Precision Agriculture Market by Technology, Type, Component, Application, Region and Forecast 2024

Global Precision Agriculture Market Research Report and Forecast 2024

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Global Precision Agriculture Market Overview: According to the recent report by IMARC Group, entitled “ Precision Agriculture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 20 19-2024 �, the global precision agriculture market reached a value of US$ 5.4 Billion in 2018. Precision agriculture, also known as satellite agriculture, refers to one of the most popular innovations in modern farming. It is the concept of managing accurate variabilities in the farm which helps in producing more output with less agricultural inputs, thereby minimizing the production cost. Precision agriculture relies on specialized equipment, software and IT services so as to provide a real-time data the condition of soil, ambient air and crops, as well as other important information like local weather predictions and labour costs. This data is used by the farmers to know about the precise planting times, crop rotation and harvesting time.

Precision Agriculture Market Trends Nowadays, farmers are increasingly depending on smartphones, internet, WiFi, Zigbe and lower-power wide-area (LPWA) for their day-to-day farming activities. These technologies assist in efficiently planning and executing several operations, such as planting, purchasing harvesting and inventory control, with zero negligence and errors. Moreover, these help in spreading awareness amongst small as well as large farmers about the latest developments in the industry.

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157.3 146.7 152.0 141.4 136.1 125.5 130.8

160 140 120 100 80 60 40 20 0

120.2 2011

2012

2013

2014

2015

2016

2017

2018

In Billion US$

in Billion US$

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180 160 140 120 100 80 60 40 20 0

160.0 2019

170.6

175.9

181.2

186.5

165.3

2020

2021

2022

2023

2024

Further, agriculture development authorities as well as state-owned enterprises are cooperating together with agro-processing organizations, and food and beverage manufactures in order to promote the growth of sustainable agricultural activities. This aims at enhancing the productivity, food security and efficiency of agricultural process, in turn, proliferating the demand for precision agriculture.

Looking forward, the market value is projected to reach US$ 11.3 Billion by 2024, expanding at a CAGR of around 13% during 2019-2024.

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This acts as one of the major factors which has led to a rise in the demand for precision agriculture across the globe.

Key Market Segmentation: Market Segmentation by Technology • • • • •

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

Based on technology, the market has been segregated as GNSS/GPS systems, GIS, remote sensing and variable rate technology (VRT). Currently, GNSS/GPS systems represent the largest technology segment of precision agriculture as the accuracy of these technologies have improved, which in turn, is enabling a large-scale adoption of precision agriculture for geo-positioning and field-mapping.

Market Segmentation by Type

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Automation and Control Systems Sensing and Monitoring Devices Farm Management Systems

On the basis of type, the market has been segmented as automation and control systems, sensing and monitoring devices, and farm management systems. At present, automation and control systems are mostly preferred in precision agriculture as they aid in minimizing the labour costs as well as electricity costs.

Market Segmentation by Component • •

Hardware Software

The market is also bifurcated on the basis of component which include hardware and software components account for the majority of the market share as their consistent evolution has resulted in the introduction of new devices with enhanced location and data processing capabilities.

Market Segmentation by Application

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Mapping Crop Scouting Yield Monitoring Soil Monitoring Precision Irrigation Other

Based on application, yield monitoring represents the biggest segment, followed by crop scouting, mapping, soil monitoring and precision irrigation. Yield monitoring systems are used for measuring and recording information based on the grain flow, grain moisture and farm area covered. Additionally, they help the farmer in maximizing the crop yield and understanding the field variability.

Market Segmentation by Region • • • • •

Asia Pacific Europe North America Middle East and Africa Latin America

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Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, North America is the leading market due to increasing adoption of precision agriculture in various countries like the United States and Canada.

Competitive Landscape: The competitive landscape of the market has also been examined with some of the key players.

• • • • • • • • • •

Agribotix Bayer CropScience AG Case IH Agriculture ClearAg Operations Conservis Corporation Deere & Company Farmers Edge Inc. Fairport Farm Software Fuse Technologies Granular AG

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Grownetics Inc. IBM Mapshots Inc. Raven Inudstries SST Software

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