According to the recent report by IMARC Group, entitled “Precision Agriculture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global precision agriculture market reached a value of US$ 5.4 Billion in 2018. Precision agriculture, also known as satellite agriculture, refers to one of the most popular innovations in modern farming. It is the concept of managing accurate variabilities in the farm which helps in producing more output with less agricultural inputs, thereby minimizing the production cost. Precision agriculture relies on specialized equipment, software and IT services so as to provide a real-time data about the condition of soil, ambient air and crops, as well as other important information like local weather predictions and labour costs. This data is used by the farmers to know about the precise planting times, crop rotation and harvesting time.
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Nowadays, farmers are increasingly depending on smartphones, internet, WiFi, Zigbe and low-power wide-area (LPWA) for their day-to-day farming activities. These technologies assist in efficiently planning and executing several operations, such as planting, purchasing, harvesting and inventory control, with zero negligence and errors. Moreover, these help in spreading awareness amongst small as well as large farmers about the latest developments in the industry. This acts as one of the major factors which has led to a rise in the demand for precision agriculture across the globe. Further, agriculture development authorities as well as state-owned enterprises are cooperating together with agro-processing organizations, and food and beverage manufacturers in order to promote the growth of sustainable agricultural activities. This aims at enhancing the productivity, food security and efficiency of agricultural process, in turn, proliferating the demand for precision agriculture. Looking forward, the market value is projected to reach US$ 11.3 Billion by 2024, expanding at a CAGR of around 13% during forecast period.
Market Summary:
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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