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.
- On the basis of the technology, the market has been classified into global navigation satellite system (GNSS)/global positioning system (GPS), geographic information system (GIS), remote sensing, variable rate technology (VRT) and others. Among these, GNSS/GPS currently represents the leading market share.
- Based on the type, the market has been categorized into automation and control systems, sensing and monitoring devices and farm management systems. Automation and control systems account for the largest market segment.
- On the basis of the component, the market has been bifurcated into hardware and software. Among these, hardware currently accounts for the majority of the total market share.
- Based on the application, the market has been segmented into yield monitoring, crop scouting, mapping, soil monitoring, precision irrigation and others. Yield monitoring represents the biggest market share.
- On the basis of the regional insights, the market has been divided into North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. Amongst these, North America holds the leading market position.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include 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 and SST Software.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal