Precision Agriculture Market Size Report, Industry Share, Analysis, Growth, 2032

Precision Agriculture Market Insights

According to Zion Market Research, the global Precision Agriculture Market was worth USD 10.10 Billion in 2023. The market is forecast to reach USD 24.62 Billion by 2032, growing at a compound annual growth rate (CAGR) of 10.4% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Precision Agriculture Market industry over the next decade.

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Precision agriculture or site specific crop management is a farming concept based on measuring, observing and responding to intra and inter field variability in crops. The main aim of precision agriculture is to make a decision making, support system for the entire farm management with the aim of enhancing returns on inputs while preserving resources

Precision agriculture is gaining acceptance amongst farmers owing to the surging need to make use of available resources to obtain maximum resources. The altering weather conditions owing to the rise in global warming have ruled out other option and adoption of advanced technologies has become a necessity in order to enhance the crop yield and boosting productivity. With the help of technologies such as weather forecasting, real-time farm monitoring and other similar products, farmers are able to grow good crops, predict outcomes and take necessary measures to prevent their production. Precision agriculture allows the farmers to escalate their yields with least wastage and human efforts.

Additionally, the technologies allow farmers to access and manage their resources in the real time via smartphones, thus providing mobility and ease of operation. Moreover, GPS-based guidance technology allows farmers to reduce overlapping of equipment thus saving labor cost, time and fuel. However, High initial investment in R&D and affordability of the technology along with lack of technical knowledge and awareness about its benefits among farmers is estimated to hinder market growth in the forecast period.

Precision Agriculture Market: Segmentation

The precision agriculture Market is segmented into technology and component.

The component segment is bifurcated into hardware and software. Hardware is likely to stimulate market growth for precision agriculture in the anticipated period. The yield monitoring sensor categorized under hardware segment is estimated to hold a substantial share. The application of yield monitoring in farming to understand field variability and also help growers in maximizing their yields is expected to boost growth. It is a tool which collects data to help analyze the variability in the field precisely. This data interpretation helps farmer to take necessary measures and decision. This will help support market growth in the long run.

On the basis of region the precision agriculture market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America is anticipated to show growth during the predicted period. The region will hold a significant share owing to the early adoption of precision farming technologies by developed countries in the region such as U.S and Canada.

Farmers in North American region are aggressively adopting advanced farming techniques, tools and equipment to harvest, manage and protect their yielding.

Precision Agriculture Market: Report Scope

Noticeable players included in the report are Trimble, Deere & Company, AGCO Corporation, Raven Industries, DeLaval, AgJunction Inc., Lely, GEA Farm Technology, AG Leader Technology and Antelliq among others.

The report segment of global Precision Agriculture Market as follows:

Global Precision Agriculture Market: Technology Segment Analysis

• Geographic information system (GIS)
• Telematics
• Variable rate technology (VRT)
• Global positioning system (GPS)
• Remote Sensing

Global Precision Agriculture Market: Component Segment Analysis

• Hardware 
  • Sensors
  • Drones
  • Automated Steering System
  • Radar
  • Global positioning system (GPS)
  • Others
• Software
  • Geographic information system (GIS)
  • Crop Management Software
  • Weather Tracking and Forecasting Software
  • Inventory Management Software
  • People Management Software
  • Financial Management Software

Global Precision Agriculture Market: Regional Segment Analysis

• • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa