North America Precision Agriculture Market to Reach US$ 10.7 Billion by 2032, Fueled by Rising Demand for High-Quality Crops

March 20, 2023 | Agriculture

According to the latest report by IMARC Group, titled “­­North America Precision Agriculture Market Report by Technology (GNSS/GPS Systems, GIS, Remote Sensing, Variable Rate Technology (VRT), and Others), Type (Automation and Control Systems, Sensing and Monitoring Devices, Farm Management Systems), Component (Hardware, Software), Application (Mapping, Crop Scouting, Yield Monitoring, Soil Monitoring, Precision Irrigation, and Others), and Country 2024-2032,” the North America precision agriculture market size reached US$ 4.3 Billion in 2023. Precision agriculture, also known as site-specific crop management (SSCM), refers to an advanced farming technique that uses technology and data analysis to allow farmers to maximize crop production and reduce environmental impact. It relies upon specialized software, information technology (IT) services, and equipment, such as global positioning systems (GPS), sensors, satellite imagery, and drones, to acquire real-time data about soil conditions, ambient air, crop growth, weather predictions, and other variables. This information is then used by farmers to make decisions about suitable times for planting and harvesting crops, fertilizers, and irrigation. Apart from this, precision agriculture employs automation and robotics technology to reduce labor costs, save time and resources, increase efficiency, and optimize crop yield.

North America Precision Agriculture Market Trends:

The rising demand for safer and higher-quality food is primarily driving the market growth in North America. Precision agriculture improves crop quality by reducing the risk of contamination, ensuring the optimal use of resources and minimizing wastage. Besides this, the implementation of several favorable government policies and the expanding proliferation of information and communication technologies (ICT), such as smartphones and tablets, are supporting the market growth. Moreover, escalating consumer concerns about the environment are propelling the demand for sustainable and environmentally friendly farming techniques, such as precision agriculture, to reduce water and energy consumption and lessen carbon footprint, which, in turn, is creating a positive outlook for the market. In addition to this, the increasing adoption of innovative technologies, such as drones, unmanned aerial vehicles (UAVs), artificial intelligence (AI), and data analytics, to optimize the overall crop yield is contributing to the market growth. Concurrently, the widespread adoption of automation and robotics in precision agriculture to help farmers reduce labor costs, increase efficiency, make informed decisions, and save time spent on manual tasks, such as cultivating and harvesting, is fuelling the market growth. Furthermore, rapid urbanization and the rising consumer awareness about the benefits of precision agriculture, combined with extensive investments in research and development (R&D) initiatives to engineer innovative products that can help farmers increase their efficiency and production, are aiding in market expansion. Looking forward, the market value is projected to reach US$ 10.7 Billion by 2032, expanding at a CAGR of 10.4% during 2024-2032.

Market Summary:

  • Based on technology, the market is categorized into GNSS/GPS systems, GIS, remote sensing, variable rate technology (VRT), and others.
  • On the basis of the type, the market is segregated into automation and control systems, sensing and monitoring devices, and farm management systems.
  • Based on the component, the market has been bifurcated into hardware and software.
  • On the basis of the application, the market has been divided into mapping, crop scouting, yield monitoring, soil monitoring, precision irrigation, and others.
  • Based on the region, the market has been segmented into the United States and Canada.
  • The competitive landscape of the industry has also been examined, covering the competitive structure and key player profiles.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Technology, Type, Component, Application, Country
Countries Covered United States, Canada
Customization Scope 10% Free Customization
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North America Precision Agriculture Market to Reach US$ 10.7 Billion by 2032, Fueled by Rising Demand for High-Quality Crops
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