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Report
Precision Agriculture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Market Report I 2023-05-29 I 143 Pages I IMARC Group
Market Overview:
The global precision agriculture market size reached US$ 7.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 15.3 Billion by 2028, exhibiting a growth rate (CAGR) of 11.3% during 2023-2028. The growing utilization of smartphones and ease of internet facilities, increasing adoption of technology, and rising public-private partnership represent some of the key factors driving the market.
Rising Adoption of Smartphones and Ease of Internet Facilities Augmenting Market Growth
The precision agriculture market has been experiencing continuous growth on account of the rising adoption of smartphones with the ease of internet facilities. In addition, the increasing reliance on smartphones for up-to-date latest development in the agricultural sector is propelling the growth of the market. Moreover, farmers are dependent on broadband and other wireless networks to stay updated and participate in specific industry-directed knowledge sharing initiatives. In line with this, smartphones assist in spreading awareness among farmers about farming-related advanced solutions. Also, web-based agricultural institutes are gaining popularity among farmers across the globe.
Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented with a large number of players operating in the industry. The volume of new entrants is moderate in the precision agriculture industry due to high capital investments, particularly in premium priced products. Additionally, the product differentiation in the precision agriculture market is high, as providers are innovating their product by utilizing different technological techniques.
What is Precision Agriculture?
Precision agriculture, also known as site-specific crop management (SSCM), refers to an approach of farm management that enables farmers to produce more food in a cost-effective manner. It comprises various technologies, such as global positioning system (GPS), geographical information system (GIS), remote sensing (RS), and variable rate technology (VRT). It relies on specialized equipment, software, and information technology (IT) services to provide real-time data about the condition of the soil, ambient air and crops, labor costs, availability of equipment, and local weather predictions. It allows farmers to know about precise planting times, crop rotation, and harvesting times. It assists in decreasing the overall usage of water, pesticides, herbicides, and fertilizers. Besides this, it aids in improving the profitability, productivity, quality, and sustainability of the crops. As it reduces production costs and labor inputs, the demand for precision agriculture is rising across the globe.
Precision Agriculture Market Trends:
At present, the increasing adoption of smartphones with the ease of internet facilities around the globe represents one of the major factors bolstering the growth of the market. Besides this, the growing dependence on Wi-Fi services, low power wide area (LPWA), and wireless sensor technologies for improving agricultural output is positively influencing the market. In addition, the rising integration of the internet of things (IoT) in precision agriculture for increasing yield and avoiding the negative impacts of climate change is propelling the growth of the market. Apart from this, the introduction of various devices and systems, such as farm management systems, sensing and monitoring devices, and automation and control systems in precision agriculture, is contributing to the growth of the market. Additionally, governing agencies of various countries are introducing several sustainable initiatives, which is offering a favorable market outlook. Furthermore, the rising demand for precision agriculture, as it assists in increasing productivity while reducing costs, is supporting the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global precision agriculture market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on technology, type, component and application.
Technology Insights:
GNSS/GPS Systems
GIS
Remote Sensing
Variable Rate Technology (VRT)
Others
The report has provided a detailed breakup and analysis of the precision agriculture market based on the technology. This includes GNSS/GPS systems, GIS, remote sensing, variable rate technology (VRT), and others. According to the report, GNSS/GPS represented the largest segment, as they provide improved and wide-scale field mapping and geo-positioning. Moreover, advanced GNSS/GPS systems assist in yield monitoring, automatic steering, soil condition monitoring, virtual fencing, variable rate application, biomass monitoring, and farm machinery guidance.
Type Insights:
Automation and Control Systems
Sensing and Monitoring Devices
Farm Management Systems
A detailed breakup and analysis of the precision agriculture market based on the type has also been provided in the report. This includes automation and control systems, sensing and monitoring devices, and farm management systems. According to the report, automation and control systems accounted for the largest market share as they assist in reducing labor and electricity costs, offering reliable and consistent performance, and improving the efficiency and accuracy in the operations of agriculture. In addition, governing agencies of various countries are encouraging the adoption of automation and control systems for agricultural practices.
Component Insights:
Hardware
Software
A detailed breakup and analysis of the precision agriculture market based on the component has also been provided in the report. This includes hardware and software. According to the report, hardware accounted for the largest market share as it comprises various components, such as sensors, automated steering system, smart controllers, drones, mobile devices, cameras, unmanned aerial vehicles (UAVs), radar, global position system (GPS), global navigation satellite system (GNSS). Moreover, the introduction of new devices with improved location and data processing capabilities is reducing the dependence on manual labor for crop monitoring and scouting activities. Also, these devices benefit in measuring content and temperature of the soil, and surrounding air for optimum profitability, and protecting land resources.
Application Insights:
Mapping
Crop Scouting
Yield Monitoring
Soil Monitoring
Precision Irrigation
Others
A detailed breakup and analysis of the precision agriculture market based on the application has also been provided in the report. This includes mapping, crop scouting, yield monitoring, soil monitoring, precision irrigation, and others. According to the report, yield monitoring accounted for the largest market share as it easily measures and records information of grain flow, grain moisture, and covered farm area. It aids in maximizing crop yield and understanding the variability of the field. Additionally, the need for real time data information and historical spatial database is propelling the demand for yield monitoring.
Regional Insights:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. According to the report, North America was the largest market for precision agriculture. Some of the factors driving the North America precision agriculture market include the rising utilization of various systems by farmers at different rates and for different crops, such as corn, rice, and peanuts. In addition, governing agencies in the region are encouraging the adoption of clean technologies, such as precision agriculture, which is positively influencing the market.
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global precision agriculture market. Some of the companies covered in the report include:
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 Industries
SST Software
Please note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report:
What was the size of the global precision agriculture market in 2022?
What is the expected growth rate of the global precision agriculture market during 2023-2028?
What are the key factors driving the global precision agriculture market?
What has been the impact of COVID-19 on the global precision agriculture market?
What is the breakup of the global precision agriculture market based on the technology?
What is the breakup of the global precision agriculture market based on the type?
What is the breakup of the global precision agriculture market based on the component?
What is the breakup of the global precision agriculture market based on the application?
What are the key regions in the global precision agriculture market?
Who are the key players/companies in the global precision agriculture market?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Precision Agriculture Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Price Analysis
5.5 Market Breakup by Technology
5.6 Market Breakup by Type
5.7 Market Breakup by Component
5.8 Market Breakup by Application
5.9 Market Breakup by Region
5.10 Market Forecast
5.11 SWOT Analysis
5.11.1 Overview
5.11.2 Strengths
5.11.3 Weaknesses
5.11.4 Opportunities
5.11.5 Threats
5.12 Value Chain Analysis
5.13 Porters Five Forces Analysis
5.13.1 Overview
5.13.2 Bargaining Power of Buyers
5.13.3 Bargaining Power of Suppliers
5.13.4 Degree of Competition
5.13.5 Threat of New Entrants
5.13.6 Threat of Substitutes
6 Market Breakup by Technology
6.1 GNSS/GPS Systems
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 GIS
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Remote Sensing
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Variable Rate Technology (VRT)
6.4.1 Market Trends
6.4.2 Market Forecast
6.5 Others
6.5.1 Market Trends
6.5.2 Market Forecast
7 Market Breakup by Type
7.1 Automation and Control Systems
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Sensing and Monitoring Devices
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Farm Management Systems
7.3.1 Market Trends
7.3.2 Market Forecast
8 Market Breakup by Component
8.1 Hardware
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Software
8.2.1 Market Trends
8.2.2 Market Forecast
9 Market Breakup by Application
9.1 Mapping
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Crop Scouting
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Yield Monitoring
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Soil Monitoring
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Precision Irrigation
9.5.1 Market Trends
9.5.2 Market Forecast
9.6 Others
9.6.1 Market Trends
9.6.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 Europe
10.2.1 Market Trends
10.2.2 Market Forecast
10.3 Asia Pacific
10.3.1 Market Trends
10.3.2 Market Forecast
10.4 Middle East and Africa
10.4.1 Market Trends
10.4.2 Market Forecast
10.5 Latin America
10.5.1 Market Trends
10.5.2 Market Forecast
11 Competitive Landscape
11.1 Market Structure
11.2 Key Players
11.3 Profiles of Key Players
11.3.1 Agribotix
11.3.2 Bayer CropScience AG
11.3.3 Case IH Agriculture
11.3.4 ClearAg Operations
11.3.5 Conservis Corporation
11.3.6 Deere & Company
11.3.7 Farmers Edge Inc.
11.3.8 Fairport Farm Software
11.3.9 Fuse Technologies
11.3.10 Granular AG
11.3.11 Grownetics Inc.
11.3.12 IBM
11.3.13 Mapshots Inc.
11.3.14 Raven Industries
11.3.15 SST Software
Figure 1: Global: Precision Agriculture Market: Major Drivers and Challenges
Figure 2: Global: Precision Agriculture Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Precision Agriculture Market: Breakup by Technology (in %), 2022
Figure 4: Global: Precision Agriculture Market: Breakup by Type (in %), 2022
Figure 5: Global: Precision Agriculture Market: Breakup by Component (in %), 2022
Figure 6: Global: Precision Agriculture Market: Breakup by Application (in %), 2022
Figure 7: Global: Precision Agriculture Market: Breakup by Region (in %), 2022
Figure 8: Global: Precision Agriculture Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 9: Global: Precision Agriculture Industry: SWOT Analysis
Figure 10: Global: Precision Agriculture Industry: Value Chain Analysis
Figure 11: Global: Precision Agriculture Industry: Porter's Five Forces Analysis
Figure 12: Global: Precision Agriculture (GNSS/GPS Systems) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Precision Agriculture (GNSS/GPS Systems) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Precision Agriculture (GIS) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Precision Agriculture (GIS) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Precision Agriculture (Remote Sensing) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Precision Agriculture (Remote Sensing) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Precision Agriculture (Variable Rate Technology) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Precision Agriculture (Variable Rate Technology) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Precision Agriculture (Other Technologies) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Precision Agriculture (Other Technologies) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Precision Agriculture (Automation and Control Systems) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Precision Agriculture (Automation and Control Systems) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Precision Agriculture (Sensing and Monitoring Devices) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Precision Agriculture (Sensing and Monitoring Devices) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: Precision Agriculture (Farm Management Systems) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: Precision Agriculture (Farm Management Systems) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Global: Precision Agriculture (Hardware) Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: Precision Agriculture (Hardware) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Global: Precision Agriculture (Software) Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Global: Precision Agriculture (Software) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Global: Precision Agriculture (Application in Mapping) Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Global: Precision Agriculture (Application in Mapping) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Global: Precision Agriculture (Application in Crop Scouting) Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Global: Precision Agriculture (Application in Crop Scouting) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: Global: Precision Agriculture (Application in Yield Monitoring) Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: Global: Precision Agriculture (Application in Yield Monitoring) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: Global: Precision Agriculture (Application in Soil Monitoring) Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: Global: Precision Agriculture (Application in Soil Monitoring) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: Global: Precision Agriculture (Application in Precision Irrigation) Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: Global: Precision Agriculture (Application in Precision Irrigation) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: Global: Precision Agriculture (Other Applications) Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: Global: Precision Agriculture (Other Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: North America: Precision Agriculture Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: North America: Precision Agriculture Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: Europe: Precision Agriculture Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: Europe: Precision Agriculture Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Asia Pacific: Precision Agriculture Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Asia Pacific: Precision Agriculture Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: Middle East and Africa: Precision Agriculture Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: Middle East and Africa: Precision Agriculture Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: Latin America: Precision Agriculture Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: Latin America: Precision Agriculture Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Precision Agriculture Equipment Manufacturing: Detailed Process Flow
Table 1: Global: Precision Agriculture Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Precision Agriculture Market Forecast: Breakup by Technology (in Million US$), 2023-2028
Table 3: Global: Precision Agriculture Market Forecast: Breakup by Type (in Million US$), 2023-2028
Table 4: Global: Precision Agriculture Market Forecast: Breakup by Component (in Million US$), 2023-2028
Table 5: Global: Precision Agriculture Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 6: Global: Precision Agriculture Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 7: Precision Agriculture Equipment: Raw Material Requirements
Table 8: Global: Precision Agriculture Market: Competitive Structure
Table 9: Global: Precision Agriculture Market: Key Players
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