The global precision agriculture/farming market is segmented based on component (hardware, software and services), application (yield monitoring, crop scouting, field mapping, variable rate application, soil monitoring, weather tracking & forecasting and farm management system) and are the major focus areas considered while analyzing and defining the penetration of precision agriculture technology at global scale. Under the component segment, in 2018, the hardware component dominated the global precision farming market with the maximum share in terms of revenue. Based on estimation, the segment occupied 71.9% share. However, the strengthening agriculture attributed to surging big data software component as well as service component are anticipated to register the highest CAGR of 18.19% and 19.58% respectively.
Precision agriculture is one of the systematic approaches to farming. It is an integrated crop management system that purposes to match the amount and the kind of inputs required by the crop for small areas within a farm field. It is also known as satellite farming and site-specific crop management. The technology automates the agricultural cultivation and eliminates the need of manual efforts. Various technologies in precision agriculture support the farmers in collecting the precise information regarding planting, crop fertilizing and harvesting. In addition, uncertain & changing weather conditions accredited to surging global warming has led to the adoption of precision agriculture technology which also results in enhancing the productivity and crop yield. Real time monitoring and information sharing through mobile applications and smartphones along with growing preference for telematics technology are further expected to flourish the market potential across the globe in near future.
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Obsolete traditional methods, increasing shortage of food supply to cater the ever-growing population have substantially catalyzed the market performance of precision farming. Considerable adoption of various smart devices in agriculture ranging from agricultural drones, robotics, sensors, GPS receivers to yield monitors has proliferated the industry growth over the recent years. Moreover, increasing investments by various established players along with numerous start-ups has remarkably scaled up the potential for the industry further leading to numerous farmers adopting such advanced technologies into their crop cultivation. Moreover, in 2018, yield monitoring application in precision agriculture held a prominent share of 27.2%, followed by crop scouting. The yield monitoring market at global scale was evaluated at US$ 1,186.9 million in 2018 and is projected to witness astonishing CAGR of 15.05% during the forecast period. In addition, crop scouting held 20% market share in the respective market on account of surging demand of precision agriculture over the years. Hence, the segment garnered revenue of US$ 893.6 million in 2018.
To conclude, precision agriculture technologies are being adopted by farmers at a very accelerating pace. It has been observed that the market size as well as adoption rates are reaching all-time highs at global scale and do not show any sign of slow down. Ranging from variable rate technologies to field monitoring, the advanced technology aims to offer end to end solutions in agriculture sector across the world.
Global Precision farming derived revenue of US$ 4,355.9 million in 2018 and is expected to fetch US$ 12,649.9 million by 2025 displaying tremendous CAGR of 16.84% over the forecast period (2019-2025).
Also, for better understanding of the overall adoption rate of precision agriculture technology in different market, detailed analysis has been done for different regions/countries including North America (US, Canada), Europe (UK, Germany, France, Spain, Italy), Asia Pacific (China, India, Japan, Australia), and the rest of the world (Middle East and Latin America). Based on the estimation, North America dominated the global precision agriculture/farming market, accounting for revenue share of 41.3% in 2018. On account of strong government support to increase the agriculture production, availability of supporting infrastructure as well as gaining prominence of smart and precision farming methods have significantly fostered the regional market. Moreover, more than 25,000 farmers using IoT in US paired with increased deployment of advance agriculture solutions both in US and Canada along with small farms steadily increasing investment in precision and smart farming methods to raise farm productivity have tremendously boosted North America precision agriculture/farming market.
Numerous companies have earmarked their presence in the global precision agriculture/farming market with continued focus on product expansions, investments, business expansion, product launches and collaborations. They continue to offer wide range of smart farm devices that cater to farm needs and further results in enhanced crop productivity and optimum utilization of resources. With an objective to stimulate the overall adoption of precision agriculture /farming techniques across the developing and developed nations specifically in the Asia pacific, Latin America and Middle East region, these players have adopted various strategies to enhance the penetration of modern agriculture practices.
Some of the major players operating in the global precision agriculture/farming market include AGCO Corporation, AgJunction LLC, Trimble Inc., Deere and Company, AgEagle Aerial Systems Inc, Monsanto Company, Syngenta AG, Yara International ASA, Deveron UAS Corp and American Robotics among others.
Global Precision agriculture/farming technology market generated revenue of US$ 4,355.9 million in 2018. The technology is expected to grow at a CAGR of 16.84% during the forecast period to reach a market valuation of US$ 12,649.9 million by 2025. North America dominated the global precision agriculture/farming market, accounting for revenue share of 41.3% in 2018.