The market is expected to increase at CAGR of 13.12% during the forecast period 2022-2027
BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Precision Agriculture Market – A Global and Regional Analysis.
According to this study, the global precision agriculture market was valued at $7.89 billion in 2022 and is projected to reach $14.61 billion by 2027.
The following factors are responsible for the increase in demand for precision agriculture:
- Increasing demand for global food production
- Need for automation of workforce in the field of agriculture
- Surging investment and support in climate-smart agriculture practices
- Need for input optimization in the field of agriculture
The detailed study is a compilation of 414 market data tables and 46 figures spread through 477 pages.
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Analyst’s Take on the Market Projection
According to Debraj Chakraborty, Principal Analyst, BIS Research, “Precision agriculture technologies have seen rapid growth in adoption worldwide in recent years, with developed nations such as Canada, Australia, Europe, and the U.S leading the way due to their access to advanced resources and technology. In fact, large-scale farmers in the U.S. have adopted precision agriculture technologies at a rate of approximately 70%. However, developing countries have been slower to adopt these technologies due to reasons such as inadequate infrastructure, resources, and education. Nonetheless, some countries such as Brazil and Argentina have made notable strides in the adoption of precision agriculture technologies.”
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Major Existing Industry Leaders in the Precision Agriculture Market
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are:
- AGCO Corporation
- CLAAS Group
- CNH Industrial N.V.
- Deere & Company
- Hexagon Agriculture
- Kubota Corporation
- TeeJet Technologies
- The Toro Company
- Topcon Corporation
- Yanmar Co. Ltd.
Recent Developments in the Global Precision Agriculture Market
- In September 2022, Trimble Inc. acquired Bilberry, a France-based company specializing in selective spraying technology systems for sustainable farming. By this acquisition Trimble Inc. get access to Bilberry’s artificial intelligence (AI) technology that identifies a wide variety of weed species in real time for a broad range of crop types.
- In June 2022, Kubota Corporation partnered with the National Electronics and Computer Technology Center (NECTEC-NSTDA) to develop Thailand’s KAS Crop Calendar application, a rice crop calendar application powered by KUBOTA Agri Solution.
- In February 2022, Trimble Inc. launched its Virtual Farm, an interactive online experience for farmers across the world to immerse themselves in precision agriculture. In this new online tool, users walk through a digital farm and identify common challenges they encounter daily.
- In February 2022, Deere & Company opened a development facility in Austin, the U.S. that focus on developing software used in autonomous tractors that helps tractors use data from the cloud and GPS signals to take a precise and specific path.
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About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
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