The global precision agriculture market size reached US$ 7.6 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 15.3 Billion by 2028, exhibiting a growth rate (CAGR) of 11.3% during 2023-2028. The growing utilization of smartphones and ease of internet facilities, increasing adoption of technology, and rising public-private partnership represent some of the key factors driving the market.
Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented with a large number of players operating in the industry. The volume of new entrants is moderate in the precision agriculture industry due to high capital investments, particularly in premium priced products. Additionally, the product differentiation in the precision agriculture market is high, as providers are innovating their product by utilizing different technological techniques.
Rising Adoption of Smartphones and Ease of Internet Facilities Augmenting Market Growth
The precision agriculture market has been experiencing continuous growth on account of the rising adoption of smartphones with the ease of internet facilities. In addition, the increasing reliance on smartphones for up-to-date latest development in the agricultural sector is propelling the growth of the market. Moreover, farmers are dependent on broadband and other wireless networks to stay updated and participate in specific industry-directed knowledge sharing initiatives. In line with this, smartphones assist in spreading awareness among farmers about farming-related advanced solutions. Also, web-based agricultural institutes are gaining popularity among farmers across the globe.Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented with a large number of players operating in the industry. The volume of new entrants is moderate in the precision agriculture industry due to high capital investments, particularly in premium priced products. Additionally, the product differentiation in the precision agriculture market is high, as providers are innovating their product by utilizing different technological techniques.
What is Precision Agriculture?
Precision agriculture, also known as site-specific crop management (SSCM), refers to an approach of farm management that enables farmers to produce more food in a cost-effective manner. It comprises various technologies, such as global positioning system (GPS), geographical information system (GIS), remote sensing (RS), and variable rate technology (VRT). It relies on specialized equipment, software, and information technology (IT) services to provide real-time data about the condition of the soil, ambient air and crops, labor costs, availability of equipment, and local weather predictions. It allows farmers to know about precise planting times, crop rotation, and harvesting times. It assists in decreasing the overall usage of water, pesticides, herbicides, and fertilizers. Besides this, it aids in improving the profitability, productivity, quality, and sustainability of the crops. As it reduces production costs and labor inputs, the demand for precision agriculture is rising across the globe.Precision Agriculture Market Trends:
At present, the increasing adoption of smartphones with the ease of internet facilities around the globe represents one of the major factors bolstering the growth of the market. Besides this, the growing dependence on Wi-Fi services, low power wide area (LPWA), and wireless sensor technologies for improving agricultural output is positively influencing the market. In addition, the rising integration of the internet of things (IoT) in precision agriculture for increasing yield and avoiding the negative impacts of climate change is propelling the growth of the market. Apart from this, the introduction of various devices and systems, such as farm management systems, sensing and monitoring devices, and automation and control systems in precision agriculture, is contributing to the growth of the market. Additionally, governing agencies of various countries are introducing several sustainable initiatives, which is offering a favorable market outlook. Furthermore, the rising demand for precision agriculture, as it assists in increasing productivity while reducing costs, is supporting the growth of the market.Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global precision agriculture market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on technology, type, component and application.Technology Insights:
- GNSS/GPS Systems
- GIS
- Remote Sensing
- Variable Rate Technology (VRT)
- Others
Type Insights:
- Automation and Control Systems
- Sensing and Monitoring Devices
- Farm Management Systems
Component Insights:
- Hardware
- Software
Application Insights:
- Mapping
- Crop Scouting
- Yield Monitoring
- Soil Monitoring
- Precision Irrigation
- Others
Regional Insights:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global precision agriculture market. Some of the companies covered in the report 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
Key Questions Answered in This Report:
- What was the size of the global precision agriculture market in 2022?
- What is the expected growth rate of the global precision agriculture market during 2023-2028?
- What are the key factors driving the global precision agriculture market?
- What has been the impact of COVID-19 on the global precision agriculture market?
- What is the breakup of the global precision agriculture market based on the technology?
- What is the breakup of the global precision agriculture market based on the type?
- What is the breakup of the global precision agriculture market based on the component?
- What is the breakup of the global precision agriculture market based on the application?
- What are the key regions in the global precision agriculture market?
- Who are the key players/companies in the global precision agriculture market?
Table of Contents
1 Preface3 Executive Summary
2 Scope and Methodology
4 Introduction
5 Global Precision Agriculture Market
6 Market Breakup by Technology
7 Market Breakup by Type
8 Market Breakup by Component
9 Market Breakup by Application
10 Market Breakup by Region
11 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- 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
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 143 |
Published | May 2023 |
Forecast Period | 2022 - 2028 |
Estimated Market Value ( USD | $ 7.6 Billion |
Forecasted Market Value ( USD | $ 15.3 Billion |
Compound Annual Growth Rate | 12.4% |
Regions Covered | Global |
No. of Companies Mentioned | 14 |