Precision Agriculture Market Key Players, Outlook and Forecasts Report 2020-2026

Posted by BIS RSRCH on December 20th, 2021

One major limitation is the poor coverage of networks in rural areas. Farmers have a constant fear that their farms’ data will be handed over to the public or the competitors. Due to this reason, the farmers find it skeptical for use. Lack of clear laws and regulations to avoid misuse by third parties also restraints the further growth of precision agriculture market. Precision agriculture generates a huge amount of data, and there are chances of security issues. There are concerns over the ownership, use of the data, and how the companies will store it. While many farmers are using the digital mode to process the information, there is a considerable number of farmers who are reluctant to share their information with the companies that provide precision agriculture solutions.

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Supported by governmental policies and low-cost technological developments, farmers across the globe are expected to increase the implementation of sustainable farming technologies. The application of precision agriculture technologies in farming operations is likely to be facilitated by a broader participatory approach involving a variety of stakeholders, including farmers, agri-food giants, agricultural original equipment manufacturers (OEMs), consumer groups, investors, as well as government and non-government organizations. Moreover, the precision agriculture market is witnessing several trends and opportunities, which are propelling growth in the industry. The advent of agricultural drones and big data analytics in the farming sector is expected to drive the market during the forecast period between 2021 to 2026.

The major precision agriculture technology vendors are Trimble Inc., Raven Industries, Topcon Positioning Systems, Hexagon Agriculture, Ag Leader Technology, and Dickey John Corporation. The precision agriculture market ecosystem comprises established agricultural OEMs, technology vendors, agri-input suppliers, and software and services providers. Rising interest in the Internet of Things (IoT) among the agricultural machinery vendors, such as AGCO Corporation, John Deere, CLAAS, Kubota Corporation, and CNH Industrial, has been a major trend in the market.

The introduction of precision agriculture technology helps the farmer to improve crop production and lessen the concern over global food security. Precision agriculture technologies can be used for applications such as monitoring, planting, irrigation, data management, and spraying. Precision agriculture technologies enable the farmer to optimize and modify the number of agri-inputs as well as effectively manage the farm activities, resulting in high yield at a low operational cost.

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The precision irrigation market is expected to grow at a significant rate during the forecast period, enabling farmers to efficiently use water and reduce wastage of nutrients, water, and chemicals. Field monitoring applications also present colossal market growth opportunities. The advent of complete field monitoring solutions has proved to be one of the most beneficial applications of precision agriculture technologies. Traditional approaches, such as manual crop inspection and soil monitoring, are not only time-consuming but can also be inaccurate. Thus, the application of precision technology in the field monitoring process of collecting georeferenced data and other related information reduces potential threats and boosts viable economic opportunities.

As the world’s population is growing, farmers need to produce more and more of these farm products to cater to the needs of the increasing population. Thus, advanced precision agriculture techniques and technologies have been introduced in the agriculture industry, which aims to efficiently handle the production of all types of farm produce. Field crops comprise the mainstream traditional farm produce that the agriculture industry majorly focuses on for its daily revenue generation. These crops are grown for large-scale consumption purposes.