Authored By: Sarah
11 Jul 2024

 Precision Agriculture Market Size to grow by USD 6094.8 million between 2024-2028

According to a research report “ Precision Agriculture Market” by Product (Hardware, Software and services) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 6094.8 million, at a CAGR of  13.63% during the forecast period. The agricultural technology sector has experienced significant investment inflows in recent years, totaling hundreds of millions of dollars. One notable example is Farmers Business Network, Inc. (FBN), which raised USD250 million in Series F funding in August 2020. Based in California, FBN empowers farmers to enhance their financial performance by facilitating supply-demand connections. The company intends to utilize the newly acquired capital to expand its Farmers First FBN Direct program, further modernizing agricultural business practices.

Browse market data tables, figures, and in-depth TOC on “Precision Agriculture Market” by Product (Hardware, Software and services) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Product, the Hardware segment is projected to dominate the market size in 2024

ai_market_segmentation_by

By Geography, North America  segment is expected to hold the largest market size for the year 2024

In the precision agriculture market, vendors are introducing advanced hardware solutions to enhance the implementation of agriculture methods and technologies. Notably, drones, or unmanned aerial vehicles (UAVs), are a significant innovation. Equipped with high-resolution cameras and sensors, these devices can be flown over extensive agricultural lands to gather diverse data. Their applications include crop health assessment, irrigation management, crop monitoring, and soil and field analysis, contributing significantly to the growth of the global precision agriculture market. The increasing adoption of automation and control devices, such as irrigation controllers, yield monitors, and sensors, is also expected to fuel market expansion.

North America is forecasted to hold the largest market size by region in 2024

Precision agriculture, a data-driven farming approach, is experiencing significant growth due to increasing demand for higher crop yields and reduced resource usage. This market encompasses technologies such as satellite imagery analysis, drones, and sensor networks, enabling farmers to make informed decisions based on real-time data. The global precision agriculture market is projected to reach USD22.5 billion by 2025, driven by advancements in IoT, AI, and machine learning.

The Precision Agriculture Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • AAA Taranis Visual Ltd.
  • Abaco Spa
  • Ag Leader Technology
  • AGCO Corp.
  • Agribotix
  • Carl Zeiss AG
  • CNH Industrial NV
  • CropX Technologies Ltd.
  • Deere and Co.
  • DICKEY john
  • Farmers Edge Inc.
  • Hexagon AB
  • Iteris Inc.
  • Kubota Corp.
  • TeeJet Technologies
  • The Toro Co.
  • Topcon Corp.
  • Trimble Inc.
  • Yara International ASA
.

For insights on company offerings- Request a sample report!

Research Analysis Overview

Precision Agriculture, also known as Precision Farming, is revolutionizing the agricultural industry by leveraging Real-time data, IT services, Software, and Specialized systems to optimize agricultural management. This data-driven approach enables Site-specific crop management, On-demand agriculture, and Precision Ag practices such as Real-time monitoring, Field mapping, Variable rate application, and Data-driven decision-making. IT services and Software solutions provide farmers with insights into Weather patterns, Crop health, and Soil conditions through AI and IoT devices. Guidance and Navigation systems integrated with GPS, Sensors, and Drones help farmers manage their land more efficiently. Satellite agriculture and precision farming technologies contribute to Environmental sustainability by minimizing resource usage and reducing waste. Harvesters and Tractors are being upgraded with precision agriculture capabilities, allowing farmers to optimize their operations and improve yields. Monitoring systems for crops and soil conditions ensure that farmers can respond quickly to changing conditions, ensuring optimal growth. With the integration of AI and machine learning, precision agriculture is set to become even more efficient and effective in the future.

Market Research Overview

Precision Agriculture Market: Transforming Agricultural Decision-making for Food Security and Sustainability Precision Agriculture, also known as Precision Farming or Satellite Agriculture, is revolutionizing modern agricultural practices by integrating technology, data analysis, and real-time monitoring to optimize farming solutions. This approach enhances farm productivity, crop yield, and environmental sustainability. Key components of Precision Agriculture include auto-guidance technology, VRT devices, steering devices, monitoring devices, and assisted professional services. These technologies enable site-specific crop management, variable rate application, real-time data analysis, and data-driven decision-making. Precision Agriculture addresses challenges such as soil compaction, labor, and tractor passes, while improving time efficiency, reducing costs, and minimizing the use of resources like water, fertilizers, and pesticides. It also facilitates financial management, farm labor management, inventory management, weather tracking, and crop scouting. Remote sensing technologies, including satellite sensing, ground-based sensing, and handheld sensing, provide valuable insights into climate conditions, water scarcity, and crop health. Precision techniques like precision irrigation, precision fertilization, and precision spraying optimize resource allocation and minimize waste. Precision Agriculture benefits small-scale farmers, large-scale agricultural operations, and the global agricultural landscape. It contributes to climate change mitigation, eco-friendly agriculture, and responsible resource management. With the increasing adoption of smartphones, IoT devices, and cloud-based software, the Precision Farming industry continues to evolve, offering on-demand agriculture and optimized farming solutions.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Read News Read Less
Interested in this report?
Get your sample now!
Technavio