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Global Precision Agriculture Market Report and Forecast 2023-2028

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    Report

  • 186 Pages
  • October 2023
  • Region: Global
  • Expert Market Research
  • ID: 5898075
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

About the Analyst

Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.

These high-quality, data-driven analysis provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.

Don't miss the opportunity to elevate your business intelligence and strengthen your strategic planning. Secure your organisation's future success by acquiring one of these reports today.

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.

Table of Contents

1 Preface2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Precision Agriculture Market Analysis
8.1 Key Industry Highlights
8.2 Global Precision Agriculture Historical Market (2018-2022)
8.3 Global Precision Agriculture Market Forecast (2023-2028)
8.4 Global Precision Agriculture Market by Technology
8.4.1 GNSS/GPS Systems
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 GIS
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.3 Remote Sensing
8.4.3.1 Historical Trend (2018-2022)
8.4.3.2 Forecast Trend (2023-2028)
8.4.4 Variable Rate Technology (VRT)
8.4.4.1 Historical Trend (2018-2022)
8.4.4.2 Forecast Trend (2023-2028)
8.4.5 Others
8.5 Global Precision Agriculture Market by Type
8.5.1 Automation and Control Systems
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Sensing and Monitoring Devices
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.5.3 Farm Management Systems
8.5.3.1 Historical Trend (2018-2022)
8.5.3.2 Forecast Trend (2023-2028)
8.6 Global Precision Agriculture Market by Component
8.6.1 Hardware
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Software
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.7 Global Precision Agriculture Market by Application
8.7.1 Mapping
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Crop Scouting
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.7.3 Yield Monitoring
8.7.3.1 Historical Trend (2018-2022)
8.7.3.2 Forecast Trend (2023-2028)
8.7.4 Soil Monitoring
8.7.4.1 Historical Trend (2018-2022)
8.7.4.2 Forecast Trend (2023-2028)
8.7.5 Precision Irrigation
8.7.5.1 Historical Trend (2018-2022)
8.7.5.2 Forecast Trend (2023-2028)
8.7.6 Others
8.8 Global Precision Agriculture Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2022)
8.8.1.2 Forecast Trend (2023-2028)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2022)
8.8.2.2 Forecast Trend (2023-2028)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2022)
8.8.3.2 Forecast Trend (2023-2028)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2022)
8.8.4.2 Forecast Trend (2023-2028)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2022)
8.8.5.2 Forecast Trend (2023-2028)
9 North America Precision Agriculture Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Precision Agriculture Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Precision Agriculture Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Precision Agriculture Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Precision Agriculture Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 AGCO Corporation
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Financial Summary
16.2.1.5 Certifications
16.2.2 Deere & Company
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Financial Summary
16.2.2.5 Certifications
16.2.3 Raven Industries, Inc.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Financial Summary
16.2.3.5 Certifications
16.2.4 Trimble Inc.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Financial Summary
16.2.4.5 Certifications
16.2.5 Bayer AG
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Financial Summary
16.2.5.5 Certifications
16.2.6 CNH Industrial America LLC.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Financial Summary
16.2.6.5 Certifications
16.2.7 Farmers Edge Inc.
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Financial Summary
16.2.7.5 Certifications
16.2.8 Fairport Farm Software
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Financial Summary
16.2.8.5 Certifications
16.2.9 Granular, Inc.
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Financial Summary
16.2.9.5 Certifications
16.2.10 Grownetics, Inc.
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Financial Summary
16.2.10.5 Certifications
16.2.11 IBM
16.2.11.1 Company Overview
16.2.11.2 Product Portfolio
16.2.11.3 Demographic Reach and Achievements
16.2.11.4 Financial Summary
16.2.11.5 Certifications
16.2.12 Proagrica
16.2.12.1 Company Overview
16.2.12.2 Product Portfolio
16.2.12.3 Demographic Reach and Achievements
16.2.12.4 Financial Summary
16.2.12.5 Certifications
16.2.13 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Precision Agriculture Market: Key Industry Highlights, 2018 and 2032
2. Global Precision Agriculture Historical Market: Breakup by Technology (USD Billion), 2018-2022
3. Global Precision Agriculture Market Forecast: Breakup by Technology (USD Billion), 2023-2028
4. Global Precision Agriculture Historical Market: Breakup by Type (USD Billion), 2018-2022
5. Global Precision Agriculture Market Forecast: Breakup by Type (USD Billion), 2023-2028
6. Global Precision Agriculture Historical Market: Breakup by Component (USD Billion), 2018-2022
7. Global Precision Agriculture Market Forecast: Breakup by Component (USD Billion), 2023-2028
8. Global Precision Agriculture Historical Market: Breakup by Application (USD Billion), 2018-2022
9. Global Precision Agriculture Market Forecast: Breakup by Application (USD Billion), 2023-2028
10. Global Precision Agriculture Historical Market: Breakup by Region (USD Billion), 2018-2022
11. Global Precision Agriculture Market Forecast: Breakup by Region (USD Billion), 2023-2028
12. North America Precision Agriculture Historical Market: Breakup by Country (USD Billion), 2018-2022
13. North America Precision Agriculture Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Europe Precision Agriculture Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Europe Precision Agriculture Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Asia Pacific Precision Agriculture Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Asia Pacific Precision Agriculture Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Latin America Precision Agriculture Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Latin America Precision Agriculture Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Middle East and Africa Precision Agriculture Historical Market: Breakup by Country (USD Billion), 2018-2022
21. Middle East and Africa Precision Agriculture Market Forecast: Breakup by Country (USD Billion), 2023-2028
22. Global Precision Agriculture Market Structure

Companies Mentioned

  • 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

Methodology

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Table Information