Precision Agriculture market will create New Revenue Opportunity in Coming Years

The Objective of the "Global Precision Agriculture Market" report is to depict the trends and upcoming for the Precision Agriculture industry over the forecast years. Precision Agriculture Market report data has been gathered from industry specialists/experts. Although the market size of the market is studied and predicted from 2015 to 2022 mulling over 2014 as the base year of the market study. Attentiveness for the market has increased in recent decades due to development and improvement in the innovation.

The global precision agriculture market is expected to generate revenue of $7.8 billion by 2022, growing at a CAGR of 14.9% from 2016 to 2022. From a growth perspective, geographic information system (GIS) technology is anticipated to exhibit the highest CAGR of 15.7%, driven by higher adoption mainly in North America and Europe.

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Precision agriculture technologies include GPS, GIS, telematics, Variable rate technology (VRT), and remote sensing. Among the mentioned technologies, GPS is the largest revenue contributor, owing to its ability to help farmers and agriculture service providers to automatically record the field data and apply variable rate of inputs to smaller areas within larger fields.

Key players in the precision agriculture market are Deere & Company, Trimble Navigation Limited, AGCO Corporation, and Monsanto Company among others. Product launch, acquisition, and partnership are observed to be the prominent strategies adopted by the leading market players to strengthen their market position, enhance their product portfolio, and expand their geographical presence. For instance, in 2016, Deere & Company launched mobile real-time kinematics (RTK), a latest innovation in machine guidance and telematics that monitors field and crop requirements effectively.

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North America presently leads the market, on account of high investment in agriculture technologies, high awareness levels and wide internet penetration. Within North America, the U.S constitutes over 80% of the market revenue. Furthermore, Asia-Pacific is likely to exhibit the highest growth, on account of the increasing adoption of advanced agriculture technologies such as VRT and drone, mainly in countries such as China and Japan.

Hardware segment accounted for the higher revenue share in 2015, owing to high demand of hardware components such as drone, ASS, and RADAR.

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The software market, encompassing inventory management software, people management software and financial management software among others, is expected to witness the highest growth during the forecast period with a CAGR of over 15%, owing to its ability of these software to enhance equipment's operating efficiency and smartphone integration with field machinery and devices for easy access of information.

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