Global Precision Agriculture market was valued at US$ 4,355.9 million in 2018 and is expected to display a reasonable CAGR of 16.8% over the forecast period (2019-2025). Precision Agriculture (PA) is an innovative information controlled management concept of crop production, based upon on various new or advanced technologies. Technologies now available allow the concept of precision agriculture to be realized in a practical production setting. The rapid technological developments during the last few years have introduced radical changes in the working environment in the agricultural sector.
Technologies now available allow the concept of precision agriculture to be realized in a practical production setting. It merges the new technologies borne of the information age with a mature agricultural industry. According to the OECD, agriculture accounts for over 70% of water usage. As the world is experiencing drinking water shortages, careful distribution at farming sites is imperative. By adopting centralized command-and-control tools, farming teams can tell precisely when to irrigate a given field. As a result, crops are preserved in a better state and the management framework is socially responsible. These are the benefits of precision agriculture in IoT for modern farming landscape. As the approach has an extensive list of advantages, it’s certainly worth implementing.
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Based on the component, the precision agriculture market bifurcated into hardware, software, and service. Using IoT monitoring technologies, site managers can update farmers regarding the state of the field in real-time, track their performance, and exchange insights and approaches that teams in separate fields use. The controller tools are widely used in precision agriculture technology. IoT improves software maintenance (e.g. automatic equipment updates) and introduces new solutions for farm management (managing a safe-driving tractor remotely via a controller). The capacity of modern precision agriculture and IoT allows controlling dozens of equipment units simultaneously.
The precision agriculture has various applications including variable rate application, field mapping, yield monitoring, crop scouting, soil monitoring, farm labor management systems, and weather tracking and forecasting. Yield monitors are a rather recent development and allow farm equipment such as combine harvesters or tractors to gather a huge amount of information, including grain yield, moisture levels, soil properties, and much more. The pioneers of precision agriculture already have generated several years of yield history and have examined different ways of interpreting and processing these data.
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For a deep-dive analysis of the overall adoption of precision agriculture technology, a detailed study is conducted for major regions/countries globally. Major regions/countries studied in the report include North America (the US and Canada), Europe (France, Germany, Italy, Spain, and the UK), Asia Pacific (India, China, Japan, and Australia), and the rest of the world. In 2018, North America constitutes the leading region in precision agriculture mainly accredited to widespread adoption of advanced information and communication in the agriculture sector. Furthermore, supportive government policies and well-developed infrastructure also act as catalyzing factors driving the market potential.
Some of the major players operating in the precision agriculture market include AGCO Corporation, AgJunction LLC, Monsanto Company, Deere and Company, AgEagle Aerial Systems., Deveron UAS, Trimble Inc, Syngenta AG, Yara International, and American Robotics. To enhance their product portfolio, these players have adopted various strategies to increase the adoption of precision agriculture techniques in their farms to cater to customer’s requirements in terms of consistent and surging demand for food across the globe.
Global Precision Agriculture Market Segmentation
Market Insights, by Component
Market Insights, by Application
Market Insights, by Region
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