The recent report by IMARC Group, entitled “Precision Agriculture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a comprehensive analysis of the precision agriculture market share. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
The global precision agriculture market size reached USD 8.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 20.2 Billion by 2032, exhibiting a growth rate (CAGR) of 9.9% during 2024-2032.
Precision Agriculture Market Trends:
The global market is primarily driven by the increasing population and the consequent demand for higher agricultural productivity maximizing yields and resource efficiency. In line with this, the growing awareness of sustainable farming practices, minimizing environmental impact while optimizing inputs is propelling the market growth. Similarly, continual advancements in sensor technology and data analytics are enabling real-time monitoring and decision-making, enhancing the market appeal.
Furthermore, the rapid integration of IoT (Internet of Things) devices in agriculture allows for seamless data collection and connectivity, further driving market expansion. Moreover, the rising cost of labor and the need for operational efficiency motivating farmers to invest in automated solutions that reduce reliance on manual labor, are providing an impetus to the market. Additionally, the increasing availability of favorable government incentives and support for technology adoption in agriculture is also encouraging the market demand.
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Precision Agriculture Market Scope & Growth Analysis:
The scope of the market encompasses a wide range of technologies and practices aimed at enhancing agricultural productivity and sustainability, including drones, soil sensors, satellite imagery, and data analytics software, all contributing to improved farming efficiency. The market scope is poised for substantial expansion, driven by ongoing technological advancements and the increasing adoption of smart farming practices globally. In addition to this, the rapid integration of artificial intelligence (AI) and machine learning (ML) into precision agriculture tools is expected to improve predictive analytics and optimize resource management.
As per market analysis, the emerging trend of vertical farming and urban agriculture is further expanding the market scope, as these methods increasingly rely on precision techniques to maximize yields in limited spaces. Moreover, the growing importance of crop health monitoring and disease management solutions, facilitating early detection and intervention is creating a positive outlook for the market.
Top Precision Agriculture Companies in the Industry:
- Agribotix
- Bayer CropScience AG
- Case IH Agriculture
- ClearAg Operations
- Conservis Corporation
- Deere & Company
- Farmers Edge Inc.
- Fairport Farm Software
- Fuse Technologies
- Granular AG
- Grownetics Inc.
- IBM
- MapShots Inc.
- Raven Industries
- SST Software
Precision Agriculture Market Segmentation:
Breakup by Technology:
- Global Navigation Satellite System (GNSS)/Global Positioning System (GPS)
- Geographic Information System (GIS)
- Remote Sensing
- Variable Rate Technology (VRT)
- Others
Breakup by Type:
- Automation and Control Systems
- Sensing and Monitoring Devices
- Farm Management Systems
Breakup by Component:
- Hardware
- Software
Breakup by Application:
- Yield Monitoring
- Crop Scouting
- Mapping
- Soil Monitoring
- Precision Irrigation
- Others
According to the report, yield monitoring accounted for the largest market share.
Regional Insights:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Historical, Current and Future Market Trends
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Why Choose IMARC Research Report:
- Strong Market Research Expertise
- Targeted Marketing Strategies
- Innovative Solutions
- Comprehensive Analysis
- Accuracy and Reliability
- Provides Insightful Forecasts
- Available Customization Options
- Strong Customer Service
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services.
IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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