Precision Agriculture Market Future Business Opportunities 2020-2026

Precision agriculture technologies are changing the way farmers used to traditionally manage their farms. The major driving force behind the increasing adoption is the value addition it brings to all farmers to overcome the challenges such as shortage of labor, climate change, and farm management, and agriculture businesses in the industry.

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Guidance technology is majorly used in terms of technology in the global precision agriculture market. The guidance technology majorly comprises the global positioning system (GPS) and global navigation satellite system (GNSS) technologies which are applied in the agriculture industry for navigation purposes. It is followed by sensing technology. Sensing technology solutions are integrated with data analysis software solutions which help the farmers in processing the extracted farm information.

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.

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