Global Precision Agriculture Market is Expected to Grow at a CAGR of 13.40% in the forecast period of 2024-2032

The global agricultural precision market is being driven by the rising adoption of precison agriculture practices by countries across North America, Europe, and the Asia Pacific. The growing focus on the global food supply as a result of the rising population, growing cost savings related to precise technologies, and policy efforts to introduce advanced agricultural management procedures have aided the growth of the precision agriculture market. The incorporation of advanced analytics in farming activities is furthering the market growth. Advanced analytics are a part of data science that employs various tools and methods for predicting data and ensuring that crops and soils are properly nurtured. This helps farmers to organise their activities.

In February 2021, AGCO Corporation (NYSE: AGCO), one of the key players in the industry, introduced the Fendt IDEALDrive steering system to the North American farmers. It provides the consumer with a simple, end-to-end view of the combine header for reduced stress and exhaustion during long working hours of harvesting, while increasing the combine operator’s field of vision. Such product launches are expected to influence the market in the coming years positively.

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Market Analysis by Type, Technology, Component, Application, and Regions:

• Based on type, the market can be divided into sensing and monitoring devices, farm management systems, and automation and control systems.

• The technology types in the market can be segmented into GNSS/GPS systems, remote sensing, variable rate technology (VRT), and GIS, among others.

• On the basis of component, the market is divided into software and hardware.

• The major application sectors in the industry are mapping, yield monitoring, soil monitoring, precision irrigation, and crop scouting, among others.

• The regional markets of precision agriculture include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The rising penetration of the internet in the market has led to a rise in the precision agriculture market.

• The increasing competition among the key players is providing an impetus to the market growth.

• The rising environmental issues are driving the growth of sustainable agriculture practice, therefore, propelling the growth of the market.

• The increased adoption of the latest technologies by the farmers is further supporting the growth of the market.

• The growing use of advanced analytics by the peasants is also boosting the market growth.

• Advancements in technology like vertical farms, along with smart design, is expected to boost the growth of the market in the coming years.

Key Offerings of the Report:

• The EMR report gives an overview of the global precision agriculture market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the type, technology, component, application, and major regions of precision agriculture.

The major key players in the global precision agriculture market include companies like AGCO Corporation, Deere & Company, Raven Industries, Inc., Trimble Inc., Bayer AG, CNH Industrial America LLC., Farmers Edge Inc., Fairport Farm Software, Granular, Inc., Grownetics, Inc., IBM, Proagrica, and others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.

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