According to the recent report by IMARC Group, entitled “Precision Agriculture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on precision agriculture market outlook. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
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.
Precision Agriculture Market Overview:
Precision agriculture, or precision farming, is an agricultural management approach that utilizes Precision agriculture, often called “smart farming,” is a cutting-edge approach that leverages technology to optimize farming practices. It employs data-driven techniques like GPS, sensors, and drones to enhance crop management. By precisely measuring variables like soil moisture, nutrient levels, and weather conditions, farmers can make informed decisions about irrigation, fertilization, and pest control.
This precision minimizes resource wastage, increases crop yields, and reduces environmental impact. Additionally, it enables remote monitoring and automation, making farming more efficient and sustainable. As global food demand rises and environmental concerns grow, precision agriculture is poised to revolutionize the farming industry, ensuring food security while conserving resources.
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Precision Agriculture Market Trends:
The global market is majorly driven by the rapid adoption of IoT and connected technologies in agriculture. In line with this, the increasing need for higher crop yields to meet the accelerating demand for food due to global population growth is significantly contributing to the market. Furthermore, the rising demand for agricultural automation solutions to reduce labor costs is positively influencing the market. Apart from this, the growing focus on sustainable agriculture practices and the escalating need to optimize water usage in agriculture are catalyzing the market. Moreover, technological advancements in sensors, GPS, and other precision farming tools are propelling the market.
Besides, the increasing demand for organic food and farming practices and the rising awareness of the impact of climate change on agriculture are strengthening the market. Additionally, government initiatives worldwide to support precision agriculture adoption and the growth of cloud-based precision agriculture solutions are providing a boost to the market. Other factors driving the market include the growing popularity of precision farming techniques such as variable rate technology and precision irrigation, easy availability of precision agriculture services, rapid integration of AI and machine learning in precision agriculture technologies, and widespread utilization of precision agriculture in livestock farming for improved animal health and productivity.
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Precision Agriculture Market Segmentation:
Competitive Landscape:
- 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
Breakup by Technology:
- Global Navigation Satellite System (GNSS)/Global Positioning System (GPS)
- Geographic Information System (GIS)
- Remote Sensing
- Variable Rate Technology (VRT)
- Others
Breakup by Type:
- Automation and Control Systems
- Sensing and Monitoring Devices
- Farm Management Systems
Breakup by Component:
- Hardware
- Software
Breakup by Application:
- Yield Monitoring
- Crop Scouting
- Mapping
- Soil Monitoring
- Precision Irrigation
- Others
Regional Insights:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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