Precision Agriculture Market
The Precision Agriculture Market is anticipated to reach USD 16,300 million by the end of 2027, growing at a CAGR of 12.7% over the forecast period (2020-2027).
The factors driving the growth of Precision Agriculture Market includes growing concerns related to global warming and climate change, increasing demand for real-time farm monitoring systems and driverless tractors, rising adoption of modern agriculture techniques around the world. According to the report published by Statista, globally, around 14,373 units of driverless tractors were sold in 2020 and this figure is projected to reach 30,059 by the end of 2025, which will boost the Global Precision Agriculture Market in the approaching years. Moreover, the increasing adoption of advanced technologies such as Artificial Intelligence (AI) and Internet of Things (IoT), growing food consumption across the globe and rising investments by leading players on research and development, are some of the additional factors supplementing the Precision Agriculture Market share. In addition, the innovations in GPS mapping, rising use of drones in the agriculture fields, digital transformation in the agriculture sector, increasing disposable incomes and growing population growth rates, are further contributing to the market growth.
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However, the growth of Precision Agriculture Market is hindered due to lack of awareness amongst farmers about modern techniques of farming.
The leading players operating in the market are Topcon Corporation, Monsanto Company, Raven Industries, Farmers Edge Inc., AgSense LLC, Fairport Farm Software, Trimble Navigation Limited, Case IH Agriculture, Deere & Company, and Bayer CropScience AG, among others.
Technology: Segment Analysis
Based on Technology, the Global positioning system (GPS) segment is projected to grow at a faster CAGR during the forecast period because the GPS Systems assist famers in collecting soil samples and helps to navigate specific locations in the field.
Component: Segment Analysis
Based on Component, the Hardware segment is estimated to hold the highest market share over the forecast period attributed to growing adoption of yield monitoring systems and drones by farmers around the world.
Application: Segment Analysis
As per the Precision Agriculture Market Report, the yield monitoring segment is anticipated to expand at a remarkable CAGR over the forecast period because the yield monitoring systems helps to farmers to analyze the data and provides information about the specific field or crop.
Regional: Segment Analysis
Based on Region, the North America region is estimated to capture a sizeable market share during the forecast period. The increasing adoption of advanced technologies by the farmers in the Untied States and Canada, growing demand for food consumption and increasing Government initiatives to boost precision farming.
Market Segmentation
Segmentation by Technology
- Guidance Technology
- GPS/GNSS-Based Guidance Technology
- GIS-based Guidance Technology
- Remote Sensing Technology
- Handheld or Ground-based Sensing
- Satellite or Aerial Sensing
- Variable-Rate Technology
- Map-based VRT
- Sensor-based VRT
Segmentation by Application
- Yield Monitoring
- Crop Scouting
- Field Mapping
- Variable Rate Application
- Precision Irrigation
- Precision Seeding
- Precision Fertilization
- Nitrogen VRA
- Phosphorous VRA
- Lime VRA
- Pesticide VRA
- Weather Tracking & Forecasting
- Inventory Management
- Farm Labor Management
- Financial Management
- Others
Segmentation by Offering
- Hardware
- Automation and Control Systems
- Displays
- Guidance and Steering Systems
- GPS/GNSS Devices
- Drones/UAVs
- Irrigation controllers
- Handheld Mobile Devices/Handheld Computers
- Flow & Application Control Devices
- Others
- Sensing and Monitoring Devices
- Yield Monitors
- Soil Sensors
- Moisture Sensors
- Temperature Sensors
- Nutrient Sensors
- Water Sensors
- Climate Sensors
- Software
- Local/Web Based
- Cloud Based
- Services
- System Integration and Consulting Services
- Managed Services
- Connectivity Services
- Assisted Professional Services
- Maintenance and Support Services
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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