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 market holds a prominent share in various countries of North America, Europe, Asia-Pacific, China, the U.K., Middle- East and Africa, and South America. Asia-Pacific is expected to dominate the global precision agriculture market in the coming years. One of the primary reasons for high growth in the market is the benefits that software and hardware services provide to the farmers. Major emerging countries in the region are currently facing the issues of extreme climate conditions and inadequate resource accessibility coupled with mounting demand for food, owing to the rising population and economic growth. Thus, the adoption of effective farming solutions has become indispensable.
The competitive landscape for the precision agriculture market demonstrates an inclination toward companies adopting strategies such as partnerships and collaborations along with new product launches to introduce new technologies or develop further on the existing product portfolio. Moreover, acquisition activities have increased in the market between 2015 to 2020. With increasing growth in the global precision agriculture market, companies operating in the industry are compelled to come up with collaborative strategies to sustain themselves in the intensely competitive market. Some of the leading companies operating in the global precision agriculture market are Kubota Corporation, AGCO Corporation, CLAAS Group.
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Over the years, farmers have understood the utilization of smart farming to combat climate changes, which impact crop production. In recent times, many companies are coming up with innovative technologies such as 3D printing, blockchain, and artificial intelligence. Technologies such as farm measurement, variable-rate implements, various sensors, and GPS significantly support the agriculture business. These technologies will give a higher growth to the precision agriculture market in the future. There is a huge development scope in regions like Asia-Pacific and Japan and Middle East and Africa due to increasing involvement of the farmers owing to continuous education to them by the upcoming start-ups.
