Precision agriculture market to grow to Euro 9.5 billion by 2028 at 11.6% CAGR

IoT analyst firm Berg Insight reported that the global market for precision agriculture solutions is forecasted to grow from € 5.5 billion in 2023 at a compound annual growth rate (CAGR) of 11.6 percent to reach about € 9.5 billion in 2028. A set of technologies are applied in precision farming practices, which are aimed at managing variations in the field to maximise yield, raise productivity and reduce consumption of agricultural inputs. While solutions such as auto-guidance and machine monitoring and control via on-board displays today are mainstream technologies in the agricultural industry, farm equipment telematics solutions and variable rate technology are not yet widely adopted. Interoperability between solutions remains a challenge, although initiatives to provide common protocols and language structure for data sharing are progressing. Leading providers of precision technologies include Deere & Company, AGCO via its joint venture with Trimble, CNH Industrial with its Raven Industries subsidiary, Topcon Positioning Systems and Hexagon. These companies provide comprehensive portfolios of solutions for precision farming operations. The agricultural drone market has recently emerged as a rapidly growing area in precision farming. The market is led by DJI with an installed base of more than 300,000 agricultural drones. The market for in-field sensor systems can be divid...