Precision Agriculture Market Hits New High | Major Giants AGCO Corporation, Agribotix, Bayer CropScience AG, Case IH Agriculture

According to a research report published by Spherical Insights & Consulting, the Global Precision Agriculture Market Size Expected to Grow from USD 10.3 Billion in 2023 to USD 35.6 Billion by 2033, at a CAGR of 13.20% during the forecast period 2023-2033.

Precision agriculture, also known as site-specific crop management, satellite agriculture, or on-demand farming, uses cutting-edge science and technology to transform farming processes, particularly in poor countries. Its goal is to make agriculture more intelligent and successful by boosting sustainability, safeguarding natural resources, and optimizing financial returns. Moreover, the industry is expanding as producers increase their product offerings to satisfy shifting dietary preferences around the globe. To counteract harsh weather, farmers are embracing tough practices like crop diversification and water management. Two important factors driving market expansion are the increased demand for food and the need for better agricultural technologies. However, the high cost of precision agriculture technology creates an important obstacle to market expansion.

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The automation and control systems segment is expected to hold the largest share of the global precision agriculture market during the anticipation timeframe.

Based on type, the global precision agriculture market is categorized into automation and control systems, sensing and monitoring devices, and farm management systems. Among these, the automation and control systems segment is expected to hold the largest share of the global precision agriculture market during the anticipation timeframe. Automation and control technology boost farmers' ability to streamline their activities. These systems integrate a number of technologies, such as automated machinery, robotic equipment, and control software.

The GNSS/GPS systems segment is expected to grow at the fastest CAGR during the anticipation timeframe.

Based on the technology, the global precision agriculture market is categorized into GNSS/GPS systems, GIS, remote sensing, and variable rate technology (VRT). Among these, the GNSS/GPS systems segment is expected to grow at the fastest CAGR during the anticipation timeframe. GNSS/GPS systems provide precise mapping and tracking of farm equipment, allowing farmers to determine their exact location within a field. With a growing number of GPS devices, farmers can create detailed field maps and manage variable rate applications.

The hardware segment is expected to hold the largest share of the global precision agriculture market during the anticipation timeframe.

Based on components, the global precision agriculture market is categorized into hardware and software. Among these, the hardware segment is expected to hold the largest share of the global precision agriculture market during the anticipation timeframe. Precision agricultural infrastructure is primarily reliant on hardware components. It encompasses a wide range of physical instruments and equipment, including GPS receivers, sensors, drones, automated machinery, and other tangible items utilized on farms.

The yield monitoring segment is expected to grow at the fastest CAGR during the anticipation timeframe.

Based on the application, the global precision agriculture market is categorized into mapping, crop scouting, yield monitoring, and soil monitoring. Among these, the yield monitoring segment is expected to grow at the fastest CAGR during the anticipation timeframe. Yield monitoring is crucial for assessing crop performance and increasing production. This tool collects data during the harvest process to determine the true yield of crops in various areas of the field.

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North America is projected to hold the largest share of the global precision agriculture market over the anticipation timeframe.

North America is projected to hold the largest share of the global precision agriculture market over the anticipation timeframe. The presence of established agricultural machinery manufacturers and technology providers in North America is fueling market growth. Furthermore, favourable government policies promote industry growth. Aside from that, companies offer solutions to help reduce downtime in agricultural applications.

Asia-Pacific is expected to grow at the fastest CAGR growth of the global precision agriculture market during the anticipation timeframe. The growing modernization of agriculture in countries like China, India, and Indonesia is a major driver of the regional precision farming market's growth. Precision farming equipment is in high demand as population growth in the region's developing countries puts pressure on the agriculture industry to boost production.

Major vendors in the global precision agriculture market are AGCO Corporation, Agribotix, Bayer CropScience AG, Case IH Agriculture, ClearAg Operations, Conservis Corporation, AG DNA, AG Junction, AG Leader Technology, Deere & Company, and Others.

Key Target Audience

Market Players
Investors
End-users
Government Authorities
Consulting and Research Firm
Venture capitalists
Value-Added Resellers (VARs)

Recent Developments

In May 2024, AGCO announced that it will invest in Innova Memphis' Innova Ag Innovation Fund VI. The collaboration is consistent with AGCO's aim of providing advanced solutions for the next generation of farmers, resulting in a more automated, digitized, and sustainable agricultural future.

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Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global precision agriculture market based on the below-mentioned segments:

Global Precision Agriculture Market, By Type

Automation and Control Systems
Sensing and Monitoring Device
Farm Management Systems

Global Precision Agriculture Market, By Technology

GNSS/GPS Systems
GIS
Remote Sensing
Variable Rate Technology (VRT)

Global Precision Agriculture Market, By Component

Hardware
Software

Global Precision Agriculture Market, Application

Mapping
Crop Scouting
Yield Monitoring
Precision Irrigation Component

Global Precision Agriculture Market, By Regional

North America
US
Canada
Mexico

Europe
Germany
UK
France
Italy
Spain
Russia
Rest of Europe

Asia Pacific
China
Japan
India
South Korea
Australia
Rest of Asia Pacific

South America
Brazil
Argentina
Rest of South America

Middle East & Africa
UAE
Saudi Arabia
Qatar
South Africa
Rest of the Middle East & Africa

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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.

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