The global precision agriculture market size is expected to garner USD 14.2 billion by 2028, registering a CAGR of 14.9 % during the forecast period 2019 - 2028. Increased farm mechanization in developing countries, rising labor costs due to a shortage of skilled labor, increasing strain on the global food supply due to rising population, significant cost savings associated with smart farming techniques, and government initiatives to adopt modern agricultural techniques are some of the major factors driving the growth of the precision farming market.
Precision farming is becoming increasingly popular among farmers as the demand for optimal crop output with limited resources grows. Furthermore, the adoption of new farming technologies to improve farm productivity and crop yield has been prompted by altering weather patterns as a result of increasing global warming. Precision farming has the potential to alter the agriculture sector by increasing the efficiency and predictability of traditional farming activities. The expansion of the precision farming industry is being fueled by rising global food demand, increased profitability and crop output, and crop health monitoring for greater yield production. Furthermore, in many countries, government initiatives are assisting farmers in using optimum agricultural and technical instruments to increase their production levels.
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Precision Agriculture Market Scope
| Metrics | Details |
| Base Year | 2020 |
| Historic Data | 2018-2019 |
| Forecast Period | 2021-2028 |
| Study Period | 2018-2028 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2028 | USD 14.2 billion |
| Growth Rate | CAGR of 14.9 % during 2021-2028 |
| Segment Covered | Technology, Application |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East & Africa |
Key Segments of the Global Precision Agriculture Market
Technology Overview, 2019-2028 (USD Million)
- Remote Sensing
- Guidance System
- VRT
Application Overview 2019-2028 (USD Million)
- Agriculture
- VRT
- Field Mapping
- Irrigation Management
- Weather Tracking & Forecasting
- Inventory Management
- Farm Labor Management
- Financial Management
- Others
Regional Overview, 2019-2028 (USD Million)
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Middle East and Africa
- UAE
- South Africa
- Rest of Middle East and Africa
South America
- Brazil
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global Precision Agriculture market.
- Precision Agriculture is widely used for various end uses, owing to their excellent properties and the market is expected to gain traction over the coming years
- With the growing personal care uses, there is a rise in the demand for Precision Agriculture which is further expected to have a positive impact on the overall market growth
What does the report include?
- The study on the global Precision Agriculture market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Precision Agriculture industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on Technology and End Use. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global Precision Agriculture market. The report will benefit: Every stakeholder involved in the Precision Agriculture market.
- Managers within the Precision Agriculture industry looking to publish recent and forecasted statistics about the global Precision Agriculture market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global Precision Agriculture market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
The expansion of the Internet of Things (IoT) and the application of advanced analytics by farmers are both contributing to the growth. Advanced analytics is a branch of data science that use a variety of tools and techniques to forecast data and guarantee that the crop and soil are properly cared for. Farmers can better plan their actions as a result of this information. Better education and training for farmers, easily accessible information, financial resources, and a high demand for organic food are all factors that help farmers implement sustainable precision farming methods.
Many technologies such as IoT, GPS, and remote sensing application control are employed to gain a thorough grasp of various farming features such as irrigation and plowing. The Internet of Things (IoT) assists farmers in overcoming different issues associated with crop monitoring. It uses sensors on the farm to offer real-time data on the temperature of the environment and the water content of the soil, allowing farmers to make better decisions regarding harvesting times, crop market rates, and soil management. This is one of the most important aspects driving the precision farming business forward.
Crop production is being hampered by a number of issues, including the loss of natural resources and the degradation of the environment. Farmers are shifting their focus to sustainable agriculture practices, such as natural resource preservation, as environmental concerns grow. This has increased the demand for improved crop nutrition and protection, which has boosted the precision farming business. Vertical farms with smart designs to increase harvests and prevent waste, for example, have opened up several potential opportunities.
Furthermore, rising investments in technology such as driverless tractors, guidance systems, and GPS sensing systems are likely to aid the precision agriculture market's expansion. Many sensors, including as soil sensors, climate sensors, and water sensors, are set across the fields to assist farmers in monitoring their crops and obtaining real-time data. Furthermore, the sensors assist farmers in achieving high yield output with less crop waste. These sensors are widely used in a variety of fields, including agriculture, pharmaceuticals and healthcare, automobiles, and sports.
Due to increasing use of technology and devices such as guidance systems and VRT (Variable Rate Technology) for growing crops, North America held the greatest market in the year 2020. Smart solutions, on the other hand, need large investments, which farmers, particularly in developing nations like China, India, and Brazil, find to be a disadvantage. Precision agriculture requires a significant investment, but in the long run, it provides a significant return on investment by lowering overall production costs and increasing efficiency.
On-farm yield monitoring and off-farm yield monitoring are two different types of yield monitoring. Farmers can get real-time information during harvest and construct a historical geographical database by using on-farm yield monitoring. This sector is predicted to have the highest part of the market since it provides fair landlord negotiations, evidence of environmental compliance, and food safety track records. Meanwhile, over the forecast period, the irrigation management segment is likely to increase significantly. Smart irrigation involves the use of various technologies, such as rain sensors, weather-based controllers, sensor-based controllers, and water meters, to help estimate the right amount of irrigation water. Such benefits are likely to drive the adoption of irrigation drones.
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