The drastic climatic shifts and rising food demand is creating a requirement for smart tech solutions to revolutionize the agriculture industry. The use of smart solutions helps enable better decision making and optimized use of resources on farms to achieve higher yields and effectively meet the demand in the global market. The introduction of precision agriculture in the early 20th century lead to the use of sensors, drones, and software to gather, process, and analyze data to derive actionable insights for on-farm decisions. The implementation of GIS and GNSS ecosystem and adoption of navigation systems will help farmers with remote crop monitoring activities that improve the overall production capabilities in the global market. The use of these techniques will promote sustainable farming practices to ensure better food security and safety in the global market.

The global precision agriculture market is expected to reach revenues of over $9 billion by 2023, growing at a CAGR of approximately 16% during 2018-2023.

North America: Precision Agriculture Market

The increasing availability of advanced data infrastructure and a high degree of technological awareness among the farming community is one of the primary factors attributing to the growth of the North American precision agriculture market. The increasing number of government initiatives to promote sustainable farm practices and technology integrated agricultural models will boost the adoption of the innovative agriculture equipment in the North America market. The launch of various new software and regular upgrading of the older versions is driving the demand and sale of software components in North America. The guidance and monitoring systems are the largest used application in the North American market. The key emerging trends in the US that focus on sustainability, security, and farm is boosting the growth of this region in the market. Canada is among the five largest exporters of agriculture and agri-food products in the world. Also, increasing focus on shifting towards specialized farms is driving the demand for this technique in Canada.

The precision agriculture market in North America expected to grow at a CAGR of more than 14% during the forecast period.

Precision Agriculture Market Overview

Precision Agriculture Market - Overview & Forecast 2023

APAC: Precision Agriculture Market

The evolution in production technology, economical production, and progressive government policies is resulting in the development of emerging countries in the APAC market. APAC is one of the largest consumer and export hub for various industrial, agricultural and consumer goods in the world economy. The change in consumption pattern and rise in disposable income will boost the adoption of precision agriculture in the APAC market. The increasing focus on improved farm practices that can serve the dual purposes of meeting the rising food demand without any ecological compromise will promote the use of innovative technology in the APAC market. The prominence of agriculture in countries such as India, China, Japan, Indonesia, and Bangladesh and the need to increase yield will encourage farmers to leverage smart technology in the APAC market. The growing prominences of telematics and variable technology will help with the growth of the market in the region during the forecast period. The hardware segment dominates the market share; however, the increasing usage and penetration of products will boost the demand for innovative software in the market.

The precision agriculture market in APAC estimated to grow at a CAGR of around 20% during 2018-2023.

Europe: Precision Agriculture Market

Europe is creating lucrative opportunities for precision agriculture vendors due to its vast expanses of land, technologically forward-looking farming community, and well established digital infrastructure. The implementation of EU Common Agricultural Policy help promote modernization in the European market. The evolution of farming that encourages sustainable practices that are technology-driven and scientific with minimal ecological impact will contribute to the growing the demand in the European market. Telematics is the fastest growing application segment in Europe. The upgrades of software versions coupled with innovative software programs will transform the EU market. Farm mechanization in France will boost the demand for innovation in the European agriculture industry. Germany’s industrial productivity over the past four decades driven by the technological renaissance will attribute to the development of the market. The integration of robots, data-driven sowing and seeding, and sensors will transform the farming equipment market in Spain. The precision agriculture market in Europe projected to grow at a CAGR of over 13% during the forecast period.

The leading vendors operating in the global precision agriculture market are AgJunction, Trimble Navigation, AGCO Corp, Deere & Company, and Topcon Corp.

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