Rise in adoption of smartphones in agriculture, surge in growth rate of population, and increase in adoption of emerging technologies drive the growth of the global precision agriculture market. However, lack of awareness about precision agriculture products and huge investment required for precision agriculture equipment restrain the market to some extent.
On the other hand, increase in government initiative in the precision agriculture technology and rise in investments in technologies such as driverless tractors, guidance systems, and GPS sensing systems advancements present new opportunities in the coming years.
According to the report published by Allied Market Research, the global precision agriculture market is expected to hit $7.8 billion by 2022, registering a CAGR of 14.9% from 2016 to 2022.
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The global precision agriculture market is analyzed across technology, component, and geography. Based on technology, the GPS segment contributed to the highest share in 2016 and is expected to lead the trail by 2022. The GIS segment, on the other hand, would register the fastest CAGR of 15.7% from 2016 to 2022.
Based on component, the hardware segment accounted for the major share in 2016 and is projected to rule the roost by the end of 2022. Simultaneously, the software segment would grow at the fastest CAGR of 15% during the forecast period.
Based on region, North America generated the highest share in 2016 and is anticipated to dominate by 2022. At the same time, the region across Asia-Pacific would register the fastest CAGR throughout the forecast period. The other two regions covered in the study include Europe and LAMEA.
The key market players analyzed in the global precision agriculture market report include Trimble Navigation Limited, Deere & Company, Monsanto Company, and AGCO Corporation. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
Covid-19 scenario
- Due to the outbreak of the COVID-19 pandemic, the market has witnessed a slight decline in hardware revenue in 2020. This is attributed to implementation of lockdown by governments in majority of the countries and the shutdown of the cities to prevent the transmission of virus.
- Nevertheless, the global situation is expected to come on normal track from mid-2021.
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