The evolution in the production technologies, economical production, and progressive government policies is propelling the growth of the precision agricluture market in the APAC region.
Arizton’s recent market research report on the global precision agriculture market identifies AgJunction, Trimble Navigation, AGCO Corp, Deere & Company, and Topcon Corp as the leading vendors that are likely to dominate the market during the forecast period. This research report provides detailed analysis of market 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).
The global precision agriculture market is estimated to reach revenues of more than $9 billion by 2023, growing at a CAGR of around 16% during 2018-2023.
The global precision agriculture market is divided into three major segments that include application, components, and geography.
APAC to grow at the fastest CAGR in the global precision agriculture market during forecast period
The global precision agriculture market by geography is segmented into North America, APAC, Europe, Latin America, and MEA. APAC occupied a considerable market share in 2017, growing at a CAGR of approximately 20% during the forecast period. The drastic evolution in the production technologies, economical production, and progressive government policies is propelling the growth of the market in the APAC region. The changes in consumption pattern and increase in purchasing power is attributing to the growing demand innovative farming technologies in the APAC market. Countries such as India, China, Japan, Indonesia, and Bangladesh are largest adopters of smart technology and advanced agricultural infrastructure in the APAC market. The increase investments for the development and launch of monitoring and guidance systems for agriculture across various countries will boost the growth of the market in APAC. The initiatives undertaken by government agencies to promote innovative agricultural practices in various countries across the APAC region will help boost revenues in the global precision agriculture market during the forecast period.
Software segment to grow at an impressive CAGR in the global precision agriculture market during forecast period
The components segment in the global precision agriculture market is divided into hardware (drones, GPS devices, sensors, and others) and software. Software segment dominated majority of the market share in 2017, growing at a CAGR of over 18% during the forecast period. The growing ability to use numerous data aggregators and sources to feed into multiple software wherein these platforms converge data from multiple sources to derive meaningfully and near to accurate insights, and interpretations are augmenting the growth of this segment in the global precision farming market. Some of the widely available software solutions available in the global market are farm resource management, payroll management, fleet operations, data sourcing and representation, weather data retrieval, and market price analyzers and flashers. The increasing investments made by large multi-national corporations to promote the development and use of satellite navigation, GPS based control systems, and software will transform the global precision agriculture market. Large companies such as Bayer, Monsanto, Dupont, and Dow Chemicals are focusing on creating integrated products that enable the seamless exchange of data in the global market.
Telematics segment to grow at a significant CAGR in the global precision agriculture market during forecast period
The global precision agriculture market by application is classified into guidance and monitoring systems (GIS, GNSS, and remote sensing), variable rate technology, and telematics.
Telematics occupied a significant market share in 2017, growing at a CAGR of around 17% during the forecast period.
Telematics is referred to as the “next big thing” in the agriculture industry as it captures real-time data from farm equipment operating in a field and transfers the same to the internet or the cloud. The extensive use of telematics that integrates farm site weather stations and moisture monitors to provide farming community real-time information about climate will revolutionize the global market over the next few years. These advanced solutions offer remote management of agricultural machinery fleet, remote diagnostics, and direct technical assistance from manufacturers’ technical personnel in the global market. The benefits of resolving to troubleshoot problems remotely and issues without making physical trips to the field will boost the adoption of telematics in the global precision agriculture market during the forecast period.
The other prominent players operating in the global precision agriculture market are Ag Leader Technology, DICKEY - John Corporation, Precision Planting Company, Lindsay Corp., Raven Industries, Novaraint Inc., SST Software, TeeJet Technologies, Valmont Industries, and Yara International.
The complete overview of the latest market research report on global precision agriculture market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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