Market Overview:

Precision Agriculture Market was worth USD 4.83 billion in 2019 and is estimated to be growing at a rate of 14.7%, to reach USD 9.59 billion by 2024. Precision agriculture reduces the majority of human efforts on field by automation. With the use of installed sensors in the field, measurement of temperature, soil humidity, and nutritional level of soil can be measured and shared with the farmers. This enables the farmer to get better yields with optimized use of resources and wastage. Farmers can access all this technology through their smartphones or PCs.

Market Drivers and Restraints:

The growing use of cloud-based technology, the increasing use of technology in agriculture to minimize casualties and human effort, and the increasing use of smartphones are the main drivers of the precision agricultural market. The ease of use of technology and the need to maximize food production also drive market growth. However, the high initial investment in the installation of sensors and GPS systems, the lack of awareness among farmers about the benefits of precision agriculture and the lack of experience in technology are the main factors that hinder the market.

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Report segmented as

By Technology Type:

Guidance System
Remote Sensing
Variable Rate Technology
By Offering:

Hardware
Software
Services
By Application:

Yield Monitoring
Field Mapping
Crop Scouting
Weather Tracking and Forecasting,
Irrigation Management
Inventory Management
Farm Labor Management
Geographical Analysis:

Based on Region, the global precision farming market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa regions. North America dominated the market due to the increasing adoption of technology in farming in this Region, followed by Europe. Asia-Pacific is the fastest growing market segment as this Region has the most significant agricultural land and huge population base.

Important Market Players:

Some of the major companies in the precision agriculture market are Deere & Company (U.S.), Trimble, Inc. (U.S.), and Leica Geosystems (Switzerland), AJ Junction, Inc. (U.S.), Monsanto Company, AgSmarts Inc., CropMetrics LLC, and Dickey-John Corporation.

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The Scope of the report:

This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.

About Us:

Market Data Forecast is a firm working in the areas of market research, business intelligence, and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.

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