A recent report published by Infinium Global Research on precision
agriculture market provides an in-depth analysis of segments and sub-segments in
the global as well as regional precision agriculture market. The study also
highlights the impact of drivers, restraints, and macro indicators on the
global and regional precision agriculture market over the short term as well as
long term. The report is a comprehensive presentation of trends, forecast and
dollar values of the global precision agriculture market. According to the report,
the global precision agriculture market is projected to grow at a CAGR of 9.3%
over the forecast period of 2019-2025.
Precision agriculture is also known as precision farming. It makes
farming practices more controlled and accurate when it comes to raising livestock
and growing crops. Precision agriculture is a farming management using digital
techniques to monitor agricultural processes. Rather than applying the same
amount of fertilizer over an entire agriculture field. Precision
agriculture is a method to increases the quality and quantity of agricultural
output with the use of less input i.e. energy, fertilizers, pesticides, and
water. Its main aim is to save cost, reduce environmental impact and produce
more and better food life. This method of precision agriculture depends upon
the combination of new sensor technologies, satellite navigation and
positioning technology and the internet of things.
Precision agriculture is growingly popular amongst farmers owing to
the need for optimum production with available resources. Further, global
warming causes an unexpected weather change that necessitates the adoption of
advanced technologies to enhance productivity and crop yield. Different
technologies such as weather forecasting, real-time farm monitoring, and
optimal field requirement enable the farmers to increase the productivity with
minimum human efforts and wastages. Additionally, governments across the globe
encourage modern agriculture techniques to enhance productivity and crop yield.
However, lack of awareness about the benefit of precision agriculture among
farmers and affordability of technology are restraining the growth of the
market to the short term. Moreover, a rapidly growing use of IoT and technological
innovations such as vertical farms with smart design provides immense scope to
the global precision agriculture market.
Geographically, the precision agriculture market is segmented into
North America, Europe, Asia-Pacific, and RoW. North America holds a large share
in the global precision agriculture market owing to developed infrastructure
and increasing government initiatives for the adoption of modern agriculture
technologies. The U.S. and Canada are the recent adopters of precision farming
technology in this region.
The report on the global precision agriculture market covers segments
such as technology, hardware, and software. On the basis of technology, the
sub-markets include GIS, telematics, VRT, GPS, and remote sensing. On the basis
of hardware, the sub-markets include sensors, drones, automated steering
system, and radar. On the basis of software, the sub-markets include crop management software, weather tracking, and inventory.
The report provides profiles of the companies in the market such
as CropMetrics LLC, John Deere, Trimble Navigation Limited, CropX Ltd, AgSmarts
Inc, AgSense LLC, AGCO Corporation, Dickey-John Corporation, Monsanto Company,
and Ag Leader Technology, Inc.
The report provides deep insights into the demand forecasts,
market trends, and micro and macro indicators. In addition, this report
provides insights into the factors that are driving and restraining the growth
in this market. Moreover, The IGR-Growth Matrix analysis given in the report
brings an insight into the investment areas that existing or new market players
can consider. The report provides insights into the market using analytical
tools such as Porter's five forces analysis and DRO analysis of the precision
agriculture market. Moreover, the study highlights current market trends and
provides forecast from 2019-2025. We also have highlighted future trends in the
market that will affect the demand during the forecast period. Moreover, the
competitive analysis given in each regional market brings an insight into the
market share of the leading players.