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Think about an increase in yield, how many variables
are coming together that could contribute to the
increase (weather is a big one).
Then there’s the data issue. Who has access to all this
data generated on farm? 20% of farmers globally cited
this as a top barrier in adopting farm management
software according to McKinsey and Company’s
survey.
Precision Agriculture Market
According to a ResearchAndMarket.com report, the
global precision ag market was valued at USD $7.89
billion in 2022 and is expected to climb to USD $14.61
billion in 2027.
That’s a compound annual growth rate of 13.12%.
The same company reported the North America
precision agriculture market sized reached USD $3.8
billion in 2022 and is expected to reach USD $7.5 billion
by 2028.
International Market Analysis Research and
Consulting Group (IMARC Group) aligns with the
ResearchAndMarket.com report on North America
market size predictions, and further elaborates on
market share by technology.
•
GNSS/GPS Systems: 28%
•
GIS: 22%
•
Remote Sensing: 20%
•
Variable Rate Technology: 18%
•
Others: 12%
Most Popular Use-Cases
McKinsey and Company’s survey indicated farm-
management software takes the lead with North
American farmers at 47% currently or planning to use
in the next 2 years. Management software is also used
most globally at 25%.
28% of North American farmers are or will be using
hardware, 28% remote sensing, and 13% related to
sustainability technology.
Here’s the global breakdown of current usage or
planned usage within the next two years:
MANAGEMENT
SOFTWARE
PRECISION AGRICULTURE
HARDWARE
REMOTE SENSING
SUSTAINABILITY
RELATED TECH
NORTH AMERICA
47%
28%
28%
13%
EUROPE
35%
26%
37%
18%
SOUTH AMERICA
31%
28%
31%
16%
ASIA
3%
4%
4%
4%
GLOBAL
25%
18%
20%
10%
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