Overview and Scope
Precision agriculture, often known as precision farming or precision ag, refers to a data-driven and technologically enabled strategy for managing agricultural activities with a high degree of accuracy and control. This technology aims to boost yields and profitability through more precise and informed management decisions.
Sizing and Forecast
The precision agriculture market size has grown rapidly in recent years. It will grow from $6.96 billion in 2023 to $7.78 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to increased farm size and complexity, increased food demand, and rise in demand for IoT and AI-based agriculture solutions.
The precision agriculture market size is expected to see rapid growth in the next few years. It will grow to $12.16 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to increasing adoption of AI and machine learning, increasing demand for food security, and consumer demand for transparency and traceability. Major trends in the forecast period include personalized crop management solutions, integration of blockchain for traceability, and advancements in remote sensing technologies.
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Segmentation & Regional Insights
The precision agriculture market covered in this report is segmented –
1) By Component: Hardware, Software, Service
2) By Technology: Guidance Technology, Remote Sensing Technology, Variable-Rate Technology
3) By Application: Yield Monitoring, Field Mapping Telematics, Crop Scouting, Weather Tracking And Forecasting, Inventory Management, Farm Labor Management, Other Applications
North America was the largest region in the precision agriculture market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the precision agriculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising food demand is expected to propel the growth of the precision agriculture market going forward. Food refers to any substance consumed to provide nutritional support for an organism. The demand for food is rising due to a variety of factors, including population growth, economic development, and changing dietary habits. Precision agriculture helps farmers identify and address challenges such as soil degradation, nutrient deficiencies, and pest outbreaks in real time. Farmers can improve crop resilience and minimize yield losses with the help of data-driven insight to implement targeted interventions, such as soil amendments, crop rotation, or pest management strategies. For instance, in February 2024, according to GOV.UK, a UK-based government website, the gross value added (GVA) of the food sector, excluding agriculture and fishing, reached $157.82 billion (£115.2 billion) in 2021, representing a notable increase of 12.3% compared to the previous year. Specifically, catering saw a remarkable increase of 31.6%. Therefore, the rising food demand is driving the growth of the precision agriculture market.
Key Industry Players
Major companies operating in the precision agriculture market report are Deere & Company; Corteva Agriscience; Monsanto Company; Syngenta AG; AGCO Corporation; Trimble Inc.; Raven Industries Inc.; Planet Labs Inc.; The Climate Corporation; Farmers Edge Inc.; Solinftec Inc.; Ag Leader Technology Inc.; Iteris Inc.; DICKEY-John Corporation; Taranis Visual Ltd.; AgJunction Inc.; Farmobile LLC; Arable Labs Inc.; The Yield Technology Solutions Pty Ltd.; Topcon Positioning Systems Inc.; Agribotix LLC; SlantRange Inc.; AquaSpy Inc.; Agworld Pty Ltd.; CropMetrics LLC
The precision agriculture market report table of contents includes:
1. Executive Summary
2. Precision Agriculture Market Characteristics
3. Precision Agriculture Market Trends And Strategies
4. Precision Agriculture Market – Macro Economic Scenario
5. Global Precision Agriculture Market Size and Growth
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31. Precision Agriculture Market Other Major And Innovative Companies
32. Global Precision Agriculture Market Competitive Benchmarking
33. Global Precision Agriculture Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Precision Agriculture Market
35. Precision Agriculture Market Future Outlook and Potential Analysis
36.Appendix
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