PUBLISHER: The Business Research Company | PRODUCT CODE: 1499909
PUBLISHER: The Business Research Company | PRODUCT CODE: 1499909
Precision agriculture, also known as precision farming or precision ag, is a methodology driven by data and technology to efficiently manage agricultural operations with exceptional accuracy and control. This approach aims to enhance yields and profitability by facilitating more precise and informed management decisions.
The primary components of precision agriculture comprise hardware, software, and services. Hardware encompasses the tangible elements of computer systems or electronic equipment that are physically observable or touchable. Various technologies fall under this category, including guidance technology, remote sensing technology, and variable-rate technology. These technologies find application in numerous areas such as yield monitoring, field mapping telematics, crop scouting, weather tracking and forecasting, inventory management, farm labor management, among others.
The precision agriculture market research report is one of a series of new reports from The Business Research Company that provides precision agriculture market statistics, including precision agriculture industry global market size, regional shares, competitors with a precision agriculture market share, detailed precision agriculture market segments, market trends and opportunities, and any further data you may need to thrive in the precision agriculture industry. This precision agriculture research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 observed in the historical period can be attributed to several factors, including the expansion of farm sizes and complexities, heightened demand for food products, and an increase in the adoption of internet of things (IoT) and artificial intelligence (AI)-based solutions within the agricultural sector.
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.
The increasing demand for food is expected to drive the growth of the precision agriculture market in the foreseeable future. Food refers to substances consumed for nutritional support, and this demand surge is fueled by factors like population growth, economic progress, and evolving dietary preferences. Precision agriculture aids farmers in identifying and tackling challenges like soil degradation, nutrient deficiencies, and pest infestations in real-time. By leveraging data-driven insights, farmers can enhance crop resilience and minimize yield losses through targeted interventions such as soil enhancements, crop rotations, or pest management strategies. For instance, according to GOV.UK in February 2024, the gross value added (GVA) of the food sector (excluding agriculture and fishing) reached $157.82 billion (£115.2 billion) in 2021, marking a significant 12.3% increase compared to the previous year, with catering witnessing a remarkable 31.6% growth. Consequently, the escalating food demand is propelling the precision agriculture market's growth.
Key players in the precision agriculture market are focused on developing comprehensive precision agriculture platforms like Arc Farm Intelligence to offer digital farm management solutions. These platforms integrate various technologies and practices to optimize crop production by providing real-time data and insights to farmers. For instance, FMC India launched Arc Farm Intelligence in March 2024, aimed at supporting farmers in boosting productivity and promoting agricultural sustainability. This platform provides streamlined connectivity, efficient data organization, and relevant task management capabilities, fostering collaboration among advisors, farmers, and stakeholders. Additionally, FMC offers the platform and necessary field monitoring equipment at no cost to farmers, underscoring its commitment to ensuring access to advanced technologies for smallholder and historically underserved farmers.
In August 2023, Nordson Corporation, a US-based adhesive manufacturing company, acquired Allgemeine Rechtsschutz AG (ARAG) for $1.04 billion. This strategic acquisition is intended to expand Nordson's core dispense capabilities into the precision agriculture sector, aligning with the company's strategic focus on differentiated technologies and customer-centric approaches. ARAG, based in Germany, specializes in manufacturing sprayers and accessories for precision farming applications.
Major companies operating in the precision agriculture market are 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
North America was the largest region in the precision agriculture market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the precision agriculture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the precision agriculture market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The precision agriculture market consists of revenues earned by entities by providing services such as crop health monitoring, soil mapping and analysis, yield monitoring and mapping, and field boundary and prescription mapping. The market value includes the value of related goods sold. The precision agriculture market also includes sales of soil sensors, plant sensors, and weather stations. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Precision Agriculture Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on precision agriculture market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for precision agriculture? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The precision agriculture market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.