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According to the latest report by IMARC Group, titled "Precision Agriculture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global precision agriculture market reached a value of US$ 6.73 Billion in 2021. Precision agriculture refers to an approach that is utilized for agriculture and farm management solutions. It involves the usage of advanced technologies in order to analyze the multisource data of temporal and high spatial resolution for operations and decision-making processes regarding crop production. Additionally, it includes assessing real-time data regarding ambient air, soil, weather predictions, equipment availability and crops that help in achieving high-quality yields. As a result, it aids in reducing labor time while ensuring effective utilization of fertilizers and streamlining the irrigation processes. Besides this, it also provides support to farmers in managing their businesses.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Precision Agriculture Market Trends:
The global market is primarily driven by continual technological advancements across the agriculture industry. For instance, unmanned aerial vehicle (UAV)- and satellite-based applications of remote sensing in precision agriculture for multispectral measurements to estimate plant health, crop yield and soil properties are propelling the market growth. Moreover, the increasing penetration of high-speed internet connectivity and smartphones across the globe is providing an impetus to the market growth. Furthermore, numerous government initiatives to encourage the uptake of modern agricultural techniques and the introduction of support schemes and financial assistance to the farmers are acting as major growth-inducing factors. The market is further driven by the rising adoption of sustainable farming practices due to the increasing environmental concerns among the masses. Other factors, including rapid digitization, continuous improvements in the agriculture infrastructure and extensive research and development (R&D) activities conducted by key players, are also projected to drive the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 14.44 Billion by 2027.
Market Summary:
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