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GLOBAL PRECISION AGRICULTURE MARKET SIZE TO CROSS USD 9 BILLION BY 2023, GROWING AT A CAGR OF 16% DURING THE FORECAST PERIOD

Precision Agriculture Market Size, Share, Trends, Analysis Report by Application (Guidance and Monitoring Systems (GIS, GNSS, and Remote Sensing), Variable Rate Technology, and Telematics), Components (Hardware (Drones, GPS Devices, Sensors, and Others) and Software), and Geography (North America, APAC, Europe, Latin America, and Middle East & Africa), Industry Analysis Report, Regional Outlook, Growth Trends, Competitive Landscape, Market Share & Forecast, 2018-2023

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Most Exhaustive Report

199 Pages

53 Tables

54 Charts

5 Regions

8 Countries

15 Companies

3 Market Segment

PRECISION AGRICULTURE MARKET REPORT SCOPE

Report Attribute Details
MARKET SIZE (REVENUE) USD 9 BILLION (2023)
CAGR 16% (2018-2023)
BASE YEAR 2017
FORECAST YEAR 2018-2023
MARKET SEGMENTS Application (Guidance and Monitoring Systems (GIS, GNSS, and Remote Sensing), Variable Rate Technology, and Telematics), Components (Hardware (Drones, GPS Devices, Sensors, and Others) and Software)
GEOGRAPHIC ANALYSIS North America, Europe, APAC, Latin America, and Middle East & Africa
COUNTRIES COVERED US, Canada, UK, Sweden, Germany, Switzerland, Belgium, France, Italy, Spain, Netherlands, China, Japan, South Korea, Australia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, and UAE

INDUSTRY INSIGHTS

The global precision agriculture market size to cross USD 9 billion by 2023, growing at a CAGR of 16% during the forecast period. The smart use of technology to enable better decision making and optimized use of resources on farms is propelling the global precision agriculture market growth. The growing requirement to achieve higher yields and effectively meet the growing demand for food will boost the demand in the global precision farming market. This form of farming involves the deployment of a web of sensors, drones, and software to gather, process, and analyze data to derive actionable insights for on-farm decisions. The evolution of (geographical information systems) GIS and GNSS ecosystem, falling prices of sensors, and the adoption of navigation systems will revolutionize the global farming industry. The use of precision technology such as navigation systems and drones drastically reduce the dependence on manual labor for scouting and crop monitoring activities and improves the overall efficiency of this whole process. Additionally, the use of these controllers and monitors will enable the right usage of fertilizers, pesticides, and insecticides, thereby, preventing the deterioration of soil quality and initiates cost savings. The government initiatives and subsidies will encourage the implementation of digital set-up and procurement of smart infrastructure in the market. Digitalization will result in faster sharing of valuable information across geographies and the markets will improve the economic conditions in the overall agricultural industries. The increase in retail and industrial consumption will propel growth in developing countries.

The recent trends of urbanization, lifestyle changes, resource exploitation, and innovative communication systems will augment the industry growth. The increasing adoption of efficient and sustainable farming technologies to ensure better food security and safety are one of the primary factors contributing to the use of smart systems in the agriculture industry. 

The implementation of regulatory frameworks that helps to impart better clarity on UAV usage will augment the digital farming industry growth. The use of this precision agriculture system enables the uses of various yield monitoring and data capturing systems which helps farmers and organizations to derive meaningful insights and increasing productivity in farms across the globe. The use of drones helps offer aerial imagery that can reveal patterns and expose variations related to soil variation, water distribution, and pest and fungal infestations. The establishment of regulatory policies and rules will enable government agencies to regulate and monitor activities of drones used in precision farming technology so that it does not infringe human privacy, ground safety, data proprietorship, and cause any disturbance to civil aviation. The establishment of regulations in countries such as Australia, the UK, Germany, and Denmark will encourage the adoption of UAVs for commercial purposes in the global precision farming market growth.

PRECISION AGRICULTURE MARKET SEGMENTATION

This research report on includes a detailed segmentation by

  • Application
  • Components
  • Geography

INSIGHTS BY COMPONENTS

Federal incentives will boost the adoption of hardware in the global precision agriculture market during the forecast period

Hardware segment dominated a significant precision agriculture market share in 2017, growing at an impressive CAGR of around 13% during the forecast period. The hardware components include software such as sensors, drones, GPS devices, smart controllers, software consists of farm data analytics, geo-spatial analytics, updating platforms, crop management software, farm inventory management, personnel management, and weather forecasting and representation. The continuous evolution of smart hardware will propel the development of modern farm equipment integrated with additional provisions in the global precision agriculture market.  Sensors are gaining immense popularity in the agricultural industry as these are used for detecting temperature, pressure, IR, proximity, and ultrasonic and touch. The adoption of GPS devices and tracking systems will help auto-steering, closer monitoring of ingredient application to farm, and use of repetitive operations will augment the growth of the global precision agriculture market.

INSIGHTS BY APPLICATION

GIS and remote sensing systems to gain immense popularity

The global precision agriculture market by application is segmented into guidance and monitoring systems (GIS, GNSS, and remote sensing), variable rate technology, and telematics. Guidance and monitoring systems occupied a majority precision agriculture market share in 2017, growing at a CAGR of around 16% during the forecast period. The exponential use of GIS and remote sensing technologies by federal agencies and research projects for large-scale analysis in agriculture industries will propel the growth of this segment in the global precision farming market. The deployment of GPS in farming architecture to offer comprehensive solutions to farming communities will revolutionize the global precision agriculture market. The growing popularity of GNSS and GIS systems offer easily available, extractable, and moldable data to produce meaningful insights that will drive growth. GPS based tools are used for farm planning, soil sampling, swath and tractor guidance systems, crop scouting, field mapping, and yield monitoring applications in the agricultural sector.

INSIGHTS BY GEOGRAPHY

Technological awareness in farming in North Americas will drive growth

The global precision agriculture market by geography is categorized into North America, Asia Pacific, Europe, Latin America, and MEA. North America dominated the majority market share in 2017, growing at a CAGR of more than 14% during the forecast period. The increasing availability of technological and mechanical components in precision agriculture techniques such as sensors, drones, and GPS devices will drive the growth of the North American industry. The proliferation of advanced data infrastructure and a high degree of technological awareness among the farming community in North America will propel the growth. The increasing focus on sustainable farm practices and technology-integrated agricultural models by government agencies will attribute to the development of the North American region.

KEY VENDOR ANALYSIS

The increasing focus on yield monitoring and maximization coupled with a better quality of crop yields and limited and right usage of fertilizers, fungicides, and pesticides is driving the competition in the global precision agriculture market. The increasing demand for infrastructure, distribution, and warehousing facilities will create new opportunities for leading vendors in the global precision agriculture market. The top players are offering innovative hardware and software solutions that ensure profitability, efficiency, and sustainability while protecting the environment to gain a larger share. Increasing investments by Mitsui, Monsanto, and Syngenta that support startups to develop solutions will boost revenues in the global market. These solutions help improving irrigation management, crop spraying, harvesting, and more practices in the global industry. The leading vendors are AgJunction, Trimble Navigation, AGCO Corporation, Deere & Company, and Topcon Corp.

The global precision agriculture market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:

 Segmentation by Application

  • Systems Guidance and Monitoring Systems
    • GIS
    • GNSS
    • Remote Sensing
  • Variable Rate Technology
  • Telematics

 By Components

  • Hardware
    • Drones
    • GPS Devices
    • Sensors
    • Others
  • Software

 By Geography

  • North Americas
    • US
    • Canada
  • Europe
    • France
    • Germany
    • Spain
  • APAC
    • China
    • India
    • Australia
  • Latin America
  • Middle East & Africa

Frequently Asked Questions

The global precision agriculture market size is expected to reach revenues more than USD 9 billion by 2023, growing at an impressive CAGR of around 16% during the forecast period
The global precision agriculture market is driven by the rising environmental awareness, growing resource costs, and impending regulatory challenges.
The leading vendors are AgJunction, Trimble Navigation, AGCO Corp, Deere & Company, and Topcon Corp
The adoption of GPS devices and tracking systems will help auto-steering, closer monitoring of ingredient application to farm, and use of repetitive operations will augment the growth of the global precision agriculture market.
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