Precision Agriculture Market Will Exceed $ 23,056 Million by 2030, With a Projected CAGR Of 13.4%

Precision agriculture is a site-specific crop management (SSCM) technique implemented by farmers in their field to improve crop yield and quality. It utilizes several advanced technologies, such as GPS, GIS, telematics, and remote sensing. Precision agriculture is a more effective way of farming than conventional farming methods. The increase in food demand and rapid development in the agriculture industry has made farmers to switch to precision agriculture. Moreover, the market growth is further supported by its unmatched benefits, for instance, weather forecasting, soil analysis, and collection & analysis of crop yield.

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According to the report published by Allied Market Research, the global precision agriculture market is expected to hit $7.8 billion by 2022, registering a CAGR of 14.9% from 2016 to 2022. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.

Increase in adoption of smart phones, rise in use of cloud technology, and booming population across the world drive the growth of the global precision agriculture market. On the other hand, lack of awareness about precision agriculture products and huge investment required for precision agriculture equipment impede the growth to some extent. However, high-end advancements in technology are expected to create lucrative opportunities in the industry.

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Covid-19 scenario-

• The outbreak of the pandemic led to distorted agricultural activities across the world, which in turn gave way to decreased demand for advanced farming techniques, thereby impacting the global precision agriculture market negatively.

• However, as the restrictions have loosened off in most countries and mass rollout of vaccination has been initiated by several government bodies, the market is expected to recoup soon.

In 2016, the GPS technology segment held the largest market share and is expected to maintain its leading position by 2022. Conversely, the GIS segment is projected to experience the most rapid Compound Annual Growth Rate (CAGR) of 15.7% from 2016 to 2022.

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Regarding components, hardware dominated the market in 2016 and is expected to continue its dominance through the end of 2022. Simultaneously, the software segment is poised for the most rapid growth with a CAGR of 15% during the forecast period.

In terms of geographical regions, North America was the primary contributor to the market in 2016 and is expected to maintain its dominant position by 2022. Meanwhile, the Asia-Pacific region is forecasted to exhibit the highest CAGR throughout the forecast period. The study also covers two additional regions: Europe and LAMEA.

This report gives an in-depth profile of some key market players in the precision agriculture market are Deere & Company, CropMetrics LLC, Trimble Navigation Limited, CropX, AgSmarts Inc, AgSense LLC, AGCO Corporation, Dickey-John Corporation, Monsanto Company, and Ag Leader Technology. This study includes market trends, market analysis, and future estimations to determine the imminent investment pockets.

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