Precision Agriculture Systems & Services in the US - Industry Market Research Report

Strong Yields: Adoption of the Industry's Tech Will Expand Among the Farmers Who Can Afford It

Precision agriculture systems and services include software development, testing applications and consulting activities that gather, track, and analyze agricultural data, usually in conjunction with other systems, such as harvesting or field-input machinery. Due to increasing demand from crop farmers who have pushed to maximize production efficiencies to meet growing global demand, industry growth has been strong. Industry enterprises have exhibited depressed sales volumes in 2020, primarily due to the pandemic disrupting industry services. The industry rebounded in unison with improving macroeconomic conditions with revenue growth in 2021, due in part to new technology introductions, recovering agricultural markets and increased, though still tepid, demand for larger equipment. The industry will grow at a CAGR of 11.7% over the past five years to $6.6 billion, rising 0.9% in 2023 alone as profit situates itself at 13.0%. Precision agriculture systems and services include software development, testing applications and consulting activities that gather, track and analyze agricultural data, usually in conjunction with other systems, such as harvesting or field-input machinery. Software and related systems may be packaged as individual units for sale to downstream markets or integrated into third-party products, such as farm machinery. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.