Precision Agriculture Market Future Outlook and Active Company Profiles during 2019-2025

Precision agriculture is considered to be one of the significant technological changes in the farming sector since the Green Revolution. Precision agriculture technology-based solutions enable the farmers to optimize the usages of resources such as seed, water, fertilizer, and pesticides. Moreover, crucial information, such as crop rotation details, ideal planting times, harvesting times, and soil management, are also provided to the farmers in order to avoid wastage of resources and improve the yield of the crop. The farming industry has been witnessing a revolutionary phase, owing to the introduction of information and communication technologies (ICT) in farming in the past decade. The integration of sensing systems into farming equipment has led to the generation of large amounts of data that can be analyzed using software tools, providing farmers with valuable insights to promote the yield growth. Moreover, the incorporation of navigation systems such as GPS and GNSS devices into agricultural machinery and equipment has led to precise movement and application of the agriculture machinery in the field. Earlier, the use of precision agriculture approach was restricted to large farm operations only, as they had the potential to invest in the IT infrastructure and other technology resources. However, with the rapid technological advancements, the application of precision agriculture technologies has gradually moved to farm cooperatives and small-scale farms in the last five years.

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The precision agriculture market ecosystem comprises established agricultural OEMs, technology vendors, agri-input suppliers and software & services providers. Rising interest in Internet of Things (IoT) amongst the agricultural machinery vendors, such as AGCO Corporation, Deere & Company, CLAAS, Kubota Corporation, and CNH Industrial, has been a major trend in the market. Moreover, players including agri-input giants, such as DuPont, Syngenta, Monsanto (acquired by Bayer in June 2018), ICL Ltd., and BASF, are also focusing on incorporating data analytics and farm management systems in their product offerings. The major precision agriculture technology vendors are Trimble Inc., Raven Industries, Topcon Positioning Systems, Hexagon Agriculture, Ag Leader Technology, and DICKEY John Corporation, among others.

The competitive landscape for the precision agriculture market demonstrates an inclination toward companies adopting strategies such as partnerships & collaborations along with new product launches to introduce new technologies or developed further on the existing product portfolio. Moreover, acquisition activities have increased in the market during the last five years. Presently, the big four agricultural companies, namely Monsanto, DuPont, Syngenta, and BASF are constantly increasing their investment for the digitization of the farming sector, by acquiring or collaborating with the data sciences company. In September 2019, Corteva Agriscience and Pro Farm technologies announced a commercial agreement to develop a tool for farmers to stimulate plant growth and to improve plant health. In May 2018, ICL Ltd. partnered with CropX, to invest and develop advanced solutions for the agricultural sector, providing farmers with advanced soil sensor technologies and cloud-based analytics.

With the increasing growth in the global precision agriculture market, companies operating in the industry are compelled to come up with collaborative strategies in order to sustain in the intensely competitive market. For instance, in November 2019, Arable and BASF collaborated to improve the xarvio field manager for the farmers to help them in reducing pesticides. In February 2019, Trimble Inc. partnered with MagGrow for sustainable production and help growers in spraying through their innovative spraying technology.

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The precision agriculture market ecosystem also consists of several agricultural research institutes, such as the Wageningen University, CSIRO and Fraunhofer Institute. Additionally, the market also encompasses a large number of venture capital investors, startups, and advanced solution providers. IT and big data platform providers are also significant stakeholders in this market. Major IT platform providers include IBM and Microsoft. During the forecast period, extensive R&D activities and appropriate regulatory environment are expected to ensure sustained growth of this market. Besides, various government and private research institutes along with favorable trade policies are making substantial efforts to identify the benefits of precision agriculture solutions. The need for sophisticated precision farming techniques is necessary to bridge the demand and supply gap along with attaining sustainability in the production.

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