Over the years, the agricultural sector has undergone several transformations. However, the introduction of information and communication technologies (ICT) in 2010 has emerged as one of the revolutionary changes that the farming industry has witnessed.
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Precision agriculture involves the use of information technology infrastructure and resources to develop solutions that enable farmers to utilize the available resources to their best potential, increase the crop yield, and reduce the operational costs. Moreover, precision agriculture solutions also provide farmers with key details about crop rotation, the ideal time for planting and harvesting the crop, soil management, and reducing wastage of resources.
Owing to these wide array of advantages, precision agriculture technologies and solutions are currently being widely adopted. Leading companies such as AGCO Corporation, CNH Industrial, Deere & Company, AgJunction, and DJI Innovations are focussing on the development of advanced technologies and solutions and are heavily investing in the precision agriculture market. According to the latest market intelligence report by BIS Research titled “Global Precision Agriculture Market – Analysis and Forecast (2018-2025),” the global precision agriculture market is projected to grow at a CAGR of 13.70% during the forecast period, 2018-2025 and reach $10.55 billion by 2025.
The precision agriculture market is expanding both in developed and developing countries such as China and India. The report published by BIS Research highlights the expected growth of the market during the forecast period for four prominent regions. These include North America, Europe, Asia-Pacific, and Rest-of-the-World. While North America is expected to dominate the market with the highest revenue, Asia -Pacific is projected to grow at the fastest CAGR during the forecast period.
In addition to the region, the market is also segmented on the basis of solution and application. On the basis of solution, there are hardware systems, software, and services. However, on the basis of application, the precision agriculture market includes irrigation, fertilization, spraying, planting, data management, and field monitoring.
The limited availability of natural resources and agricultural land, declining agriculture labor, and a rise in world population leading to the subsequent rise in the global demand for food are the key factors that have propelled the need for the development of advanced farming solutions. The adoption of precision agriculture is expected to significantly enhance the return of investment of farmers and create innumerable business opportunities.
Related Reports:
Global Livestock Monitoring & Management Market- Analysis & Forecast (2017-2021)
Global Farm Management Software & Services Market, Analysis & Forecast (2017-2021)
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