According to recent findings, the Global Precision Agriculture Market size was valued at around USD 10.43 billion in 2023 and is projected to grow at a CAGR of around 13% during the forecast period, i.e., 2024-30.
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Precision Agriculture Overview:
The increasing desire for sustainable farming methods and technology upgrades are the primary drivers of the Global Precision Agriculture Market. The agricultural industry is witnessing transformation due to improvements in GPS, IoT, drones, remote sensing, and data analytics. These technologies have allowed farmers to collect and process facts with excessive accuracy, which has boosted crop yields and maximized resource utilization. Additionally, the market is driven by the growing worldwide populace and their increasing food demand since precision agriculture helps to enhance efficiency and output.
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Precision Agriculture Outlook and Future Trends :
Increasing Adoption of Blockchain for Traceability – A substantial recent development in the precision agriculture industry is the increasing adoption of blockchain for traceability. The need for openness in the food supply chain is increasing as end-users are more concerned about food safety, quality, and the adverse effects of agricultural practices on the environment. The adoption of blockchain technology ensures a secure & effective ledger that tracks the direction of agricultural products from farm to fork. Blockchain increases confidence between customers, producers, and merchants by logging every transaction and movement of items on a decentralized network, guaranteeing data accuracy and impervious to tampering. Stakeholders can monitor manufacturing procedures, confirm product provenance, and guarantee standard compliance due to this traceability.
Blockchain can also lessen fraudulent activities, expedite recall tactics, and enhance supply chain control effectiveness. Due to all these positive outcomes of blockchain technology, this technology is becoming more significant in the changing market landscape. As the adoption of blockchain technology enhances accountability and transparency in agricultural practices, it is anticipated to augment the growth of the Global Precision Agriculture Market during the forecast period.
Global Precision Agriculture Segmentation Analysis:
By Offering
- Hardware
- Automation and Control System
- GPS/GNSS System
- Guidance and Steering System
- Flow and Application Rate Control Solutions
- Handheld Computers/ Mobile devices
- Agriculture Cameras
- Others
- Sensing and Monitoring
- Yield Monitors
- Sensing Systems
- Other Hardware
- Automation and Control System
- Software
- Services
- Integration and Deployment
- Maintenance and Repair
- Other Services
According to reports,The hardware segment acquired the largest share in the Global Precision Agriculture Market in the past few years due to the burgeoning use of hardware devices, such as sensors, drones, yield monitors, smartphones, and cameras installed on agricultural equipment like harvesters and tractors.
By Application
- Precision Irrigation
- Field Monitoring
- Precision Spraying
- Precision Fertilization
- Precision Planting
- Data Management
- Other Applications
By Agricultural Produce
- Cereals
- Oil Crops
- Roots, Tuber, and Plantains
- Industrial Crops
- Fruits
- Vegetables
- Nuts
- Others
By Technology
- Guidance System
- Variable Rate Technology (VRT)
- Remote Sensing
- Data Analytics
According to reports,One of the fastest-growing segments of the Global Precision Agriculture Market is variable rate technology (VRT). VRT segment has captured the largest market share in the precision agriculture industry.
By Region
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia-Pacific.
According to reports, North America is leading the precision agriculture industry with a majority of the market share.
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Some of the Market players in the Global Precision Agriculture are:
- Deere & Company
- CropMetrics LLC
- Trimble Navigation Limited
- Ag Leader Technology
- AgJunction, Inc.
- AgEagle Aerial Systems Inc. (Agribotix LLC)
- DICKEY-john Corporation
- Farmers Edge Inc.
- Grownetics, Inc.
- Granular, Inc.
Precision Agriculture Recent Development:
- In May 2024: The National Sorghum Producers (NSP) and Farmers Edge, a pure-play digital ag firm, are thrilled to announce a new strategic relationship intended to improve sustainable farming practices for sorghum producers..
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- Company Strategies & Developments – Discover recent mergers, acquisitions, partnerships, and innovations.
- Key Stakeholders & Value Chain Insights – Identify the main players and their roles within the industry ecosystem.
- Import & Export Dynamics – Analyze global trade flows, regional export trends, and supply chain movements.
- Competitive Benchmarking – Gain a clear view of the leading companies and their market positioning.
- Emerging Growth Opportunities – Spot untapped areas and niche markets for potential investment.
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Research Methodology Summary
A systematic approach is used to ensure accurate market insights, combining both bottom-up and top-down methods. Data triangulation validates findings from multiple angles.
Key Steps:
- Define objectives and research design
- Collect data through surveys and interviews
- Analyze and validate data using reliable tools
- Forecast trends and deliver actionable insights
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