Precision Agriculture in 2024: Smart Solutions for Global Farming

The Business Research Company recently released a comprehensive report on the Global Precision Agriculture Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The precision agriculture market size has grown rapidly in recent years. It will grow from $6.96 billion in 2023 to $7.78 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to increased farm size and complexity, increased food demand, and rise in demand for IoT and AI-based agriculture solutions.

The precision agriculture market size is expected to see rapid growth in the next few years. It will grow to $12.16 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to increasing adoption of AI and machine learning, increasing demand for food security, and consumer demand for transparency and traceability. Major trends in the forecast period include personalized crop management solutions, integration of blockchain for traceability, and advancements in remote sensing technologies.

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Market Drivers and Trends:

The rising food demand is expected to propel the growth of the precision agriculture market going forward. Food refers to any substance consumed to provide nutritional support for an organism. The demand for food is rising due to a variety of factors, including population growth, economic development, and changing dietary habits. Precision agriculture helps farmers identify and address challenges such as soil degradation, nutrient deficiencies, and pest outbreaks in real time. Farmers can improve crop resilience and minimize yield losses with the help of data-driven insight to implement targeted interventions, such as soil amendments, crop rotation, or pest management strategies. For instance, in February 2024, according to GOV.UK, a UK-based government website, the gross value added (GVA) of the food sector, excluding agriculture and fishing, reached $157.82 billion (£115.2 billion) in 2021, representing a notable increase of 12.3% compared to the previous year. Specifically, catering saw a remarkable increase of 31.6%. Therefore, the rising food demand is driving the growth of the precision agriculture market.

Major companies operating in the precision agriculture market are developing precision agriculture platforms, such as Arc Farm Intelligence, to provide digital farm management solutions. The precision agriculture platform is a comprehensive system that integrates various technologies and practices to optimize crop production by providing real-time data and insights to farmers. For instance, in March 2024, FMC India, an India-based chemicals corporation, launched Arc Farm Intelligence, a precision agriculture platform to support farmers in increasing productivity and enhancing agricultural sustainability. This system is made to offer streamlined connectivity, effective data organization, and pertinent task management capabilities in partnership with advisers, farmers, and other stakeholders. The platform and all necessary field monitoring equipment are provided at no cost to the farmer, which is part of FMC's commitment to ensuring smallholder and historically underserved farmers have access to advanced technologies.

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Major Key Players of the Market:

Deere & Company, Corteva Agriscience, Monsanto Company, Syngenta AG, AGCO Corporation, Trimble Inc., Raven Industries Inc., Planet Labs Inc., The Climate Corporation, Farmers Edge Inc., Solinftec Inc., Ag Leader Technology Inc., Iteris Inc., DICKEY-John Corporation, Taranis Visual Ltd., AgJunction Inc., Farmobile LLC, Arable Labs Inc., The Yield Technology Solutions Pty Ltd., Topcon Positioning Systems Inc., Agribotix LLC, SlantRange Inc., AquaSpy Inc., Agworld Pty Ltd., CropMetrics LLC

Precision Agriculture Market 2024 Key Insights:

• The precision agriculture market size is expected to see rapid growth in the next few years. It will grow to $12.16 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%.
• Precision Agriculture Meets Rising Food Demand Through Data-Driven Solutions
• Precision Agriculture Platform For Enhanced Productivity And Sustainability
• North America was the largest region in the precision agriculture market in 2023

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