Precision Agriculture Market 2021: Top Players, Emerging Demand, Business Profit Analysis, Sales Revenue and Expansion Strategies by 2027

Precision agriculture also known as site specific crop management (SSCM) and satellite farming is an advanced farming technique that utilizes several technologies such as GPS, GIS and remote sensing to collect crucial field related information, which is further analyzed to support grower’s decisions with regard to crop fertilizing, planting, and harvesting. In addition, sensors are placed throughout the field that measure temperature, nutrition level and humidity of the soil. Therefore, the technology eliminates manual human efforts by automating crucial processes including real-time farm monitoring and information sharing.

Precision agriculture is swiftly gaining popularity among farmers due to the increasing need of optimum production with the given resources. Further, the changing weather patterns due to increasing global warming, have necessitated the adoption of advanced technologies to enhance the productivity and crop yield.

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By offering technologies such as real-time farm monitoring, weather forecasting, optimal field requirements and similar others, precision agriculture enables the farmers to increase the yield with minimum human efforts and wastage. Moreover, the technology enables the farmers to manage their resources as well as access real time information through their smartphones, thereby offering greater mobility and ease of operation. However, major restraints of the market are affordability of the technology and lack of awareness about the benefits of precision agriculture among farmers, particularly in the developing countries.

Segmentation Overview

The report also presents a complete analysis of the world precision agriculture market based on technology, component, and geography. GIS, telematics, VRT, GPS, and remote sensing are some of the key technologies covered in the technology segment. Among these, GPS is the most popular technology. The world precision agriculture market is further bifurcated into two key components: hardware and software. Hardware includes sensors, drones, ASS, radar, GPS, and others (display, satellite, and mobiles). Software includes GIS, crop management software, weather tracking and forecasting software, inventory management software, people management software, and financial management software.

The market is further analyzed across four different geographies: North America, Europe, Asia-Pacific, and LAMEA. North America includes the U.S., Mexico, and Canada, whereas Europe covers U.K., Russia, Germany, Italy, France, and rest of Europe. The countries covered under Asia-Pacific are Australia, China, India, Japan, South Korea, Taiwan, and rest of Asia-Pacific. LAMEA is bifurcated into Latin America, the Middle East, and Africa.

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World Precision Agriculture Market Segmentation

Source: AMR Analysis

Based on various technologies used in precision agriculture, GPS is the highest revenue-generating segment owing to its wide application in agriculture equipment to track location and crops when required. However, GIS is expected to exhibit the highest CAGR to attain significant market value by 2022, owing to the increasing adoption of GIS in agriculture to collect, store, and analyze data for farming.

TOP FACTORS IMPACTING WORLD PRECISION AGRICULTURE MARKET

The top impacting factors of the world precision agriculture market are the growing adoption of smartphones, aggrandized use of cloud technology, booming population, technological advancement, lack of awareness, and high initial investment. Some of the factors such as lack of awareness about precision agriculture products and huge investment act as restraints for the market growth.

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Growing Adoption of Smartphones

Smartphone adoption has been one of the most prominent factors in the proliferation of the precision agriculture technology. A smartphone acts as a bridge between the end user and advanced agriculture technology equipment. Integration of smartphones with agriculture equipment and field devices delivers easy access to agriculture mobile applications, which allows farmers to monitor their fields remotely. Therefore, it helps the farmers in keeping pace with the rapidly changing demands of the consumers.

Aggrandized use of cloud technology

Cloud is a centralized, virtualized, automated, and shared infrastructure. Cloud allows storage of crop-related information, which can be further accessed by growers using smartphones. Currently, integrated GPS is available in most of the new agriculture equipment; thus, weather conditions can also be sourced from various cloud-based applications and service providers. Therefore, inclusion of cloud technology in precision agriculture is one of the major drivers for the growth of the world precision agriculture market.

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Booming population

The high population growth ratio is the major driving factor of the precision agriculture market, which encourages farmers to implement efficient and advanced agriculture techniques to improve crop yield. In addition, as per the recent survey report, around 80% of the world’s population is projected to live in urban areas by 2050, thereby fostering the demand for housing and food. Hence, farmers are increasingly adopting precision agriculture technique owing to its superior benefits, such as prime output in limited resources and improved crop quality.

World Precision Agriculture Market Top Impacting Factors

Source: AMR Analysis

The graph below represents the potential of various precision agriculture technologies that are used for monitoring crops. Currently, GPS leads the world precision agriculture market growth, followed by VRT and GIS. GPS market is primarily driven by factors, such as accurate location tracking, minimal fuel consumption, increased productivity, and lower operational costs.

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Top investment pockets

Source: AMR Analysis

The study provides an in-depth analysis of the world precision agriculture market to elucidate the prominent investment pockets in the market.

KEY BENEFITS

The report provides a comprehensive analysis of the world precision agriculture market with current trends and future growth opportunities, challenges, and competitive scenario.
The current market trends are quantitatively analyzed and estimated for the period 2015-2022, which have been provided to highlight the financial competency of the market.
Porter’s five forces analysis provides inputs on the potential of buyers and suppliers and highlights the competitive structure of the market, which is likely to enable market players to devise effective growth strategies and facilitate better decision-making.
Value chain analysis provides key inputs on the role of different stakeholders involved at various stages.
SWOT analysis of the key market players highlights the essential strengths and potential opportunities in the market.

According to Statista, as of 2021 data, the United States held over ~36% of the global market share for information and communication technology (ICT). With a market share of 16%, the EU ranked second, followed by 12%, China ranked third. In addition, according to forecasts, the ICT market will reach more than US$ 6 trillion in 2021 and almost US$ 7 trillion by 2023. In today’s society, continuous growth is another reminder of how ubiquitous and crucial technology has become. Over the next few years, traditional tech spending will be driven mainly by big data and analytics, mobile, social, and cloud computing.

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This report analyzes the global primary production, consumption, and fastest-growing countries in the Information and Communications Technology(ICT) market. Also included in the report are prominent and prominent players in the global Information and Communications Technology Market (ICT).

KEY PLAYERS

Deere & Company
CropMetrics LLC
Trimble Navigation Limited
CropX
AgSmarts Inc
AgSense LLC
AGCO Corporation
Dickey-John Corporation
Monsanto Company
Ag Leader Technology

PRECISION AGRICULTURE MARKET KEY SEGMENTS:

BY TECHNOLOGY

Geographic information system (GIS)
Telematics
Variable rate technology (VRT)
Global positioning system (GPS)
Remote Sensing

BY COMPONENT

Hardware

Sensors
Drones
Automated Steering System
Radar
Global positioning system (GPS)
Others

Software

Geographic information system (GIS)
Crop Management Software
Weather Tracking and Forecasting Software
Inventory Management Software
People Management Software
Financial Management Software

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BY GEOGRAPHY

North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Russia
Rest of Europe
Asia-Pacific
India
China
Japan
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa

What is the goal of the report?

The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.

During the forecast period, the report analyzes the growth rate, market size, and market valuation.

The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.

The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.

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Following are the questions answered by the Market report:

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This market report shows the projected market size for the Multi-Cloud Management Market at the end of the forecast period. The report also examines the historical and current market sizes.

On the basis of various indicators, the charts present the year-over-year growth (%) and compound annual growth rate (CAGR) for the given forecast period.

The report includes an overview of the market, its geographical scope, its segmentation, and the financial performance of key players.

The report examines the current state of the industry and the potential growth opportunities in North America, Asia Pacific, Europe, Latin America, and the Middle East, and Africa.

The research report includes various factors contributing to the market’s growth.

The report analyzes the growth rate, market size, and market valuation for the forecast period.

This report covers aspects of the regional analysis market.

The report includes data about North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.

This report analyzes current and future market trends by region, providing information on product usage and consumption.

Reports on the market include the growth rate of every region, based on their countries over the forecast period.

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This report provides comprehensive information on factors expected to influence the market growth and market share in the future.

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This report provides both qualitative and quantitative information about the competitive landscape of the market.

Combined with Porter’s Five Forces analysis, it serves as SWOT analysis and competitive landscape analysis.

It provides an in-depth analysis of the market, highlighting its growth rates and opportunities for growth.

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