Vancouver, British Columbia--(Newsfile Corp. - April 14, 2021) - The global precision agriculture market is expected to reach USD 16.06 billion in 2027 according to a new report by Emergen Research. Some key factors driving market revenue growth are increasing adoption of cloud-based technology, growing usage of smartphones, and technological advancements in agricultural sector.

Precision agriculture is gaining traction primarily due to technological developments in agricultural sector. Farmers across the globe are inclining towards precision agriculture due to increasing awareness about precision farming techniques, constant weather changes, growing need for high crop yield production with existing resources. A variety of products such as drones, automated vehicles, sensors, and monitoring devices are utilized in precision agriculture. Primary aim of precision agriculture technology is to enhance profitability and crop sustainability. Using specialized software, equipment, and IT services, farmers can access real-time data about soil, crop, and weather conditions. Factors leading to robust revenue growth of the precision agriculture market are growing demand for good quality food due to rapidly expanding population and favorable government initiatives for promoting modern agricultural techniques. However, factors such as unawareness about precision agriculture products and high capital investments are expected to hamper market growth.

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Some key highlights in the report:

• Key companies in global precision agriculture market include AG Leader Technology, Deere & Company, Trimble, AGCO Corporation, Raven Industries, AgJunction, SST Development Group, Cropmetrics, Dickey-john Corporation, and Topcon Positioning Systems.
• On the basis of components, the software segment is expected to register a significant CAGR of 12.4% over the forecast period. High growth of the segment is attributed to detailed analysis of cloud-based and web-based precision agriculture.
• On the basis of application, the weather traction segment is projected to account for substantial revenue growth over the forecast period owing to continuous changes in weather conditions and rising need for precise and timely weather information. Real-time weather data offers increased yield with minimum crop damage risks.
• The guidance technology segment is projected to account for large revenue growth during the forecast period. Guidance technology is commonly used for agricultural vehicle guidance that reduces load on drivers and is capable of working under adverse weather conditions.
• North America market revenue is projected to expand at a robust CAGR of 13.1% throughout the forecast period. High adoption of precision agriculture to enhance crop production and reduce concerns regarding food security is the primary factor boosting revenue growth in this region. Advanced technologies for collecting detailed information and analyzing crops and fields and delivering it to farmers is also an essential factor contributing to growth of precision agriculture.
• The market in Asia Pacific is expected to account for fastest revenue growth between 2021 and 2028 due to factors such as high demand for food and food products, rapidly increasing population, and technological developments in agricultural sector.

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For the purpose of this report, Emergen Research has segmented into the global Precision Agriculture Market on the basis of component, technology, application, and region:

Component Outlook (Revenue, USD Billion; 2017-2027)

• Hardware
  • Automation & Control Systems
    • Displays
    • Guidance & Steering
    • GPS & GNSS
    • Drones, UAV & Cameras
    • Others
• Sensing and Monitoring Device
  • Yield Monitors
  • Soil Sensors
  • Water Sensors
  • Climate Sensors
• Software
• Services
  • Consulting & training
  • Maintenance & update
  • Integration
  • Managed Service
  • Other Services

Technology Outlook (Revenue, USD Billion; 2017-2027)

• Guidance Technology
• Remote Sensing
• Variable-Rate Technology

Application Outlook (Revenue, USD Billion; 2017-2027)

• Yield Monitoring
• Field Mapping
• Crop Scouting
• Weather Tracking & Forecasting
• Irrigation Management
• Inventory Management
• Farm Labor Management
• Financial Management
• Others

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Regional Outlook (Revenue, USD Billion; 2017-2027)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Rest of LATAM
• MEA
  • Saudi Arabia
  • UAE
  • Rest of MEA

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About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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