Precision Agriculture Market by Product and Geography - Forecast and Analysis 2022-2026

The precision agriculture market share is expected to increase by USD 6.03 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 13.55%.

This precision agriculture market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers precision agriculture market segmentation by product (hardware and software and services) and geography (North America, Europe, South America, APAC, and Middle East and Africa). The precision agriculture market report also offers information on several market vendors, including AAA Taranis Visual Ltd., Abaco Spa, Ag Leader Technology, AGCO Corp., AgJunction Inc., Agribotix LLC, Carl Zeiss AG, CNH Industrial NV, CropX Inc., Deere and Co., Farmers Edge Inc., Hexagon AB, Iteris Inc., Raven Industries Inc., TeeJet Technologies, The Toro Co., Topcon Corp., Trimble Inc., Yara International ASA, and DICKEY john among others.

What will the Precision Agriculture Market Size be During the Forecast Period?

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Precision Agriculture Market: Key Drivers, Trends, and Challenges

The rise in investments in agricultural technologies is notably driving the precision agriculture market growth, although factors such as the requirement for high initial investment may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the precision agriculture industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Precision Agriculture Market Driver

• One of the key factors driving growth in the precision agriculture market is the rise in investments in agricultural technologies.
• Large investments in the agriculture technology sector have been made in the last few years with the goal of modernizing the traditional sector.
• Over the last couple of years, there has been an exponential flow of investments in the agricultural technology sector, which is transforming the industry completely.
• The investments are expected to lead to growth in R and D among vendors, enabling them to manufacture both hardware and software related to precision agriculture and ensure that they are easily available and affordable for consumers. This is anticipated to drive the growth of the global precision agriculture market during the forecast period.

Key Precision Agriculture Market Trend

• The technological advances in precision agriculture is a precision agriculture market trend that is expected to have a positive impact in the coming years.
• Luminous Technologies like telematics, robotics, and nanotechnology are groundbreaking technologies in the global agricultural sector and enable better decision-making among farmers.
• Advanced technologies are being used to reduce input and increase the yield from an agricultural field.
• Telematics is another example of advanced technology being used in the agricultural sector.
• AMERICAN ROBOTICS has introduced Scout, a fully automated drone system, which is the first fully autonomous drone for the agricultural sector. Scout includes features like advanced precision, powerful insights, intelligent scouting, and is rugged and reliable, cloud-connected, and autonomous. Thus, all these advancements will propel the growth of the global precision agriculture market.

Key Precision Agriculture Market Challenge

• The requirement for high initial investment will be a major challenge for the precision agriculture market during the forecast period.
• Vendors in the global precision agriculture market have constantly been developing and upgrading their products to provide optimal solutions to farmers. However, this has led to the use of advanced software and hardware components.
• Monetary issues often make it difficult for some farmers to keep pace with these updates; thus, this technology is most suited for farmers who have large agricultural fields and the financial strength to accommodate these changes.
• Even if individual tools are cost-effective, the integration of the system in the fields can mean additional expenses for the farmers. Since precision agriculture works best with an integrated system, farmers are skeptical about the purchase. Thus, the requirement for high initial investment for upgradation in agriculture technologies will hinder the growth of the market.

This precision agriculture market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global precision agriculture market as a part of the global agricultural and farm machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the precision agriculture market during the forecast period.

Who are the Major Precision Agriculture Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• AAA Taranis Visual Ltd.
• Abaco Spa
• Ag Leader Technology
• AGCO Corp.
• AgJunction Inc.
• Agribotix LLC
• Carl Zeiss AG
• CNH Industrial NV
• CropX Inc.
• Deere and Co.
• Farmers Edge Inc.
• Hexagon AB
• Iteris Inc.
• Raven Industries Inc.
• TeeJet Technologies
• The Toro Co.
• Topcon Corp.
• Trimble Inc.
• Yara International ASA
• DICKEY john

 

This statistical study of the precision agriculture market encompasses successful business strategies deployed by the key vendors. The precision agriculture market is fragmented and the vendors are deploying growth strategies such as focusing on enlarging their consumer base to increase their market share to compete in the market.

Product Insights and News

• agleader.com - The company offers InCommand and AgFiniti that helps to monitor harvest progress and yield during and after harvest.

• agleader.com - Under the farm management segment, the company offers Displays (InCommand, Compass), Agfiniti, SMS software.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The precision agriculture market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Precision Agriculture Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the precision agriculture market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Precision Agriculture Market?

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39% of the market's growth will originate from North America during the forecast period. The US is the key market for precision agriculture in North America. Market growth in this region will be slower than the growth of the market in other regions.

The increased government activities to assist the adoption of modern agriculture technologies and enhanced infrastructure will facilitate the precision agriculture market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the outbreak of COVID-19 disrupted the regional economy. The rising number of COVID-19 cases in the first half of 2020 forced the governments of several countries in the region to adopt stringent lockdown restrictions. However, in H1 2021, manufacturing and supply chain activities of vendors resumed owing to the initiation of large-scale COVID-19 vaccination programs in the region. Furthermore, with the regional governments intention to revive the economy, the market is expected to witness several investments in the agricultural sector in the region, which is expected to increase the demand for precision agriculture during the forecast period.

What are the Revenue-generating Product Segments in the Precision Agriculture Market?

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The precision agriculture market share growth by the hardware segment will be significant during the forecast period. Vendors in this market have been introducing improved products, which will accelerate growth during the forecast period. The hardware allows better implementation of precision agriculture methods and technologies by enabling farmers to obtain a better knowledge of an agricultural field. The increasing adoption of automation and control devices such as drones, irrigation controllers, yield monitors, and sensors is expected to propel the growth of the global precision agriculture market by hardware. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the precision agriculture market size and actionable market insights on post COVID-19 impact on each segment.

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Precision Farming market - The market share should rise by USD 3.52 billion from 2022 to 2026 at a CAGR of 8.41%.

Smart Farming market - The market share is expected to increase to USD 7.04 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 13.65%. 

Precision Livestock Farming market - The market size has the potential to grow by USD 2.17 billion during 2020-2024, and the market's growth momentum will accelerate during the forecast period.

Precision Agriculture Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 13.55%
Market growth 2022-2026	$ 6.03 billion
Market structure	Fragmented
YoY growth (%)	12.98
Regional analysis	North America, Europe, South America, APAC, and Middle East and Africa
Performing market contribution	North America at 39%
Key consumer countries	US, China, Australia, Germany, and UK
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	AAA Taranis Visual Ltd., Abaco Spa, Ag Leader Technology, AGCO Corp., AgJunction Inc., Agribotix LLC, Carl Zeiss AG, CNH Industrial NV, CropX Inc., Deere and Co., Farmers Edge Inc., Hexagon AB, Iteris Inc., Raven Industries Inc., TeeJet Technologies, The Toro Co., Topcon Corp., Trimble Inc., Yara International ASA, and DICKEY john
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Precision Agriculture Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive precision agriculture market growth during the next five years
• Precise estimation of the precision agriculture market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the precision agriculture industry across North America, Europe, South America, APAC, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of precision agriculture market vendors

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