According to MarkNtel Advisors study 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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Key Findings of the Study: Precision Agriculture market

Global Precision Agriculture Market Driver:

Need for Sustainable Farming Practices Driving Market Growth – The global market for precision agriculture is growing due to the increased demand for sustainable agricultural practices. Using efficient and sustainable farming methods is becoming increasingly essential as concerns regarding resource shortages, climate change, and environmental degradation rise. This requirement is met by using precision agriculture, which gives farmers the capacity to use assets like water, fertilizer, and insecticides as effectively as feasible. Technologies that allow correct application of inputs, decrease waste and minimize adverse environmental effects include remote sensing, data analytics, and GPS-guided tools. Precision agriculture contributes to decreased greenhouse gas emissions, soil health, and water conservation through increasing resource efficiency.

Furthermore, government regulations and incentives are supporting the increasing adoption of sustainable agricultural practices. The market is witnessing growth & expansion because of this emphasis on sustainability, which helps in meeting regulatory requirements and also satisfies farmers' preferences.

Global Precision Agriculture Market Challenge:

Lack of Standardization & Interoperability to Impede Market Growth – One important impediment to the growth & expansion of the Global Precision Agriculture Market is the absence of well-defined standards and interoperability. Precision farming necessitates the seamless integration of an extensive range of technology, such as GPS, sensors, drones, and software systems, to deliver precise and beneficial services to farmers. However, there may be extreme integration issues if these disparate structures do not have established protocols and interfaces. Incompatible hardware and software programs can make it extra difficult to accumulate and analyze information and make choices, which lowers the general efficacy and efficiency of precision agricultural techniques. Farmers may have to incur additional costs to mitigate these issues between incompatible systems, which ultimately may hinder market growth & expansion.

Furthermore, as it's far more difficult for producers to create universally interoperable devices, a loss of standardization impedes innovation and scalability in the sector. Establishing universe standards and fostering interoperability among industry stakeholders is necessary to overcome this impediment and augment the wider adoption of precision agricultural technology.

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Scope of the Report and Precision Agriculture Market Segmentation:

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
• Software
• Services
  • Integration and Deployment
  • Maintenance and Repair
  • Other Services

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

One of the fastest-growing segments of the Global Precision Agriculture Market is variable rate technology (VRT).

Precision Agriculture Market Competitive Landscape

• 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 Market 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.
• In July 2023: Smart Apply, Inc. (US), a manufacturer of precision spraying equipment, has been acquired by Deere & Company. By acquiring this business, the company hopes to increase its focus on high-value crop dealers and clients and expand the array of services it offers to help producers address their main issues with labor, input prices, and regulatory compliance.
• In May 2023: AgEagle Aerial Systems Inc., a global provider of agricultural technology solutions, announced that it has partnered with Wingtra AG on a new supply arrangement. It is anticipated that the two-year supply deal would safely deliver RedEdge-P sensor modules for WingtraOne VTOL drone integration.

Geographical Analysis:

By Region

• North America
• Latin America
• Europe
• Middle East & Africa
• Asia-Pacific

North America is leading the precision agriculture industry with a majority of the market share.

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