market. Apart from this, the introduction of various devices and systems, such as farm management systems, sensing and monitoring devices, and automation and control systems in precision agriculture, is contributing to the growth of the market. Additionally, governing agencies of various countries are introducing several sustainable initiatives, which is offering a favorable market outlook. Furthermore, the rising demand for precision agriculture, as it assists in increasing productivity while reducing costs, is supporting the growth of the market. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global precision agriculture market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on technology, type, component and application.

Technology Insights:

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

The report has provided a detailed breakup and analysis of the precision agriculture market based on the technology. This includes GNSS/GPS systems, GIS, remote sensing, variable rate technology (VRT), and others. According to the report, GNSS/GPS represented the largest segment, as they provide improved and wide-scale field mapping and geo-positioning. Moreover, advanced GNSS/GPS systems assist in yield monitoring, automatic steering, soil condition monitoring, virtual fencing, variable rate application, biomass monitoring, and farm machinery guidance.      

Type Insights:

Automation and Control Systems
Sensing and Monitoring Devices
Farm Management Systems

A detailed breakup and analysis of the precision agriculture market based on the type has also been provided in the report. This includes automation and control systems, sensing and monitoring devices, and farm management systems. According to the report, automation and control systems accounted for the largest market share as they assist in reducing labor and electricity costs, offering reliable and consistent performance, and improving the efficiency and accuracy in the operations of agriculture. In addition, governing agencies of various countries are encouraging the adoption of automation and control systems for agricultural practices.       

Component Insights:

Hardware
Software

A detailed breakup and analysis of the precision agriculture market based on the component has also been provided in the report. This includes hardware and software. According to the report, hardware accounted for the largest market share as it comprises various components, such as sensors, automated steering system, smart controllers, drones, mobile devices, cameras, unmanned aerial vehicles (UAVs), radar, global position system (GPS), global navigation satellite system (GNSS). Moreover, the introduction of new devices with improved location and data processing capabilities is reducing the dependence on manual labor for crop monitoring and scouting activities. Also, these devices benefit in measuring content and temperature of the soil, and surrounding air for optimum profitability, and protecting land resources.                            

Application Insights:

Mapping
Crop Scouting
Yield Monitoring
Soil Monitoring
Precision Irrigation
Others

A detailed breakup and analysis of the precision agriculture market based on the application has also been provided in the report. This includes mapping, crop scouting, yield monitoring, soil monitoring, precision irrigation, and others. According to the report, yield monitoring accounted for the largest market share as it easily measures and records information of grain flow, grain moisture, and covered farm area. It aids in maximizing crop yield and understanding the variability of the field. Additionally, the need for real time data information and historical spatial database is propelling the demand for yield monitoring.            

Regional Insights:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

The report has also provided a comprehensive analysis of all the major regional markets, which include North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. According to the report, North America was the largest market for precision agriculture. Some of the factors driving the North America precision agriculture market include the rising utilization of various systems by farmers at different rates and for different crops, such as corn, rice, and peanuts. In addition, governing agencies in the region are encouraging the adoption of clean technologies, such as precision agriculture, which is positively influencing the market.                

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global precision agriculture market. Some of the companies covered in the report include:

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

Please note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Questions Answered in This Report:

What was the size of the global precision agriculture market in 2022?

What is the expected growth rate of the global precision agriculture market during 2023-2028?

What are the key factors driving the global precision agriculture market?

What has been the impact of COVID-19 on the global precision agriculture market?

What is the breakup of the global precision agriculture market based on the technology?

What is the breakup of the global precision agriculture market based on the type?

What is the breakup of the global precision agriculture market based on the component?

What is the breakup of the global precision agriculture market based on the application?

What are the key regions in the global precision agriculture market?

Who are the key players/companies in the global precision agriculture market?