Press Release

A USD 10.43 Billion Global Precision Agriculture Market to Grow at a CAGR of Around 13% During 2024-30

The Global Precision Agriculture Market size was valued at around USD 10.43 billion in 2023 and is anticipated to grow at a CAGR of around 13% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors. The precision agriculture industry is showing a fine growth trend due to several factors which include increasing demand for sustainable farming practices, technological improvements, government favorable packages, and assistance in the form of subsidies. The fundamental motive force for the growth & expansion of the market is the extended demand for sustainable agricultural practices. Using efficient and sustainable farming methods is becoming more and more vital as worries regarding useful resource shortages, climate change, and environmental degradation upward thrust. This requirement is met by way of the usage of precision agriculture, which gives farmers the potential to apply resources like water, fertilizer, and insecticides as effectively as viable. Thus, it is augmenting the demand for precision agricultural practices.

Despite an effective market outlook, there are some obstacles to the growth & development of the market. One of the biggest barriers to the growth of the Precision Agriculture Market is the absence of a proper set of standards and interoperability. Precision farming necessitates the seamless integration of an extensive variety of technologies, including GPS, sensors, drones, and software program systems, to supply precise and beneficial offerings to farmers. However, there may be extreme integration issues if these disparate structures do not have established protocols and interfaces. Incompatible hardware and software programs can make it extra difficult to accumulate and analyze information and make choices, which lowers the general efficacy and efficiency of precision agricultural techniques. Farmers may have to incur additional costs to mitigate these issues between incompatible systems, which ultimately may hinder market growth & expansion.

Moreover, the increasing adoption of blockchain for traceability is an emerging market trend that is changing market dynamics. The demand for transparency in the food supply chain is increasing as end-users are more concerned about food safety, quality, and the adverse effects of agricultural practices on the environment. The application of blockchain technology ensures a secure & effective ledger that tracks the direction of agricultural products from farm to fork. Increasing adoption of blockchain techniques boosts confidence between customers, producers, and merchants by logging every transaction and movement of items on a decentralized network, guaranteeing data accuracy and impervious to tampering. Thus, the increasing popularity of blockchain tools is presenting novel lucrative growth opportunities for the market players, further states the research report, "Global Precision Agriculture Market Analysis, 2024."

Global Precision Agriculture Market Segmentation Analysis

Hardware Segment Holds the Largest Market Share

Based on the offering, the market is bifurcated into hardware, software, and services. The hardware segment seized the largest share of the Global Precision Agriculture Market in the past few years due to the increasing use of hardware devices, such as sensors, drones, yield monitors, smartphones, and cameras installed on various agricultural equipment like harvesters and tractors. This practice enables better crop monitoring and makes the task easier to perform.

The precision agricultural hardware market includes a range of instruments and technologies for gathering, analyzing, and acting upon data on crop health, climatic trends, and soil conditions. Important hardware components include robots, variable rate technology (VRT), sensors, autonomous navigation systems, drones, and imaging systems.   

Asia-Pacific to Witness a Steady Revenue Growth During Forecast Period 

A healthy revenue growth is predicted in the Asia-Pacific Precision Agriculture Market in the coming years. This region offers a wide range of market opportunities because of its huge agricultural surroundings, which include big industrial plantations and smallholder farms. The need for environmentally friendly farming practices, and precision agricultural technologies are becoming increasingly famous in the Asia-Pacific region due to increasing food demand as the population is increasing at a greater rate compared to other regions of the world. To boost production and meal security, governments of different countries in Asia-Pacific are promoting smart agricultural technology and digital farming efforts.

With its well-established infrastructure and broad acceptance, North America leads the Global Precision Agriculture Industry, while Asia-Pacific is positioned as a potential growth region due to its wide economic development and serious efforts to modernize its agriculture.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Deere & Company, CropMetrics LLC, Trimble Inc., Ag Leader Technology, AgJunction, Inc., AgEagle Aerial Systems Inc. (Agribotix LLC), DICKEY-john Corporation, Farmers Edge Inc., Grownetics, Inc., Granular, Inc., and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Market Size- By Value, Forecast Numbers, Segmentation, Market Shares)?
2. What are the market trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & solution adoption?
5. How has the competition been shaping up across the regions?
6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?