Precision Agriculture Market Report and Forecast 2023-2028

According to the report, the global precision agriculture market reached a value of USD 7.66 billion in 2022. Aided by the escalating demand for sustainable farming practices and the integration of cutting-edge technologies into agriculture, the market is projected to further grow at a CAGR of 13.40% between 2023 and 2028 to reach a value of USD 16.22 billion by 2028.

Precision agriculture, often termed as smart farming, integrates a suite of technologies such as GPS, IoT devices, data analytics, and sensors to optimise crop yields and increase profitability while minimising waste, energy, and environmental impact. Its overarching goal is to harness technology to make farming more accurate, controlled, and sustainable.

One of the paramount factors driving the precision agriculture market growth is the burgeoning global population. With a rapidly rising world population, the demand for food has escalated exponentially, prompting farmers and agricultural enterprises to adopt efficient and technologically advanced farming methods. Precision agriculture fits perfectly into this paradigm, offering solutions that can significantly boost crop yields and reduce input costs.

Additionally, as concerns regarding environmental sustainability and the adverse impacts of traditional farming practices mount, there's an increasing inclination toward sustainable agricultural methods. Precision agriculture provides farmers with the tools and insights to use resources like water, fertiliser, and pesticides more judiciously, thereby contributing to environmental conservation.

The digital revolution has left no industry untouched, and agriculture is no exception. The growing integration of technologies like IoT, machine learning, and AI into farming is yet another catalyst influencing the precision agriculture market outlook. These technologies enable real-time monitoring of soil, weather, and crop conditions, allowing farmers to make data-driven decisions that can optimise yields and enhance crop quality.

Another dimension bolstering the precision agriculture market is the increasing governmental support in several countries. Recognising the myriad benefits of precision farming, numerous governments worldwide are offering incentives, subsidies, and training programs to encourage farmers to adopt these futuristic farming techniques. Such initiatives not only promote sustainable farming practices but also pave the way for the industry's growth.

Moreover, with the surge in demand for organic produce, precision agriculture presents a tangible solution. By enabling farmers to reduce their reliance on synthetic fertilisers and pesticides, precision farming plays a pivotal role in promoting organic farming. This not only aligns with the consumer shift towards organic products but also augments the precision agriculture market demand.

Market Segmentation

The market can be divided based on technology, type, component, application, and region.

Market Breakup by Technology

• GNSS/GPS Systems
• GIS
• Remote Sensing
• Variable Rate Technology (VRT)
• Others

Market Breakup by Type

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

Market Breakup by Component

• Hardware
• Software

Market Breakup by Application

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

Market Breakup by Region

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

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global precision agriculture market.

Some of the major players explored in the report are as follows:

• AGCO Corporation
• Deere & Company
• Raven Industries, Inc.
• Trimble Inc.
• Bayer AG
• CNH Industrial America LLC.
• Farmers Edge Inc.
• Fairport Farm Software
• Granular, Inc.
• Grownetics, Inc.
• IBM
• Proagrica
• Others

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The analyst always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.