A recent report published by Infinium Global Research on precision agriculture market provides 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. The 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 farmer 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 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 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, radar, and GPS. On the basis of software, the sub-markets include GIS, 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 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.
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