Global Precision Agriculture Market: Insights and Forecast 2019-2025: Emphasis on Component Application and Region/Country

The global precision agriculture/farming market is segmented based on component (hardware, software and services), application (yield monitoring, crop scouting, field mapping, variable rate application, soil monitoring, weather tracking & forecasting and farm management system) and are the major focus areas considered while analyzing and defining the penetration of precision agriculture technology at global scale. Under the component segment, in 2018, the hardware component dominated the global precision farming market with the maximum share in terms of revenue. Based on estimation, the segment occupied 71.9% share. However, the strengthening agriculture attributed to surging big data software component as well as service component are anticipated to register the highest CAGR of 18.19% and 19.58% respectively.
Precision agriculture is one of the systematic approaches to farming. It is an integrated crop management system that purposes to match the amount and the kind of inputs required by the crop for small areas within a farm field. It is also known as satellite farming and site-specific crop management. The technology automates the agricultural cultivation and eliminates the need of manual efforts. Various technologies in precision agriculture support the farmers in collecting the precise information regarding planting, crop fertilizing and harvesting. In addition, uncertain & changing weather conditions accredited to surging global warming has led to the adoption of precision agriculture technology which also results in enhancing the productivity and crop yield. Real time monitoring and information sharing through mobile applications and smartphones along with growing preference for telematics technology are further expected to flourish the market potential across the globe in near future.
Obsolete traditional methods, increasing shortage of food supply to cater the ever-growing population have substantially catalyzed the market performance of precision farming. Considerable adoption of various smart devices in agriculture ranging from agricultural drones, robotics, sensors, GPS receivers to yield monitors has proliferated the industry growth over the recent years. Moreover, increasing investments by various established players along with numerous start-ups has remarkably scaled up the potential for the industry further leading to numerous farmers adopting such advanced technologies into their crop cultivation. Moreover, in 2018, yield monitoring application in precision agriculture held a prominent share of 27.2%, followed by crop scouting. The yield monitoring market at global scale was evaluated at US$ 1,186.9 million in 2018 and is projected to witness astonishing CAGR of 15.05% during the forecast period. In addition, crop scouting held 20% market share in the respective market on account of surging demand of precision agriculture over the years. Hence, the segment garnered revenue of US$ 893.6 million in 2018.
To conclude, precision agriculture technologies are being adopted by farmers at a very accelerating pace. It has been observed that the market size as well as adoption rates are reaching all-time highs at global scale and do not show any sign of slow down. Ranging from variable rate technologies to field monitoring, the advanced technology aims to offer end to end solutions in agriculture sector across the world. Global Precision farming derived revenue of US$ 4,355.9 million in 2018 and is expected to fetch US$ 12,649.9 million by 2025 displaying tremendous CAGR of 16.84% over the forecast period (2019-2025).
Also, for better understanding of the overall adoption rate of precision agriculture technology in different market, detailed analysis has been done for different regions/countries including North America (US, Canada), Europe (UK, Germany, France, Spain, Italy), Asia Pacific (China, India, Japan, Australia), and the rest of the world (Middle East and Latin America). Based on the estimation, North America dominated the global precision agriculture/farming market, accounting for revenue share of 41.3% in 2018. On account of strong government support to increase the agriculture production, availability of supporting infrastructure as well as gaining prominence of smart and precision farming methods have significantly fostered the regional market. Moreover, more than 25,000 farmers using IoT in US paired with increased deployment of advance agriculture solutions both in US and Canada along with small farms steadily increasing investment in precision and smart farming methods to raise farm productivity have tremendously boosted North America precision agriculture/farming market.
Numerous companies have earmarked their presence in the global precision agriculture/farming market with continued focus on product expansions, investments, business expansion, product launches and collaborations. They continue to offer wide range of smart farm devices that cater to farm needs and further results in enhanced crop productivity and optimum utilization of resources. With an objective to stimulate the overall adoption of precision agriculture /farming techniques across the developing and developed nations specifically in the Asia pacific, Latin America and Middle East region, these players have adopted various strategies to enhance the penetration of modern agriculture practices. Some of the major players operating in the global precision agriculture/farming market include AGCO Corporation, AgJunction LLC, Trimble Inc., Deere and Company, AgEagle Aerial Systems Inc, Monsanto Company, Syngenta AG, Yara International ASA, Deveron UAS Corp and American Robotics among others.
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Global Precision agriculture/farming technology market generated revenue of US$ 4,355.9 million in 2018. The technology is expected to grow at a CAGR of 16.84% during the forecast period to reach a market valuation of US$ 12,649.9 million by 2025. North America dominated the global precision agriculture/farming market, accounting for revenue share of 41.3% in 2018.

Global Precision Agriculture market was valued at US$ 4,355.9 million in 2018 and is expected to display reasonable CAGR of 16.8% over the forecast period (2019-2025). Precision agriculture is primarily defined as IT based farm management system that helps in identifying, managing and analysing the variations within the agricultural fields to achieve optimum profitability, sustainability and protection of land resource. Precision agriculture technique focuses on the increased efficiencies that can be realized by implementing various technologies and understanding and dealing with the natural variability found within the agricultural field.

With surging world population and simultaneous increase in the food demand, the overall agricultural productivity must be increase drastically. The current world population of 7.6 billion is expected to reach 8.6 billion in 2030, 9.8 billion in 2050 and 11.2 billion in 2100, according to a new United Nations report. Agriculture in the 21st century faces multiple challenges. Firstly, it has to produce more food and fibre to feed a growing population with a smaller rural labour force. Secondly, more feedstocks for a potentially huge bioenergy market, contribute to overall development in many agriculture-dependent countries, and further, adopt more efficient and sustainable production methods and adapt to climate change. Hence, precision agriculture has come as a one-way solution of increasing the yield per acre of the land along with arable land. It is one of the modern agriculture practices that purposes to make agricultural productivity more efficient and supports the farmers to harvest their crops in a better way. In addition, precision agriculture is mainly based on observing, measuring and responding to crops with smart technology. Growing awareness as well as benefits of agricultural drones have tremendously given the new opportunities and possibilities to the farmers. The precision agriculture practices guide farmers in several crucial activities such as choosing right time to plant, right amount of fertilizer or pesticide to be used for maximizing overall yield. Moreover, growing complexities in agricultural work, proliferation of Big Data and supportive government initiatives to adopt modern agricultural techniques has significantly bolstered the market for precision agriculture in recent years. However, high capital investments coupled with low adoption rate among developing nations tend to impede the growth potential of the market.
?Hardware component is expected to dominate precision agriculture during the analyzed period.?
Global precision agriculture market is segmented based on component into hardware, software and service. The hardware component segment occupies the largest share and is expected to maintain its dominance throughout the forecast period 2019-2025. It is majorly used for guidance and steering systems, drones with software systems, water monitoring and soil monitoring.
?Amongst precision agriculture applications, yield monitoring tends to conquer the market during the forecast period.?
The study further bifurcates the precision agriculture into different applications including, variable rate application, field mapping, yield monitoring, crop scouting, soil monitoring, farm labor management systems and weather tracking and forecasting. Yield Monitoring holds the largest share in global precision agriculture market. Yield monitor is a mature technology, which allows the farmers to quantify and analyze the yield variations caused by soil properties, fertility management, weather conditions and other crop management factors.
Global Precision Agriculture Market by Applications, 2019-2025 (US$ Million)

?North America represents itself as one of the largest regions in terms of revenue sales for precision agriculture.?
For a deep dive analysis of the overall adoption of precision agriculture technology, detailed study is conducted for major regions/countries globally. Major regions/countries studied in the report include North America (US and Canada), Europe (France, Germany, Italy, Spain and UK), Asia Pacific (India, China, Japan and Australia) and the rest of the world. In 2018, North America constitute as the leading region in precision agriculture mainly accredited to widespread adoption of advanced information and communication in the agriculture sector. Furthermore, supportive government policies and well-developed infrastructure also act as catalyzing factors driving the market potential.
Competitive Landscape-Top 10 Market Players
Some of the major players operating in the Precision agriculture market include AGCO Corporation, AgJunction LLC, Monsanto Company, Deere and Company, AgEagle Aerial Systems., Deveron UAS, Trimble Inc, Syngenta AG, Yara International, American Robotics. With an objective to enhance their product portfolio, these players have adopted various strategies to increase adoption of precision agriculture technique in their farms to cater to customer?s requirement in terms of consistent and surging demand for food across the globe.
Reasons to buy (The research report presents):
? Current and future market size from 2018 to 2025 in terms of value (US$)
? Combined analysis of deep dive secondary research and input from primary research through Key Opinion Leader of the industry
? Country level details of the overall adoption of precision agriculture technology
? Used case studies of the technology
? A quick review of overall industry performance at a glance
? An In-depth analysis of key industry players
? Country wise detail of government and private sector initiative to encourage the adoption of precision agriculture to increase productivity
? A detailed analysis of regulatory framework, drivers, restraints, key trends and opportunities prevailing in the industry
? Examination of industry attractiveness with the help of Porter?s Five Forces analysis
? The study comprehensively covers the market across different segments and sub-segments of the technology
? Region/country Covered: North America (US, Canada), Europe (UK, Germany, France, Italy, Spain), Asia-Pacific (China, India, Japan, Australia) and Rest of World
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