What Is The Scope Of The Global Precision Agriculture Market?
Precision agriculture, often known as precision farming or precision ag, refers to a data-driven and technologically enabled strategy for managing agricultural activities with a high degree of accuracy and control. This technology aims to boost yields and profitability through more precise and informed management decisions.
Precision Agriculture Global Market Report 2024 provides data on the global precision agriculture market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Precision Agriculture market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Precision Agriculture?
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 in the historic period can be attributed to increased farm size and complexity, increased food demand, and the rise in demand for IoT and AI-based agriculture solutions. 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.
What Are The Leading Drivers Of Growth In The Precision Agriculture Market?
The precision agriculture market is expected to grow with rising food demand worldwide, influenced by population growth, economic development, and dietary changes. GOV.UK reported a 12.3% increase in the gross value added (GVA) of the food sector in 2021, totaling $157.82 billion (£115.2 billion). Precision agriculture techniques enable farmers to optimize crop management through real-time data analytics, addressing challenges like soil health and pest control efficiently. This technology-driven approach enhances crop resilience and productivity, meeting the increasing global demand for food. The precision agriculture market is poised for growth through 2023, 2024, and 2028, supporting sustainable farming practices and food security initiatives.
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How Are The Segments Defined Within The Global Precision Agriculture Market?
The precision agriculture market covered in this report is segmented –
1) By Component: Hardware, Software, Service
2) By Technology: Guidance Technology, Remote Sensing Technology, Variable-Rate Technology
3) By Application: Yield Monitoring, Field Mapping Telematics, Crop Scouting, Weather Tracking And Forecasting, Inventory Management, Farm Labor Management, Other Applications
How Are New Trends Expected To Influence The Growth Of The Precision Agriculture Market?
Key players in the precision agriculture market are developing advanced precision agriculture platforms like Arc Farm Intelligence to offer digital farm management solutions. This platform is a comprehensive system that integrates various technologies and practices to enhance crop production by providing real-time data and insights to farmers. For instance, in March 2024, FMC India, an Indian chemicals corporation, launched Arc Farm Intelligence, a precision agriculture platform designed to help farmers boost productivity and improve agricultural sustainability. The platform offers streamlined connectivity, effective data management, and relevant task management features, working in collaboration with advisers, farmers, and other stakeholders. FMC provides the platform and necessary field monitoring equipment free of charge to ensure smallholder and historically underserved farmers have access to advanced technologies.
Which Region Drives The Highest Growth In The Precision Agriculture Market?
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.
