Global Precision Agriculture Market, By Technology, (Geographic information system (GIS), Telematics, Variable rate technology (VRT), Global positioning system (GPS), Remote Sensing), By Component, (Hardware, Software), Industry analysis, trends, estimation & forecast, 2016 - 2024.

October 2017

 ERC 5392

Global Precision Agriculture Market was valued at $3.4 billion in 2016 and is expected to reach $10.5 billion by 2024, having a CAGR of 15.3% during the forecast period of 2017 to 2024. The GPS technology segment gained the highest revenue share in the global precision agriculture market.

Precision agriculture also known as site specific crop management (SSCM) and satellite farming is an advanced farming technique which utilizes several technologies such as GPS, GIS and remote sensing to gather crucial field related information to support farmer’s decisions regarding crop fertilizing, planting, and harvesting. Precision agriculture is swiftly gaining popularity among farmers due to the increasing need of optimum production within the given resources. The declining area of arable land and the changing weather patterns due to increasing global warming has limited the food production potential. Farmers facing the pressure of maximizing production within these limitations are pursuing progressive techniques to make their farmlands more efficient. Precision agriculture aids in managing farm lands more effectively by offering technologies such as real-time farm monitoring, weather forecasting, optimal field requirements and others.

Precision agriculture allows the farmers to increase their yield with minimum human efforts and wastage. Moreover, it enables the farmers to manage their resources as well as access real time information through their smartphones, thereby offering greater mobility and ease of operation.

Market Determinants

The global precision agriculture market has witnessed healthy growth in the recent years due to the dozens of benefits derived from smart use of technology in agricultural activities. The prime factor driving the growth of global precision agriculture market is the need to fulfil the growing demand for food of the flourishing population. The FAOSTAT data shows that the food consumption measured in kcals per capita per day has been steadily increasing on a worldwide basis. In 2015, the per capita food consumption was 2940 kcal per day. It is expected to increase to 3050 kcal per capita per day, by 2030. Further, increase in the usage of smart phones has enabled farmers to quickly adapt to precision farming trends. Moreover, the application of cloud technology in handling data related to the field, crops, machineries used in agriculture is fueling the market growth. However, high investment cost of precision agriculture equipment’s and lack of awareness regarding precision agriculture among farmers act as the major barriers in the growth of the market. On the other hand, increasing innovations in the technology related to precision agriculture is expected to create huge opportunities for the growth of market in the coming years.

MARKET DETERMINANTS-IMPACT ANALYSIS (2016-2024)

market determinants-impact analysis
Segment Analysis

The global precision agriculture market is segmented on the basis of technology, component, and geography. By technology, the market is segmented into GIS, telematics, VRT, GPS, and remote sensing. On the basis of component, the market is segmented as hardware, and software. The hardware segment is further segmented into sensors, drones, automated steering systems, radar, GPS, and others. Based on type the software segment is further categorized into GIS, crop management software, weather tracking software, inventory management software, people management software, and financial management software. Geography wise, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. North America is the largest global precision agriculture market in terms of revenue, by holding more than half of the shares, throughout the forecast period. It is expected to maintain its dominance and grow with the highest CAGR of 11.7% from 2017-2024.

GPS PRECISION AGRICULTURE MARKET BY REGION, 2016-2024
gps precision agriculture market by region

Some eminent market players are Agco Corporation, Cropx, Cropmetrics LLC, Monsanto, Dickey-John, Agsmarts Inc., AG leader technology, Deere & Company, Trimble Inc., Agsense LLC. In September 2017, Deere & Co. acquired ag-tech startup Blue River Technology for $305 million. This acquisition will provide a competitive edge to Deere and bolster its position as a leader in precision agriculture.

GLOBAL PRECISION AGRICULTURE MARKET SEGMENTATION

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

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

By Geography
• North America
• Europe
• Asia-Pacific
• Rest of the World

KEY MARKET PLAYERS

• Agco Corporation
• Cropx
• Cropmetrics LLC
• Monsanto
• Dickey-John
• Agsmarts Inc.
• AG leader technology
• Deere & Company
• Trimble Inc.
• Agsense LLC

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    What Information does this report contain?

    • What was the market size of the Global Precision Agriculture Market in 2016 and the expected market size by 2024, along with the growth rate?
    • An in-depth analysis of the current impacting factors, opportunities and challenges/restraints in the market
    • Which are the largest revenue generating products, services or regions and their comparative growth rate?
    • Which technology is in trend and how would it evolve during the forecast period (2016 - 2024)?
    • Which are the leading companies in the Global Precision Agriculture Market and their competitive positioning basis their market share, product portfolio, strategic attempts and business focus?

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