The precision agriculture market size is expected to reach at US$ 19.72 billion by 2028; registering at a CAGR of 11.8% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Increasing Adoption of Internet Of Things (IoT) Devices in Agriculture Catalyzes Precision Agriculture Market Growth
Precision Agriculture Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: by Component (Hardware, Software, and Service), Application (Data Management, Yield Monitoring, Precision Spraying, Precision Irrigation, Precision Planting, Field Monitoring, Precision Fertilization, and Others), and Geography (North America, Europe, Asia Pacific, and South and Central America)
Precision Agriculture Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
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Source: The Insight Partners Analysis
The agriculture sector continuously strives to meet consumer demands, regardless of environmental challenges such as unfavorable weather conditions and climate change. Technological advancements in, both, small and large-scale agricultural businesses are encouraging the implementation of precision agriculture. Innovations related to smart farming and precision farming through IoT will enable farmers to enhance their operational efficiencies, lower costs, reduce waste, and improve yield quality. The use of IoT devices in precision agriculture helps farmers in improving the field and cattle monitoring, risk management, and planning for aiding decision-making, return on investment (ROI), and overall site farm security. Moreover, the implementation of IoT applications, along with high-speed internet-connected mobile devices obtaining data from reliable, low-cost satellites, adds to the accuracy of precision agriculture, which bolsters the growth of the precision agriculture market growth.
Based on component, the precision agriculture market is segmented into hardware, software, and services. The hardware segment is dominating the market. The hardware consists of automation and control systems, sensing devices, antennas, access points, sensors, and others. Automation and control systems, sensing devices, and drones play a major role in precision farming. However, the software segment is expected to register the highest CAGR during the forecast period as predictive analytics software guides farmers about crop rotation, optimal planting times, soil management, harvesting times, and much more.
Based on application, the precision agriculture market is segmented into data management, yield monitoring, precision spraying, precision irrigation, precision planting, field monitoring, precision fertilization, and others. The yield monitoring segment is dominating the precision agriculture industry. Yield monitoring using precision agriculture technologies helps identify, measure, and describe the intra-field variability within a cropping system. Moreover, yield mapping is one of the most widely used precision agriculture techniques, which is likely to contribute to the growth of the market for this segment in the coming years.
North America holds the largest share of the global precision agriculture market. The region has been an early adopter of technology across various verticals. Favorable government initiatives to support the adoption of modern agriculture technologies in North American economies further contribute to the high revenue and growth of the precision agriculture market.
Ag Leader Technology; AgJunction, Inc.; CropMetrics LLC; Trimble, Inc.; AGCO Corporation; Raven Industries Inc.; Deere and Company; Topcon Corporation; Hexagon Agriculture; and CropX Technologies are among the key players profiled during the precision agriculture market study. Several other major companies were studied and analyzed during this research study to get a holistic view of the market and its ecosystem.
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