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PRECISION AGRICULTURE MARKET SIZE TO CROSS $9 BILLION BY 2023, GROWING AT A CAGR OF 16% DURING 2017-2023.
Precision agriculture market size, share, trends, analysis on segmentation by application (guidance and monitoring systems (GIS, GNSS, and remote sensing), variable rate technology, and telematics), by components (hardware (drones, GPS devices, sensors, and others) and software), and by geography (North America, APAC, Europe, Latin America, and MEA), Industry Analysis Report, Regional Outlook, Growth Trends, Competitive Landscape, Market Share & Forecast, 2018–2023
PRECISION AGRICULTURE MARKET REPORT SCOPE
|MARKET SIZE (REVENUE)||
Revenue (2023): $9 Billion
Compound Annual Growth Rate (CAGR): Over 16%
North America, Europe, APAC, Latin America, and Middle East & Africa
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
- In precision agriculture market, big data and integrated farm management systems enables farmers and participants to engage with industry actions and mitigate volatility in agricultural produce effectively.
- With the increasing demand for food worldwide, there comes a need for sustainable increase in production of food, which in turn, will fuel the deployment of innovative agro-technology
- One major driver is the proliferation of precision agriculture and prompting federal bodies and governments to adopt this technology worldwide.
- The regulatory changes on the usage of various monitoring and data capturing systems have enabled the growth of precision farming technology exponentially.
PRECISION AGRICULTURE MARKET OVERVIEW
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 GIS and GNSS ecosystem, falling prices of sensors, and 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 subsides 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 increasing in retail and industrial consumption will propel the growth
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 practices 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 industry growth. The use of this precision agriculture system enables uses various monitoring and data capturing systems which helps farmers and organizations to derive meaningful insights and increase 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 techniques 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.
PRECISION AGRICULTURE MARKET SEGMENTATION
This research report on includes a detailed segmentation by application, components, and 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 will drive growth. GPS based tools are used for farm planning, soil sampling, swath and tractor guidance, crop scouting, field mapping, and yield monitoring applications in the agricultural industry.
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, APAC, 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 maximization coupled with better quality of crops 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 ensures 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, crop spraying, harvesting, and more practices in the global industry.
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
- Remote Sensing
- Variable Rate Technology
- GPS Devices
- North Americas
- Latin America
KEY QUESTIONS ANSWERED
- What is the precision agriculture market size and growth rate during the forecast period?
- What are the factors impacting the growth of the global precision farming market size?
- What are the top trends, drivers, opportunities impacting the growth of the global precision farming industry?
- Who are the leading vendors in the and what are their market shares?
- What is the impact of the COVID-19 pandemic on the global industry?
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