Precision Agriculture Market Predicted to reach USD 9.59 billion by 2023 | Some of the major companies dominating the Market are Deere & Company, Trimble, and Leica Geosystems, AJ Junction, Monsanto Company, AgSmarts, CropMetrics LLC and Dickey-John Corp

Precision Agriculture Market Overview:

Precision agriculture is one of the advanced farming techniques that involve use of technologies such as Global Positioning System, remote sensing and Geographic Information system to gather information from the fields and make better decisions in the use of resources.

Precision agriculture reduces majority of human efforts on field by automation. With the use of installed sensors in the field, measurement of temperature, soil humidity and nutritional level of soil can be measured and shared with the farmers. This enables the farmer to get better yields with optimized use of resources and wastage. All this technology can be accessed by farmers through their smart phones or PCs.

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Increasing use of cloud based technology, growing trend of application of technology in farming to minimize the losses and human efforts, increasing use of smart phones are the major factors driving the precision agriculture market. The ease of operation of the technology and the need to maximize the production of food are also driving the growth of the market. However, high initial investment for the installation of sensors and GPS system, lack of proper awareness amongst farmers about the benefits of precision agriculture and inexperience in using technology are the major factors restraining the market.

Precision Agriculture Market Forecast Report (2018-2023):

Global Precision Agriculture Market was worth USD 4.83 billion in 2018 and is estimated to be growing at a rate of 14.7%, to reach USD 9.59 billion by 2023.

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Precision Agriculture Market Segmentation:

Global precision agriculture market is segmented on the basis of Offering, Technology and Application. On the basis of Offering, the market is segmented into Hardware, Software and Services. The hardware segment is further segmented into Automation & control system and Sensing & Monitoring devices. Automation & control system is further segmented into Display, Guidance & steering, GPS system, Drones, Mobile devices and flow and application control devices. Sensing devices are further segmented into Yield Monitors, Soil Sensors, Water sensors and climate sensors. On the basis of technology, the market is segmented into Guidance system, Variable rate technology, and remote sensing. Based on Application, the market is segmented into Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking & Forecasting, Irrigation Management, Inventory Management, Farm Labor Management and Financial Management. Weather tracking and forecasting holds the largest market share in precision agriculture market. However, irrigation management is expected to be the fastest growing segment owing to increasing water scarcity.

Based on Region, the global precision farming market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa regions. North America dominated the market due to the increasing adoption of technology in farming in this region followed by Europe. Asia-Pacific is the fastest growing market segment as this region has the largest agricultural land and huge population base.

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Major Key Players:

Some of the major companies in the precision agriculture market are Deere & Company (U.S.), Trimble, Inc. (U.S.), and Leica Geosystems (Switzerland), AJ Junction, Inc. (U.S.), Monsanto Company, AgSmarts Inc., CropMetrics LLC and Dickey-John Corporation.

Key Takeaways from this Report:

· For different product types, end use applications and industry verticals, offers calculated growth rates (CAGR %), Volume (Units), and Value ($M) in each region to estimate the market potential.
· Identify various driving factors, constrains and untold opportunities that can impact the global marketplace
· Know the position of your competitor based on the market shares, financial performance, strategical approaches, SWOT, product benchmarking and so on.
· Increase overall revenue by understanding the geographical impact on sales and distribution channels.
· Evaluate the increase in values at each step of industry supply chain to improve process efficacy and optimize the value.
· Understand the market dynamics of leading players like deals, partnerships, new products, mergers and acquisitions in the last four years.
· Estimate the gaps in supply-demand, statics involved in import-export, and regulatory framework of the worldwide market in over 20 top nations.

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