Precision Agriculture Industry Size Worth $5.78 Billion by 2025 | Compound Annual Growth Rate of 9.3%, Infinium Global Research

PUNE, India, March 5, 2020 /PRNewswire/ -- Infinium Global Research has recently published a global report on "Precision Agriculture Market (Technology - GIS, Telematics, VRT, GPS, and Remote Sensing; Hardware - Sensors, Drones, Automated Steering System, Radar, and GPS; Software - GIS, Crop Management Software, Weather Tracking, and Inventory): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025" published by Infinium Global Research", the reported study estimated the market for precision agriculture will reach up to 5.78 billion, by 2025 with a compound annual growth rate of 9.3%, in the forecast period (2018-2025).

Technology-based automation of agricultural events can change the agriculture sector from being static and manual to dynamic and smart, leading to enhanced production with reduced human efforts. Precision agriculture or farming is a crop and livestock production management system that uses a global positioning system (GPS) to monitor the equipment field position to gather information and apply inputs as required at each location. Precision agriculture technologies contain equipment guidance and automatic steering, yield monitoring, remote sensing, section and row control on planters, in-field electronic sensors, sprayers and fertilizer applicators, and spatial data management systems. It uses specific sensors and software to ensure that the crops receive exactly what they need to optimize productivity and sustainability. The growth of the market for precision agriculture is attributed to the growing proliferation of the Internet of Things (IoT) and the usage of advanced analytics by farmers.

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Precision Agriculture Technologies are Developing at Breath-Taking Speed

Precision agriculture is undergoing a rapid transformation from both a product and a service perspective. Technological disruptions, business model transformations, and organizational changes are all creating an exciting but challenging opportunity. In light of smart sensors, modern biologicals, robotic automation, and digital data, many large incumbents have recognized the need to adopt Farming 4.0 and have correspondingly invested in their own respective futures.

The precision farming practices are anticipated to witness a surge in the adoption as they allow farmers to accurately manage variations in the field, increase productivity, and reduce production costs. These practices help to gather related information by analyzing the real-time data about the conditions of the soil, crops, and local weather predictions and offer actionable insights to farmers with directions about the soil management, harvesting time, crop rotation, and optimum planting time. The precision agriculture technology is gaining popularity in the agriculture sector as it holds the potential to increase crop yield by using advanced IT-based agriculture methods.

Precision agriculture is gaining tremendous popularity among farmers owing to the increasing need for optimum crop production with limited available resources. Furthermore, the changing weather patterns due to rising global warming have impelled the adoption of advanced farming technologies to enhance farm productivity and crop yield. The precision agriculture has the potential to transform the agricultural sector, making traditional farming activity more efficient and predictable. Growing awareness concerning environmental impact over farming is expected to drive the market in the coming future. In addition, other factors such as improvement in data management in agriculture are impacting the global precision agriculture market positively. The usage of elegant technologies in tracking geo-location to upsurge the efficiency may also boost the market in the future. Government initiation on the research & development along with increasing adoption of Unmanned Aerial Vehicles (UAVs) or drones in precision agriculture creating new opportunities for the market. However, precision agriculture needs skilled labour who are at a severe shortage of availability, precision farmers admire and tend to consume software that can be productive with the current challenge.

Leading Companies are Focusing on Implementing Advanced Agricultural Solutions

The precision agriculture market consists of several major players. In terms of market share, few of the major players currently dominate the market and are focusing on expanding their customer base across foreign countries. These players are leveraging on strategic collaborative initiatives to increase their market share and upsurge their profitability. The companies operating in the market are also acquiring start-ups working on precision agriculture technologies to strengthen their product capabilities.

Top market players are focusing on launching new services and solutions specifically suited for precision agricultural applications to consolidate their position in the global market. For instance, in February 2020, John Deere has introduced ExactRate, a factory-installed option that precisely monitors and controls the application of liquid fertilizer during planting. As input costs continue to the upswing, farmers are looking for ways to improve their planting equipment to provide precise placement and reduce inputs when possible.

North America is the Largest Market for Precision Agriculture And Asia Pacific is Projected to Grow at The Fastest Pace

North America is expected to dominate the market for precision agriculture as the region is an early adopter of technologies. Factors like rising government initiatives for the adoption of modern agriculture technologies and developed infrastructure have contributed to the high revenue of the regional market. For example, the National Institute of Food and Agriculture (NIFA), part of the U.S. Department of Agriculture, conducts geospatial, sensor, and precision technology programs to create awareness amongst farmers.

Furthermore, the Asia Pacific region is expected to witness high growth during the forecast period owing to the increasing adoption of precision farming technologies such as guidance systems, remote sensing, and variable-rate technology by farmers. Rapidly increasing population, the availability of arable farms, and government support through subsidies are the factors driving the adoption of smart farming techniques in the Asia Pacific region. Additionally, an effective administrative framework is also allowing farmers to gain adequate knowledge about precision agriculture technologies.

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Global Precision Agricultural Industry Coverage

Chapter - 1     Preface

• Report Description
• Research Methods
• Research Approaches

Chapter - 2     Executive Summary

• Precision Agriculture Market Highlights
• Precision Agriculture Market Projection
• Precision Agriculture Market Regional Highlights

Chapter - 3     Global Precision Agriculture Market Overview

• Introduction
• Market Dynamics
• IGR-Growth Matrix Analysis
• Value Chain Analysis of Precision Agriculture Market

Chapter - 4     Precision Agriculture Market Macro Indicator Analysis

Chapter - 5     Global Precision Agriculture Market by Technology

• GIS
• Telematics
• VRT
• GPS
• Remote Sensing

Chapter - 6     Global Precision Agriculture Market by Hardware

• Sensors
• Drones
• Automated Steering System
• Radar
• GPS

Chapter - 7     Global Precision Agriculture Market by Software

• GIS
• Crop Management Software
• Weather Tracking
• Inventory

Chapter - 8     Global Precision Agriculture Market by Region 2019-2025

• North America
• Europe
• Asia-Pacific
• RoW

Chapter - 9     Company Profiles and Competitive Landscape

• CropMetrics LLC
• John Deere
• Trimble Navigation Limited
• CropX Ltd
• AgSmarts Inc
• AgSense LLC
• AGCO Corporation
• Dickey-John Corporation
• Monsanto Company
• Ag Leader Technology, Inc

Browse in-depth TOC on "Precision Agricultural Market"

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