According to the recent report by IMARC Group, entitled “Precision Agriculture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on precision agriculture market trends. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global precision agriculture market reached a value of US$ 6.73 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 14.44 Billion by 2027, exhibiting a CAGR of 13.7% during 2022-2027.
Precision Agriculture (PA) is a type of integrated production- and information-controlled farming system that uses the latest available technologies and research methods to enhance the agricultural output. It assists the farmers in increasing long-term, site-specific, and whole-farm production efficiency and profitability while reducing the unintended impact on the environment. Precision agriculture also helps in achieving a high quality of production and reducing the production costs and labor inputs.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Trends:
Due to the increasing adoption of internet services and smartphones, several farmers are increasingly utilizing the latest technologies. Furthermore, the rising integration of numerous innovative technologies, such as low power wide area (LPWA) and Zigbee, with precision farming has enabled the farmers to plan and execute various agricultural operations efficiently. Additionally, the governments across several nations are offering various financial incentives and support schemes to encourage farmers to invest in diverse precision farming technologies. Besides this, the expanding food and beverage industry and escalating demand for sustainable farming practices are projected to bolster the growth of the precision agriculture market over the forecasted period.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Agribotix
- Bayer CropScience AG
- Case IH Agriculture
- ClearAg Operations
- Conservis Corporation
- Deere & Company
- Farmers Edge Inc.
- Fairport Farm Software
- Fuse Technologies
- Granular AG
- Grownetics Inc.
- IBM
- MapShots Inc.
- Raven Industries
- SST Software
Precision Agriculture Market Segmentation:
Our report has categorized the market based on region, technology, type, component and application.
Breakup by Technology:
- Global Navigation Satellite System (GNSS)/Global Positioning System (GPS)
- Geographic Information System (GIS)
- Remote Sensing
- Variable Rate Technology (VRT)
- Others
Breakup by Type:
- Automation and Control Systems
- Sensing and Monitoring Devices
- Farm Management Systems
Breakup by Component:
- Hardware
- Software
Breakup by Application:
- Yield Monitoring
- Crop Scouting
- Mapping
- Soil Monitoring
- Precision Irrigation
- Others
Regional Insights:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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