The global precision agriculture market size to cross USD 9 billion by 2023, growing at a CAGR of 16% during the forecast period.
It has become imperative for us to adopt efficient and sustainable farming practices to ensure better food security and safety. Precision agriculture remains a key to achieving the same, wherein it involves the usage and conversion of unstructured data to derive actionable farm insights that can potentially save resources and labor and can yield higher productivity.
As the number of mouths to feed and change in macroeconomic trends such as urbanization, lifestyle changes, resource exploitation, and easier communications, there has been a massive shift in how food is produced and consumed. Climatic changes supporting the incidence of droughts, flash floods, unpredictable rainfall, and temperature are wreaking further havoc on the already stressed agricultural output. In addition, human-driven factors such as encroachment of forest land, indiscriminate water consumption, and wastage, unscientific usage of pesticides, fertilizers to achieve short-term productivity are additional constraints to the agricultural value chain.
Precision Agriculture Market – Segmentation
Precision agriculture refers to the usage of digital avenues and unconventional technological infrastructure to resolve some of the basic farming challenges and address intricacies of improving total productivity. Precision farming holds the key to accomplish the same through observing, measuring, and responding to inter and intra-field variability in crops using a set of conventional and unconventional devices and equipment. Guidance and monitoring systems, variable rate technologies, and telematics are some of the major applications discussed under precision agriculture. While guidance systems can be termed as an advanced stage of adoption on account of well-established case studies in various other applications (GPS and remote sensing), telematics is viewed as an emerging technology with various companies working upon to address the complexities involved and eliminate the effect of irrational data sets and consequential effects on farm decisions.
Market Segmentation by Application
- Systems Guidance and Monitoring Systems
- Remote Sensing
- Variable Rate Technology
Market Segmentation by Components
- GPS Devices
Precision Agriculture Market – Geography
The adoption and intensity of precision agriculture is termed to be diverse with various countries defining the scope of usage, adoption, and laying the requisite infrastructure in different ways. The reach of precision agriculture while in developed countries of the US, Canada, Germany, and France can be termed in the adoption stage, the same is in the nascent stage for key economies in Asia and Africa. However, these economies can potentially turn out to be great markets for adoption provided they have sufficient infrastructural growth and mobile penetration. The markets with advanced connectivity infrastructure and higher mechanization are poised to adopt precision agriculture than those who do not have the same.
Market Segmentation by Geography
- North Americas
- Latin America
Precision Agriculture Market – Vendor Profiles
Major Vendors in the Precision Agriculture Market
- Trimble Navigation
- AGCO Corp
- Deere & Company
- Topcon Corp
Prominent Players in the Precision Agriculture Market
- Ag Leader Technology
- DICKEY – John Corporation
- Precision Planting Company
- Lindsay Corp.
- Raven Industries
- Novaraint Inc.
- SST Software
- TeeJet Technologies
- Valmont Industries
- Yara International
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