Precison Agriculture Market 2023 Outlook in New Research Report

ReportsnReports.com adds "Precison Agriculture Market - Global Outlook and Forecast 2018-2023" report to its research store.

This market research report on global precision agriculture market offers analysis on market size & forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights on segmentation by application (guidance and monitoring systems (GIS, GNSS, and remote sensing), variable rate technology, and telematics), by components (hardware (drones, GPS devices, sensors, and others) and software), and by geography (North America, APAC, Europe, Latin America, and MEA).

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Precision Agriculture Market Overview

The smart use of technology to enable better decision making and optimized use of resources on farms is propelling the growth of the global precision agriculture market. The growing requirement to achieve higher yields and effectively meet the growing demand for food will boost the demand for these services in the global market.

This form of farming involves the deployment of a web of sensors, drones, and software to gather, process, and analyze data to derive actionable insights for on-farm decisions in the global market. The evolution of GIS and GNSS ecosystem, falling prices of sensors, and adoption of navigation systems will revolutionize the agricultural market. The use of navigation systems and drones drastically reduce the dependence on manual labor for scouting and crop monitoring activities and improves the overall efficiency of this whole process. Additionally, the use of these controllers and monitors will enable the right usage of fertilizers, pesticides, and insecticides, thereby, preventing the deterioration of soil quality and initiates cost savings in the global market.

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The government initiatives and subsides will encourage the implementation of digital set-up and procurement of smart infrastructure in the market. Digitalization will result in faster sharing of valuable information across geographies and markets will improve the economic conditions in the overall agricultural industries. The increasing in retail and industrial consumption will propel the growth of the global precision agriculture market.

The recent trends of urbanization, lifestyle changes, resource exploitation, and innovative communication systems will augment the growth of the global market. The increasing adoption of efficient and sustainable farming practices to ensure better food security and safety are one of the primary factors contributing to the use of smart systems in the agriculture industry. The global precision agriculture market is projected to reach revenues of over $9 billion by 2023, growing at a CAGR of approximately 16% during 2017-2023.

The global precision agriculture market by application is segmented into guidance and monitoring systems (GIS, GNSS, and remote sensing), variable rate technology, and telematics. Guidance and monitoring systems occupied a majority market share in 2017, growing at a CAGR of around 16% during the forecast period. The exponential use of GIS and remote sensing technologies by federal agencies and research projects for large-scale analysis in agriculture industries will propel the growth of this segment in the global market.

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The deployment of GPS in farming architecture to offer comprehensive solutions to farming communities will revolutionize the global market. The growing popularity of GNSS and GIS systems offer easily available, extractable, and moldable data to produce meaningful insights will drive the global precision agriculture market. GPS based tools are used for farm planning, soil sampling, swath and tractor guidance, crop scouting, field mapping, and yield monitoring applications in the agricultural industry.

The global precision agriculture market by geography is categorized into North America, APAC, Europe, Latin America, and MEA. North America dominated the majority market share in 2017, growing at a CAGR of more than 14% during the forecast period. The increasing availability of technological and mechanical components such as sensors, drones, and GPS devices will drive the growth of the market in North America. The proliferation of advanced data infrastructure and a high degree of technological awareness among the farming community in North America will propel the growth of the market. The increasing focus on sustainable farm practices and technology integrated agricultural models by government agencies will attribute to the development of the market in North America.

Key Countries Profiled
• US
• Canada
• China
• India
• Australia
• France
• Germany
• Spain

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Key Vendor Analysis

The increasing focus on yield maximization coupled with better quality of crops and limited and right usage of fertilizers, fungicides and pesticides is driving the competition in the global precision agriculture market. The increasing demand for infrastructure, distribution, and warehousing facilities will create new opportunities for leading vendors in the global market. The top players are offering innovative hardware and software solutions that ensures profitability, efficiency, and sustainability while protecting the environment to gain a larger global market share. Increasing investments by Mitsui, Monsanto, and Syngenta that support startups to develop solutions will boost revenues in the global market. These solutions help improving irrigation, crop spraying, harvesting, and more practices in the global market.

The major vendors in the market are:
• AgJunction
• Trimble Navigation
• AGCO Corp
• Deere & Company
• Topcon Corp

The other prominent players in the global precision agriculture market are Ag Leader Technology, DICKEY - John Corporation, Precision Planting Company, Lindsay Corp., Raven Industries, Novaraint Inc., SST Software, TeeJet Technologies, Valmont Industries, and Yara International.

Key market insights include
1. The analysis of global precision agriculture market provides market size and growth rate for the forecast period 2018-2023.
2. It offers comprehensive insights on current industry trends, trend forecast, and growth drivers about the global precision agriculture market.
3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
4. It offers a complete overview of market segments and the regional outlook of global precision agriculture market.
5. The report offers a detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.

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