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Global Precision Agriculture Market to Reach US$ 14.44 Billion by 2027, Impelled by Rising Adoption of Sustainable Farming Practices

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Precision Agriculture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

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. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Precision Agriculture (PA) refers to a type of integrated information- and production-controlled farming system that utilizes the latest available technologies and research methods for enhancing agricultural output. It helps farmers in increasing long-term, site-specific and whole-farm production efficiency, and profitability while minimizing the unintended impact on wildlife and the environment. Nowadays, precision agriculture has gained immense popularity across the globe with the development of IT that helps in achieving high quality of production and reducing the production costs and labor inputs.

Global Precision Agriculture Market Drivers/Constraints:

  • With the rapid penetration of smartphones and the internet, farmers are increasingly adopting the latest technologies. The inclusion of connected technologies such as low power wide area (LPWA), Zigbee, Wi-Fi, and new wireless sensor technologies in precision farming have enabled them to plan and execute various agricultural operations efficiently.
  • Several initiatives have been undertaken by governments across the globe to encourage the uptake of modern agricultural techniques to enhance crop yield and productivity. For instance, under the revised European Common Agricultural Policy, financial incentives and support schemes have been introduced by the European Union to promote farmers to invest in diverse precision farming technologies.
  • The leading manufacturers are developing different types of systems and devices to simplify agricultural activities including farm management systems, sensing and monitoring tools, automation and control systems, among others. These advancements have positively influenced the overall growth of the global precision agriculture market.
     

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global precision agriculture market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on technology, type, component and application.

Breakup by Technology:

GNSS/GPS currently represents the leading technology segment. GNSS and GPS are utilized for mapping and geo-positioning, yield monitoring, soil condition monitoring, virtual fencing, and biomass monitoring.

Breakup by Type:

  • Automation and Control Systems
  • Sensing and Monitoring Devices
  • Farm Management Systems
     

Automation and control systems currently represent the leading segment as they help in reducing labor costs, offering reliable and consistent performance, and improving the efficiency as well as the accuracy of agricultural operations.

Breakup by Component:

  • Hardware
  • Software
     

Based on the component, hardware is the leading segment since the continuous evolution in technology has resulted in the introduction of new devices with better location and data processing capabilities.

Breakup by Application:

  • Yield Monitoring
  • Crop Scouting
  • Mapping
  • Soil Monitoring
  • Precision Irrigation
  • Others
     

Yield monitoring is the largest application area and helps in measuring and recording information based on grain flow, grain moisture and covered farm area. With yield monitoring technology, farmers can compare the performance of different seed varieties throughout their fields, which helps in improving seed selection.

Regional Insights:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
     

North America enjoys the leading position in the market on account of the advancements made in the field of precision agriculture in the region, both in terms of the types of offerings, which range from site-specific to guidance technologies, and the adoption of various systems by the farmers.

Competitive Landscape:

The market is highly fragmented and consists of numerous players at each stage of the supply chain. Some of the leading players operating in the market are:

  • 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
     

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
Segment Coverage Technology, Type, Component, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered 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
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

1   Preface
2   Scope and Methodology
    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction
    4.1    Overview
    4.2    Key Industry Trends
5   Global Precision Agriculture Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Price Analysis
    5.5    Market Breakup by Technology
    5.6    Market Breakup by Type
    5.7    Market Breakup by Component
    5.8    Market Breakup by Application
    5.9    Market Breakup by Region
    5.10    Market Forecast
    5.11    SWOT Analysis
        5.11.1    Overview
        5.11.2    Strengths
        5.11.3    Weaknesses
        5.11.4    Opportunities
        5.11.5    Threats
    5.12   Value Chain Analysis
    5.13    Porters Five Forces Analysis
        5.13.1    Overview
        5.13.2    Bargaining Power of Buyers
        5.13.3    Bargaining Power of Suppliers
        5.13.4    Degree of Competition
        5.13.5    Threat of New Entrants
        5.13.6    Threat of Substitutes
6   Market Breakup by Technology
    6.1    GNSS/GPS Systems
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    GIS
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Remote Sensing
        6.3.1 Market Trends
        6.3.2 Market Forecast
    6.4    Variable Rate Technology (VRT)
        6.4.1 Market Trends
        6.4.2 Market Forecast
    6.5    Others
        6.5.1 Market Trends
        6.5.2 Market Forecast
7   Market Breakup by Type
    7.1    Automation and Control Systems
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Sensing and Monitoring Devices
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Farm Management Systems
        7.3.1 Market Trends
        7.3.2 Market Forecast
8   Market Breakup by Component
    8.1    Hardware
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Software
        8.2.1 Market Trends
        8.2.2 Market Forecast
9   Market Breakup by Application
    9.1    Mapping
        9.1.1 Market Trends
        9.1.2 Market Forecast
    9.2    Crop Scouting
        9.2.1 Market Trends
        9.2.2 Market Forecast
    9.3    Yield Monitoring
        9.3.1 Market Trends
        9.3.2 Market Forecast
    9.4    Soil Monitoring
        9.4.1 Market Trends
        9.4.2 Market Forecast
    9.5    Precision Irrigation
        9.5.1 Market Trends
        9.5.2 Market Forecast
    9.6    Others
        9.6.1 Market Trends
        9.6.2 Market Forecast
10  Market Breakup by Region
    10.1    North America
        10.1.1 Market Trends
        10.1.2 Market Forecast
    10.2    Europe
        10.2.1 Market Trends
        10.2.2 Market Forecast
    10.3    Asia Pacific
        10.3.1 Market Trends
        10.3.2 Market Forecast
    10.4    Middle East and Africa
        10.4.1 Market Trends
        10.4.2 Market Forecast
    10.5    Latin America
        10.5.1 Market Trends
        10.5.2 Market Forecast
11  Competitive Landscape
    11.1    Market Structure
    11.2    Key Players
    11.3    Profiles of Key Players
        11.3.1    Agribotix
        11.3.2    Bayer CropScience AG
        11.3.3    Case IH Agriculture
        11.3.4    ClearAg Operations
        11.3.5    Conservis Corporation
        11.3.6    Deere & Company
        11.3.7    Farmers Edge Inc.
        11.3.8    Fairport Farm Software
        11.3.9    Fuse Technologies
        11.3.10    Granular AG
        11.3.11    Grownetics Inc.
        11.3.12    IBM
        11.3.13    Mapshots Inc.
        11.3.14    Raven Industries
        11.3.15    SST Software

List of Figures

Figure 1: Global: Precision Agriculture Market: Major Drivers and Challenges
Figure 2: Global: Precision Agriculture Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Precision Agriculture Market: Breakup by Technology (in %), 2021
Figure 4: Global: Precision Agriculture Market: Breakup by Type (in %), 2021
Figure 5: Global: Precision Agriculture Market: Breakup by Component (in %), 2021
Figure 6: Global: Precision Agriculture Market: Breakup by Application (in %), 2021
Figure 7: Global: Precision Agriculture Market: Breakup by Region (in %), 2021
Figure 8: Global: Precision Agriculture Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 9: Global: Precision Agriculture Industry: SWOT Analysis
Figure 10: Global: Precision Agriculture Industry: Value Chain Analysis
Figure 11: Global: Precision Agriculture Industry: Porter’s Five Forces Analysis
Figure 12: Global: Precision Agriculture (GNSS/GPS Systems) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Precision Agriculture (GNSS/GPS Systems) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Precision Agriculture (GIS) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Precision Agriculture (GIS) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Precision Agriculture (Remote Sensing) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Precision Agriculture (Remote Sensing) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Precision Agriculture (Variable Rate Technology) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Precision Agriculture (Variable Rate Technology) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Precision Agriculture (Other Technologies) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Precision Agriculture (Other Technologies) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Precision Agriculture (Automation and Control Systems) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Precision Agriculture (Automation and Control Systems) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Precision Agriculture (Sensing and Monitoring Devices) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Precision Agriculture (Sensing and Monitoring Devices) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Precision Agriculture (Farm Management Systems) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Precision Agriculture (Farm Management Systems) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Global: Precision Agriculture (Hardware) Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Global: Precision Agriculture (Hardware) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Global: Precision Agriculture (Software) Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: Global: Precision Agriculture (Software) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Global: Precision Agriculture (Application in Mapping) Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Global: Precision Agriculture (Application in Mapping) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Global: Precision Agriculture (Application in Crop Scouting) Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Global: Precision Agriculture (Application in Crop Scouting) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: Global: Precision Agriculture (Application in Yield Monitoring) Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: Global: Precision Agriculture (Application in Yield Monitoring) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: Global: Precision Agriculture (Application in Soil Monitoring) Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: Global: Precision Agriculture (Application in Soil Monitoring) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: Global: Precision Agriculture (Application in Precision Irrigation) Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: Global: Precision Agriculture (Application in Precision Irrigation) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: Global: Precision Agriculture (Other Applications) Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: Global: Precision Agriculture (Other Applications) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: North America: Precision Agriculture Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: North America: Precision Agriculture Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: Europe: Precision Agriculture Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: Europe: Precision Agriculture Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: Asia Pacific: Precision Agriculture Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: Asia Pacific: Precision Agriculture Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: Middle East and Africa: Precision Agriculture Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: Middle East and Africa: Precision Agriculture Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: Latin America: Precision Agriculture Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: Latin America: Precision Agriculture Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: Precision Agriculture Equipment Manufacturing: Detailed Process Flow

List of Tables

Table 1: Global: Precision Agriculture Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Precision Agriculture Market Forecast: Breakup by Technology (in Million US$), 2022-2027
Table 3: Global: Precision Agriculture Market Forecast: Breakup by Type (in Million US$), 2022-2027
Table 4: Global: Precision Agriculture Market Forecast: Breakup by Component (in Million US$), 2022-2027
Table 5: Global: Precision Agriculture Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 6: Global: Precision Agriculture Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 7: Precision Agriculture Equipment: Raw Material Requirements
Table 8: Global: Precision Agriculture Market: Competitive Structure
Table 9: Global: Precision Agriculture Market: Key Players

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Key Questions Answered in This Report

The global precision agriculture market was valued at US$ 6.73 Billion in 2021.

We expect the global precision agriculture market to exhibit a CAGR of 13.7% during 2022-2027.

The rising integration of various connected technologies, such as Low Power Wide Area (LPWA), Zigbee,
Wi-Fi, etc., in precision farming, enabling to efficiently plan and execute numerous agricultural
operations, is primarily catalyzing the global precision agriculture market.

The sudden outbreak of the COVID 19 pandemic has led to the growing adoption of precision agriculture
system to remotely enable real-time decision making on crop health monitoring, field mapping,
irrigation scheduling, and harvesting management.

Based on the technology, the global precision agriculture market has been segmented into Global
Navigation Satellite System (GNSS)/Global Positioning System (GPS), Geographic Information System
(GIS), Remote Sensing, Variable Rate Technology (VRT), and others. Currently, Global Navigation Satellite
System (GNSS)/Global Positioning System (GPS) technology holds the majority of the total market share.

Based on the type, the global precision agriculture market can be divided into automation and control
systems, sensing and monitoring devices, and farm management systems. Among these, automation
and control systems currently exhibit a clear dominance in the market.

Based on the component, the global precision agriculture market has been categorized into hardware
and software. Currently, hardware accounts for the majority of the global market share.

Based on the application, the global precision agriculture market can be segregated into yield
monitoring, crop scouting, mapping, soil monitoring, precision irrigation, and others. Among these, yield
monitoring holds the largest market share.

On a regional level, the market has been classified into North America, Europe, Asia Pacific, Latin
America, and Middle East and Africa, where North America currently dominates the global market.

Some of the major players in the global precision agriculture market 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, SST Software, etc.

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