The Precision agriculture Market is projected to grow from USD 6,325.6 million in 2020 to USD 11,815.8 million by 2026 at a CAGR of around 11.2% during the forecast period.
This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the Precision agriculture market. The historic years considered for the study are 2016-2019, base year is 2020, estimated year is 2021, and forecast period is 2022-2026.
Precision agriculture is a modern approach to farm and agriculture management that employs information technology to ensure that crops and soil receive precisely what they require for optimal health and productivity. Precision agriculture aims to ensure profitability, sustainability, and environmental protection. Satellite agriculture, precision farming, as-needed farming, and site-specific crop management are all terms used in the precision agriculture industry (SSCM). Precision agriculture relies on specialised equipment, software, and information technology services. Access to real-time data on crop, soil, and ambient air conditions, as well as other relevant information such as hyper-local weather forecasts, labour costs, and equipment availability, is part of the approach.
Key Players
Key players operating in the Precision agriculture market are-
Deere & Company (US)
Trimble (US)
AGCO Corporation (US)
AgJunction (US)
Raven Industries (US)
AG Leader (US)
Taranis (Israel)
AgEagle (US)
Teejet Technologies (US)
The Climate Corporation (US)
Topcon Positioning Systems (US)
Descartes Labs (US)
Market Dynamics
A rise in the use of precision agriculture software in modern farming techniques this increases the demand for a variety of services, including system integration and managed services. Most countries have begun to use these services to connect all agricultural and farming tools. This includes yield monitoring, field mapping, and weather forecasting, all of which improve farming productivity overall.
Segment’s Analysis
Technology type Trends
By technology type, the precision agriculture market has been bifurcated into Guidance Technology, Remote Sensing Technology, and Variable-Rate Technology. The Remote Sensing Technology segment accounted for the largest market share in 2020.
Regional Trends
By region, the Precision agriculture market is expected to be dominated by North America. This is attributed to an increase in farmers' willingness to use digital technology for yield management. Asia-Pacific is expected to grow the fastest during the forecast period, owing to strong economic growth and ongoing agricultural development, which drives organisations to invest heavily in the precision agriculture market to sustain growth and improve productivity.
COVID-19 Impact on Precision agriculture Market
The precision agriculture market has grown in recent years; however, the outbreak of the COVID-19 pandemic has resulted in a slight decline in hardware revenue in 2020. This is attributed to the implementation of lockdown by governments in the majority of countries, as well as the closure of cities, to prevent virus transmission.
Following the recovery from the COVID-19 pandemic, the precision agriculture market is expected to thrive in the coming years. Furthermore, various organisations throughout Asia have adopted advanced agricultural techniques to improve their business processes and operational efficiency. Furthermore, several countries have installed precision agriculture applications and adopted precision agriculture solutions for their farming operations without any transmission of data.
Critical Questions Answered in the Report
What are the key trends in the Precision agriculture market?
How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
What is the impact of COVID-19 on Precision agriculture market?
What are the key strategies adopted by the major vendors to lead in the Precision agriculture market?
What is the market share of the top vendors?
Target Audience
The target audience of IP Multimedia Subsystem Market includes-
Precision agriculture distributors
Precision agriculture suppliers
Precision agriculture manufactures
Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.
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The Precision agriculture Market is projected to grow from USD 6,325.6 million in 2020 to USD 11,815.8 million by 2026 at a CAGR of around 11.2% during the forecast period.
This includes yield monitoring, field mapping, and weather forecasting, all of which improve farming productivity overall. A rise in the use of precision agriculture software in modern farming techniques this increases the demand for a variety of services, including system integration and managed services.
