The precision agriculture market is projected to grow from $?4.84 billion in 2018 to $?10.16 billion by 2024.
This remarkable growth is – amongst other factors – owed to several government initiatives towards adopting modern agricultural processes, according to the report by ResearchandMarkets.
The hardware segment dominated the market in 2018 and is expected to continue its market dominance during the forecast period (2020-2024), as farmers are adopting automation and control devices in order to improve the productivity, states the report.
In terms of application, yield monitoring is anticipated to account for the largest market share, as it makes use of different kinds of sensors to collect crucial data related to crop for optimal planning and crop management.
Based on technology, the market is split into guidance systems, remote sensing and variable rate technologies. According to the researchers, the guidance systems segment is the dominating as well as fastest growing segment in the global precision agriculture market. The segment is poised to grow at a high rate, as technologies such as GPS, GNSS and GIS are employed to collect field related information, which is then analysed to take decisions related to planting, harvesting and crop fertilising.
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Precision agriculture is gaining traction and expanding to various regions including Asia-Pacific, North America, Europe, South America and the Middle East & Africa. In 2018, North America dominated the global precision agriculture market, backed by the presence of leading market players and adoption of advanced technologies by countries across the region.
The Asia-Pacific precision agriculture market is anticipated to grow at the fastest rate in coming years, owing to the surging demand for food, as a result of a growing population in developing economies such as India and China.