Precision Agriculture Market is Anticipated to Reach Around US$ 15.3 Billion By 2028 | CAGR of 11.3%

According to the recent report by IMARC Group, entitled "Precision Agriculture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on precision agriculture market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global precision agriculture market size reached US$ 7.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 15.3 Billion by 2028, exhibiting a growth rate (CAGR) of 11.3% during 2023-2028.

Precision agriculture, also called site-specific crop management (SSCM), represents an approach to farm management that generally enables farmers to produce more food in a cost-effective manner. It generally consists of advanced technologies, such as geographical information system (GIS), remote sensing (RS), a global positioning system (GPS), variable rate technology (VRT), etc. Precision agriculture generally relies on software, specialized equipment, and information technology (IT) services to offer real-time data regarding the condition of the ambient air and crops, soil, labor costs, availability of equipment, local weather predictions, etc. It enables farmers to know about crop rotation, precise planting times, harvesting times, etc. Precision agriculture aids in decreasing the overall usage of pesticides, water, herbicides, fertilizers, etc. It also helps in enhancing the productivity, profitability, quality, and sustainability of the crops. It minimizes production costs and labor inputs. Consequently, precision agriculture is gaining extensive traction across countries.

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Market Trends:

The growing utilization of smartphones with the ease of internet facilities is primarily driving the precision agriculture market. Additionally, the launch of several favorable policies by government bodies to promote sustainable development is further catalyzing the market growth. Besides this, the rising utilization of low power wide area (LPWA), Wi-Fi services, and wireless sensor technologies for enhancing agricultural output is acting as another significant growth-inducing factor. Moreover, the increasing integration of the Internet of Things (IoT) with precision agriculture for improving yield and avoiding the negative impacts of climate change is positively influencing the global market. Apart from this, the widespread adoption of site-specific crop management, as it minimizes reducing costs, is also propelling the market growth. Furthermore, the development of several devices and systems, such as sensing and monitoring devices, is projected to fuel the precision agriculture market in the coming years.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Agribotix
• Bayer CropScience AG
• Case IH Agriculture
• ClearAg Operations
• Conservis Corporation
• Deere & Company
• Farmers Edge Inc.
• Fairport Farm Software
• Fuse Technologies
• Granular AG
• Grownetics Inc.
• IBM
• MapShots Inc.
• Raven Industries
• SST Software

Precision Agriculture Market Segmentation:

Our report has categorized the market based on region, technology, type, component and application.

Breakup by Technology:
• Global Navigation Satellite System (GNSS)/Global Positioning System (GPS)
• Geographic Information System (GIS)
• Remote Sensing
• Variable Rate Technology (VRT)
• Others

Breakup by Type:
• Automation and Control Systems
• Sensing and Monitoring Devices
• Farm Management Systems

Breakup by Component:
• Hardware
• Software

Breakup by Application:
• Yield Monitoring
• Crop Scouting
• Mapping
• Soil Monitoring
• Precision Irrigation
• Others

Regional Insights:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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This release was published on openPR.