Precision agriculture is an approach to farm management that uses specialised equipment to produce more food at a fraction of the cost. It is also known as satellite agriculture or site-specific crop management (SSCM) and gives the farmers the ability to use crop inputs, such as pesticides, tillage and irrigation water, and fertilizers. Precision agriculture uses GPS, geographical information system (GIS) and remote sensing (RS) with an objective to improve profitability, productivity, quality and sustainability of the crops. According to the latest report by IMARC Group, titled “Precision Agriculture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global precision agriculture market reached a value of US$ 4.8 Billion in 2017.
The major factors driving the precision agriculture market is the growing use of cloud-based technology, rising use of smart phones and the increasing application of technology in farming with the aim of minimising the human efforts and losses. Additionally, the need to maximise food production by the optimum use of resources is spurring the market growth globally. Further, the government incentives and subsidies towards increasing the productivity and conserving the environment is expected to catalyse the demand for precision agriculture. Some of the other factors affecting the overall growth of the market are changing climatic conditions, rapid urbanisation and the expanding application of navigation systems. Owing to these factors, the market value is projected to reach US$ 10.0 Billion by 2023, expanding at a CAGR of 13.1% during 2018-2023.
Based on technology, the market has been segmented as GNSS/GPS Systems, GIS, Remote Sensing and Variable Rate Technology (VRT).
On the basis of type, automation and control systems currently dominate the total market. Automation and control systems are followed by sensing and monitoring devices, and farm management systems.
Based on component, the market has been segmented into hardware and software components.
On the basis of application, the market has been segregated as mapping, crop scouting, yield monitoring, precision irrigation, soil monitoring and others.
Region-wise, North America holds the largest market share, accounting for the majority of the global share. It is followed by Europe and Asia Pacific. Other major regions include the Middle East and Africa, and Latin America.
The competitive landscape of the market has also been examined with some of the key players being Agribotix, Bayer CropScience AG, Case IH Agriculture, ClearAg Operations, Conservis Corporation, Deere & Company, Farmers Edge Inc., Fairport Farm Software, Fuse Technologies, Granular AG, Grownetics Inc., IBM, Mapshots Inc., Raven Inudstries and SST Software.
This report provides a deep insight into the global precision agriculture market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the precision agriculture market in any manner.
Key questions answered in this report:
- How has the global precision agriculture market performed so far and how will it perform in the coming years?
- What are the key regions in the global precision agriculture market?
- Which are the popular product types in the global precision agriculture market?
- What are the key application segments in the global precision agriculture market?
- What are the major technologies used in the global precision agriculture market?
- What are the key components in the global precision agriculture market?
- What are the various stages in the value chain of the global precision agriculture market?
- What are the key driving factors and challenges in the global precision agriculture market?
- What is the structure of the global precision agriculture market and who are the key players?
- What is the degree of competition in the global precision agriculture market?