Precision Agriculture Market - Global Opportunity Analysis and Industry Forecast | Key players: Deere & Company, Trimble Navigation Limited, AGCO Corporation, and Monsanto

The precision farming practices are expected to witness a surge in the adoption as they enable farmers to accurately manage variations in the field, increase productivity, and reduce production costs.

Rapid use of the IoT in the agriculture sector is contributing to the growth of the precision farming market. Farm managers & producers are leveraging the capabilities of the IoT devices, such as sensors, GPS & GNSS systems, and automated steering systems, for soil sampling, temperature monitoring, filed mapping, irrigation management, and several other applications.

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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. Precision agriculture is a farming technique associated with application of different technologies and solutions to enable efficient farming and improve crop yield. It presents significant potential in enhancing food productivity while at the same time providing sustainable management of resources.

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

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. 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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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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