Global Opportunity Analysis in AgriTech : Exploring Precision Agriculture Market Dynamics - 2030

In a recent publication by Allied Market Research, the Precision Agriculture Market was valued at $6,457 million in 2020. It is anticipated to grow substantially, reaching $23,056 million by 2030, with a Compound Annual Growth Rate (CAGR) of 13.4% from 2020 to 2030.

Precision agriculture, also known as precision farming or precision ag, is an approach to farming that utilizes information technology, data analysis, and advanced equipment to optimize various aspects of the agricultural production process. The goal of precision agriculture is to enhance efficiency, productivity, and sustainability in farming practices.

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Various technologies, including IoT, GPS, and remote sensing applications, play a crucial role in enhancing the understanding of diverse farming aspects such as irrigation and plowing. IoT, in particular, aids farmers in addressing challenges related to crop monitoring by providing real-time data on environmental temperature and soil water content through strategically placed sensors on the farm. This data assists farmers in making informed decisions regarding harvesting times, crop market rates, and soil management, thereby contributing significantly to the growth of precision farming.

The adoption of sustainable farming technologies is further facilitated by improved education and training for farmers, easily accessible information, availability of financial resources, and a heightened demand for organic food. The depletion of natural resources and environmental degradation pose limitations on crop production, prompting farmers to shift towards sustainable agricultural practices for resource preservation. This shift has, in turn, heightened the importance of enhancing crop nutrition and protection, fostering market growth.

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Innovations in technology, such as smart designs for vertical farming to maximize yields and reduce waste, present numerous growth opportunities. Additionally, increased investments in technologies like driverless tractors, guidance systems, and GPS sensing systems are expected to contribute to the expansion of the precision agriculture market. For example, strategically placed in fields, various sensors, including soil, climate, and water sensors, enable farmers to monitor their crops in real time, leading to higher yields and reduced crop wastage. These sensors find widespread adoption across various applications, including agriculture, pharmaceuticals, healthcare, automotive, and sports.

In 2020, the hardware segment held a dominant position in the precision agriculture industry, and this trend is expected to persist throughout the forecast period. The prevalence of hardware adoption in developing countries is a key factor contributing to its continued dominance, ensuring the efficient operation of precision agriculture. Nevertheless, the service segment is anticipated to experience significant growth in the coming years. This surge is driven by the increasing adoption of precision agriculture software in modern farming techniques, creating a demand for services such as system integration and managed services. Many countries are incorporating these services to streamline agricultural and farming tools, encompassing activities like yield monitoring, field mapping, and weather forecasting. This integration enhances overall farming productivity and propels the growth of the precision agriculture market.

Regarding technology, guidance technology took the lead in 2020 and is expected to maintain its dominance in the foreseeable future. This can be attributed to the growing use of global positioning and geospatial information systems for tracking crop field activities, particularly in developed countries like the U.S. and Canada, aiming to enhance revenue generation. On the other hand, the variable rate technology segment stands out as the fastest-growing sector. Its rapid growth is linked to the fundamental advantages of acquiring real-time information and data about agricultural farms without the need for physical visits.

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The Asia-Pacific region is anticipated to experience significant growth in the foreseeable future. This growth can be attributed to robust economic expansion and ongoing advancements in the agriculture sector. The increasing emphasis on precision agriculture within organizations is driven by the need to sustain growth and enhance productivity. Moreover, the region is witnessing a substantial shift towards digital transformation, a rise in cloud deployment, and technological advancements in farming operations. The continuous modernization of agriculture businesses in emerging economies is resulting in substantial investments in the precision agriculture market. Enterprises in the Asia-Pacific region are actively working on improving their operations and overall efficiency to remain competitive, presenting lucrative opportunities for market growth throughout the forecast period.

Key Findings Of The Study:

• By component, the hardware segment dominated the precision agriculture market share in 2020. However, the service segment is expected to exhibit significant growth during the forecast period.

• Based on application type, the yield monitoring segment accounted for the highest revenue of precision agriculture market share in 2020; however, the irrigation management segment is expected to witness the highest growth rate during the precision agriculture market forecast period.

• Depending on technology, the guidance technology segment generated the highest revenue in 2020. However, the variable rate technology segment is expected to witness the highest growth rate soon.

• Region-wise, the precision agriculture market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.

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Some prominent players in the global precision farming market include:
• Ag Leader Technology
• AgJunction, Inc.
• CropMetrics LLC
• Trimble, Inc., AGCO Corporation
• Raven Industries Inc.
• Deere and Company
• Topcon Corporation
• AgEagle Aerial Systems Inc. (Agribotix LLC)
• DICKEY-john Corporation
• Farmers Edge Inc.
• Grownetics, Inc.
• Proagrica (SST Development Group, Inc.)
• The Climate Corporation

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