The global precision agriculture market reached a value of US$ 6.73 Billion in 2021. As per the analysis by IMARC Group, the precision agriculture market is currently witnessing radical changes due to the latest advancements in research and technology. One such expertise is the variable rate application (VRA), which focuses on the automated application of materials, such as fertilizers, chemicals, and seeds, in a given landscape. This technology includes the use of wireless sensor-equipped smart drones that map the property and gather data on soil moisture, crop and livestock health, soil fertility, local climate, insect-disease-weed infestation, irrigation systems, and nutrition levels. This is helping farmers, especially cotton growers, in distinguishing patterns, improving irrigation strategies, providing a more targeted response, increasing profitability, and predicting potential risks and changes. Furthermore, satellites and other location monitoring tools are being used by producers to collect information and estimate the amount of water in the soil and crop biomass, which is especially useful in water scarce areas. This data is later used by crop insurance companies, governments, scientists, and policymakers. Additionally, key players are deploying the internet of things (IoT), which enables the control of multiple equipment simultaneously. IoT improves software maintenance, optimizes pest control, introduces new solutions for farm management, and protects the crops more efficiently. In line with this, manufacturers are also introducing long-range network protocols, like low-power wide-area network (LPWAN), as a part of intelligent family solution, which is proving to be beneficial for the precision agriculture market. Moreover, the application of robotics in agriculture is helping in automating repetitive tasks, such as harvesting, picking, and weed control, for farmers. This, in turn, has enabled a production-controlled farming system, skilled farm management, and data-driven decision-making processes, which is creating a positive outlook for the market. Looking forward, IMARC Group expects the market to reach US$ 14.44 Billion by 2027, exhibiting a CAGR of 13.7% during 2022-2027.
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Top Precision Agriculture Companies in the World:
Bayer CropScience AG
Bayer CropSciences, owned by Bayer Group, is one of the leaders in the areas of plant biology and crop protection pest control seeds. The company offers products and comprehensive solutions for modern sustainable agriculture and non-agricultural applications. Bayer operates in two segments, namely Crop Protection Environmental Sciences and Biosciences. These include fungicides, insecticides, herbicides, and seed treatment products. The organization is contributing toward advancing agriculture, public health, and sustainability by utilizing plant biotechnology, offering solutions for agriculture nutrition health and biomaterials, and developing genetically modified seeds.
Deere and Company
Headquarter: Illinois, United States
Deere and Company (DE) is a US-based corporation that manufactures and distributes a range of agricultural, forestry, construction, and commercial equipment. The company operates through the Agriculture and Turf, Construction and Forestry, and Financial Service segments. The agriculture and turf unit manufactures turf equipment and related parts, whereas the construction and forestry segment produce and distributes various machines and service parts. On the other hand, the financial service division primarily finances sales and leases by the company dealers, provides wholesale financing to dealers of the foregoing equipment, and offers extended product warranties. Some of DE’s subsidiaries include John Deere Ag Management Solutions, Bear Flag Robotics, John Deere Financial, Kemper, KingAgro. Wirtgen Group, Blue River Technology, and Hagie Sprayers.
Headquarter: San Francisco, United States
Granular Inc. is an agricultural software development company that engineers soil measurement technologies to help growers and their advisers manage farms. It offers several tools, such as data-driven crop models, farmland research, and profit measurement, which enables farmers to manage their financial performance and agronomic inputs for maximum profit and return. In addition to this, Granular also owns AgStudio, an agronomy software company, as well as AcreValue, a website that utilizes proprietary algorithms to provide estimated land values.
Case IH Agriculture
Headquarter: Turin, Italy
Case IH Agriculture, owned by CHN Industrial, offers agricultural machinery and financial services to farmers through a network of dealers and distributors. The company is focusing on developing powerful, reliable, and highly efficient equipment that helps farmers meet the challenges of modern farming. Some of its products include tractors, planting and seeding systems, harvesting machines, tillage equipment, hay and forage devices, site-specific farming tools, utility vehicles, and loaders and attachments.
Headquarter: South Dakota, United States
Raven Industries is a diversified technology company that manufactures and distributes precision agriculture products and information tools to the industrial, agricultural, construction, energy, and defense markets. The company functions three reportable segments, including applied technology, engineered films, and aerostar divisions. Some of its products include navigation and radar systems, field computers, assisted-steering systems, field management technology, and high-performance plastic films. Raven markets its products worldwide and has its principal operation mainly in the United States.
Headquarter: Minnesota, United States
Cargill, Inc. is a privately held producer and marketer of food, agricultural, financial, and industrial products and services. The company operates through animal nutrition and protein, food ingredients and applications, origination and processing, and industrial and financial services segments. Some of Cargill’s major businesses are trading, purchasing, and distributing energy, feed, and agricultural commodities. Cargill markets these products under Nature Fresh, Gemini, Sweeker, Rath, Sunflower, Provimi, Purina, Citura, and Cargill brands. Apart from this, the company provides farmer services, risk management solutions, animal nutrition, biofuels, and other industrial products.
International Business Machines Corporation (IBM)
Headquarter: New York, United States
IBM is a multinational technology corporation that produces and markets computer hardware, middleware, and software for various industry verticals. It includes artificial intelligence (AI)-powered software that is pre-integrated with data, automation, and security applications, which accelerates application modernization. Its design principles involve hybrid cloud platforms, open and secure network, and efficient management, which enables enterprises to access data across diverse environments, offer flexibility to customers, and provide a reliable and secure data domain.
Headquarter: California, United States
Trimble, Inc. is a software, hardware and services technology company. It functions through four segments, including building and infrastructure, geospatial, resources and utilities, and transportation. Some of the products offered by the company includes global navigation satellite system (GNSS) receivers, scanners, laser rangefinders, unmanned aerial vehicles (UAVs), inertial navigation systems, and software processing tools. Trimble’s core technologies in positioning, modeling, connectivity, and data analytics are enabling diverse industries to improve quality, productivity, safety, and sustainability.
Headquarter: Oslo, Norway
Yara International is an investment holding company that is engaged in the production, distribution, and sale of nitrogen chemicals. Its largest business area involves the production of nitrogen fertilizer, ammonia, urea, specialty mineral fertilizers, and other potash-based fertilizers. Yara operates through three segments, namely downstream, industrial, and upstream and also delivers solutions for sustainable agriculture.
Headquarter: Oklahoma, United States
SST Software, acquired by Proagrica in 2018, is a precision farming solutions company. It delivers insights and decision support to agronomic advisors and growers by providing independent connectivity and data-driven support solutions. The company’s precision agricultural software includes in-field mobility, desktop geographical information system (GIS), grower communication tools, automated task processing, and seamless third-party integration. These systems and solutions are enabling farmers to practice sustainability and achieve long-term economic success worldwide.
About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the precision agriculture market, which has enabled clients to set up and expand their businesses successfully. Some of the company’s offerings include:
- Market Research
- Plant setup
- Plant Expansion
- Marketing and sales
- Procurement and Distribution
- Innovation and Product Development