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Global Precision Agriculture to hit $7.6 Billion by 2022

25 Apr 2016
Global Precision Agriculture Market - Analysis & Forecast, 2016 to 2022

Recently, at Classic16, BASF announced the global launch of Maglis, an online agricultural platform intended to help farmers collect, understand and monitor a range of crop-related data that helps them make better agronomic decisions. “Maglis is a tool that’s really going to help farmers connect better to improve their productivity,” stated Paul Rea, Senior Vice President, Crop Protection, North America, BASF. He further added, “Maglis represents a further example of how Grow Smart helps BASF engage with farmers to maximize yield and performance.”

With an emerging need of precision agriculture to manage inter and intra variability in the field, and ensure high productivity in terms of quality and quantity both, BIS Research has estimated the market to reach $7.6 billion at a CAGR of 12.7% over the period of 2016 to 2022 in its report Global Precision Agriculture Market - Analysis & Forecast, 2016 to 2022. “The application of precision agriculture for precision irrigation is dominating the market, followed by its use for yield monitoring, soil monitoring, and variable rate application among others”, said a research analyst at BIS Research. He further states,” Increasing global demand for food, economic boom in APAC regions, and emerging technologies are some of the reasons responsible for the growth of this market.”

Figure 1. Precision Agriculture Market Growth – Geographic Snapshot 2016-2022
 

global precision agriculture market 2016-22

Source: Secondary Research, Expert Interviews, and BIS Research Analysis

“Precision agriculture has struck the agriculture sector at a global level with compelling results and enhanced yield quantity and quality. The North American region is the hub of precision agriculture technology with the industry gathering its major share of revenues from this region, followed by Asia Pacific with India and China being the largest food producers globally”, says the research analyst.

Additional information is provided in the Global Precision Agriculture Market report by BIS Research. The report also provides a detailed section of the application areas of the precision agriculture systems and solutions. It also details the key participants involved in the industry. The market report puts special emphasis on the market share and size of the hardware components of precision agriculture, owing to the changing paradigms in the industry.

 

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