According to the recent report by IMARC Group, entitled “Precision Agriculture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, 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 about 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.
Nowadays, farmers are increasingly depending on smartphones, internet, WiFi, Zigbe and low-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. This acts as one of the major factors which has led to a rise in the demand for precision agriculture across the globe. Further, agriculture development authorities as well as state-owned enterprises are cooperating together with agro-processing organizations, and food and beverage manufacturers 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.
- 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.
- 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.
- The market is also bifurcated on the basis of component which include hardware and software components. Amongst these, hardware 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.
- 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.
- 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.
- The competitive landscape of the market has also been examined 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, AGCO Corporation, Granular AG, Grownetics Inc., IBM, Mapshots Inc., Raven Industries Inc. and Relx Group.
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