The precision agriculture market is expected to reach $11,106.7 million by 2025, rising at a compound annual growth rate of 13.97% from 2019 to 2025, according to a report by Research and Markets.
The market growth is largely attributed to adopting site-specific farming solutions.
Precision agriculture is considered to be an advanced technological change, adapted to improve crop yield and reduce labor shortages to meet the global food demand. The advanced technology and techniques enable farmers to optimize the usage of resources, such as fertilizers, seeds, water, and pesticides. The agriculture industry has been witnessing a revolutionary phase owing to the introduction of digital technologies in farming in the past decade.
The integration of software and hardware has led to the generation of a huge amount of data that can be analyzed using different tools. Also, the widespread adoption of drones and robots in the agriculture industry led to improving the different farming applications. As the advancement in the practice of precision agriculture drives the usage of advanced solutions, several challenges associated with the practice restricts its adoption.
The trend of precision agriculture practices is not only prevalent in developed countries but also in developing countries. In countries such as China and India, large deployments of smartphones and the internet of things systems have led to the rapid adoption of precision agriculture solutions. Some of the popular uses of precision agriculture include robotics, predictive analytics, unmanned aerial vehicle, and autonomous robots.
The competitive landscape for the precision agriculture market demonstrates an inclination toward companies adopting strategies, such as product launch and development and partnerships, collaborations, and joint ventures. The major established players in the market are focusing on product launches and developments to introduce new technologies or developing further on the existing product portfolio.
For instance, 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. Similarly, in April 2019, Trimble announced the launch of Farmer Core which is a Trimble Ag software subscription that connects all farm operations.