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Precision Agriculture Market Size is projected to reach USD 19.24 Billion by 2030, growing at a CAGR of 14.95%: Straits Research

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New York, United States, Aug. 01, 2022 (GLOBE NEWSWIRE) — Precision agriculture is also known as satellite agriculture, precision Ag or precision farming, on-demand agriculture, and site-specific crop management. The site-specific crop management is an agricultural management theory based on measuring, responding to, and observing plant and intra-field crop variability.

Precision agriculture is dependent on specialised systems, software, and IT services. Accessing real-time data about the conditions of the crops, soil, and ambient air, as well as other pertinent data such as hyperlocal weather forecasts, labour costs, and equipment availability, is a component of this strategy. Farmers now have access to real-time images of individual plants thanks to satellites and robotic drones. These images can be processed and integrated with sensors and other data to generate guidance for immediate and future decisions, such as exactly which fields to water and when or where to plant a specific crop.

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Advanced Technology Decreases the Cost of Production

Precision farming is a method of farming that utilises the internet of things (IoT), software, artificial intelligence, big data, and other technologies to optimise the use of farm inputs in order to reduce costs and increase productivity. According to a study conducted by MDPI, Basel, Switzerland, the use of pesticides and fuel decreased significantly after precision farming was adopted. Although there would be substantial fixed costs during the adoption phase, variable costs would decrease significantly. The labour cost decreases by approximately 20 per cent and the farm’s long-term productivity increases. Precision agriculture is assisting the world in addressing the challenges posed by climate change and a growing population by enhancing the productivity and profitability of crops without negatively impacting the environment.

Latest Technology Drives the Market

Demand for smartphone integration in precision agriculture has increased due to the growing popularity of smartphones. Advanced applications compatible with all smartphones have been developed by businesses. With the integration of smartphones, farmers are able to monitor their fields from anywhere, and the data is backed up in the cloud. The farmer’s needs are met by the fact that smartphones support Bluetooth, USB, and Wi-Fi connectivity. Consequently, the surge in smartphone adoption has created enormous opportunities for the global precision agriculture market. The improvement of agricultural facilities is made possible by technological progress. The development of monitoring protocols and systems for monitoring and managing farms and farm workers is one of the most significant changes in the use of mobile devices in agriculture. For example, in December 2020, a survey conducted by the leading news agency, “The Print,” revealed that farmers in India have adopted advanced technology and that the use of smartphones in agricultural activities has enabled them to achieve nearly double their income and output of other farmers.

Future Lies In Ai-Based Solutions

The use of AI-based applications and tools facilitates controlled and precise farming by providing farmers with the necessary information or guidance regarding the use of fertilizers, water management, crop rotation, pest control, and type of crop to be grown based on soil, and nutrition management, and optimal planting. In farms, pests are controlled using AI-based tools. They use satellite imagery and artificial intelligence (AI) algorithms to compare it with historical data to determine whether insects have landed on the farm and what kind of insects they are. AI is also utilised in weather forecasting to assist farmers in deciding the type of crop to cultivate and monitoring the quality and nutrition level of the soil. Precision farming techniques based on AI assist farmers in monitoring the health of their crops, resulting in a high-quality harvest.

Report Scope

Report Metric Details
Market Size USD 19.24 Billion by 2030
CAGR 14.95% (2022-2030)
Historical Data 2019-2020
Base Year 2021
Forecast Period 2022-2030
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Application, Offering, Technology, Region
Geographies Covered North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors Deere & Company, CropMetrics LLC, Trimble Navigation Limited, CropX, AgSmarts  Inc., AgSense LLC, AGCO Corporation, DICKEY-john, Monsanto Company, Ag Leader Technology.
Key Market Opportunities AI-Based Solutions Will Shape the Futures
Key Market Drivers Variable Cost Decreases with an Increase in Productivity
More Acceptance of the Latest Technologies and Smartphones in Agriculture

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Regional Analysis

North America is the most dominant market for Precision Agriculture globally. Wide Area Augmentation System (WAAS), a GNSS-based solution, is the most popular technology in North America, with a market penetration of 66 per cent. The market potential for satellite-based devices and equipment in North America is substantial. Increasing demand for real-time kinetic technology, fertiliser and sprayer controllers, robotics, variable rate irrigation, networks, and remote sensing technologies is primarily responsible for the market’s expansion. US-based precision agriculture software companies include AgLeader, Agri-vision, Blue River Technologies, Crop Venture Incorporated, Farm Works, and Holland Scientifics.

This trend is followed by Europe, some countries in the Asia Pacific region like Japan, China, South Korea, India and certain other countries like Brazil, Argentina, Cuba and South Africa.

Key Highlights

  • The global Precision Agriculture market was valued at USD 5.49 billion in 2021 and is projected to reach USD 19.24 billion by 2030 at a CAGR of 14.95% 2022 to 2030.
  • The global Precision Agriculture market is segmented on the basis of technology, offering, application and region.
  • Advanced technologies and decreased cost of production drive the market. 
  • North America is the most dominant market for Precision Agriculture globally. This trend is followed by Europe, some countries in the Asia Pacific region like Japan, China, South Korea, India and certain other countries like Brazil, Argentina, Cuba and South Africa.

Get a Free Sample Copy of This Report @ https://straitsresearch.com/report/precision-agriculture-market/request-sample

List of Top Precision Agriculture Market Companies

  • Deere & Company
  • CropMetrics LLC
  • Trimble Navigation Limited
  • CropX
  • AgSmarts Inc
  • AgSense LLC
  • AGCO Corporation
  • DICKEY-john
  • Monsanto Company
  • Ag Leader Technology

Market Segmentation

By Application

  • Yield Monitoring
  • Crop Scouting
  • Field Mapping
  • Variable Rate Application
  • Weather Tracking and Forecasting
  • Inventory Management
  • Farm Labor Management
  • Financial Management
  • Others (demand forecasting, customer management, payables and receivables)

By Offering

  • Hardware
  • Software
  • Services

By Geography

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

By Technology

  • Guidance Technology
  • Remote Sensing Technology
  • Variable Rate Application

Table of Content

  1. Introduction
    1. Market Definition
    2. Market Scope
  2. Research Methodology
    1. Primary Research
    2. Research Methodology
    3. Assumptions & Exclusions
    4. Secondary Data Sources
  3. Market Overview
    1. Report Segmentation & Scope
    2. Value Chain Analysis: Precision Agriculture Market
    3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
    4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
    5. Market Share Analysis
  4. Type Overview
    1. Introduction
      1. Market Size & Forecast
    2. Marine, Aviation, & Transport (MAT)
      1. Market Size & Forecast
    3. Political Risk & Credit Insurance
      1. Market Size & Forecast
  5. Distribution Channel Overview
    1. Introduction
      1. Market Size & Forecast
    2. Brokers
      1. Market Size & Forecast
    3. Non-Brokers
      1. Market Size & Forecast
  6. Regional Overview
    1. Introduction
      1. Market Size & Forecast
    2. America
      1. North America
      2. U.S.
        1. By Type
        2. By Distribution Channel
      3. Canada
        1. By Type
        2. By Distribution Channel
      4. Mexico
        1. By Type
        2. By Distribution Channel
      5. Latin America
        1. By Type
        2. By Distribution Channel
    3. Europe
      1. Market Size & Forecast
      2. Germany
        1. By Type
        2. By Distribution Channel
      3. France
        1. By Type
        2. By Distribution Channel
      4. U.K.
        1. By Type
        2. By Distribution Channel
      5. Italy
        1. By Type
        2. By Distribution Channel
      6. Spain
        1. By Type
        2. By Distribution Channel
      7. Rest of Europe
        1. By Type
        2. By Distribution Channel
    4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
        1. By Type
        2. By Distribution Channel
      3. China
        1. By Type
        2. By Distribution Channel
      4. Australia
        1. By Type
        2. By Distribution Channel
      5. India
        1. By Type
        2. By Distribution Channel
      6. South Korea
        1. By Type
        2. By Distribution Channel
      7. Rest of Asia-Pacific
        1. By Type
        2. By Distribution Channel
    5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
        1. By Type
        2. By Distribution Channel
      3. South Africa
        1. By Type
        2. By Distribution Channel
      4. Kuwait
        1. By Type
        2. By Distribution Channel
      5. Rest of Middle East & Africa
        1. By Type
        2. By Distribution Channel
  7. Company Profile
    1. AXA
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    2. American International Group Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
    3. Allianz
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
  8. Conclusion & Recommendation
  9. Acronyms & Abbreviations

Table of Content and Figure @ https://straitsresearch.com/report/precision-agriculture-market/toc

Recent Developments

  • JDLINK, an information management product, was released by Deere & Company in July 2021. The product’s connectivity services are provided at no additional cost. They facilitate the connection of machines for customers.
  • In July 2021, AGCO Corporation debuted the pilot version of its Precision Ag Line (PAL) programme, a tool designed to streamline support services for farmers utilising AGCO’s solutions for mixed-fleet operations. AGCO’s brands, including Challenger, Fendt, Gleaner, Massey Ferguson, and Precision Planting, have access to PAL’s precision farming expertise.
  • Raven Industries announced in May 2021 the launch of its new autonomous product brand, OMNI. This brand highlights the company’s autonomous solution capabilities.
  • AGCO, a manufacturer of agricultural machinery, collaborated in May 2021 with Raven and other brands. The objective is to evaluate spraying technology in an effort to increase the effectiveness and efficiency of crop protection product application.

News Media     

Top 7 Animal Feed Producers

A Detailed Analysis of the Global Organic Food Industry in 2020

Rising Popularity of Precision Farming to Drive Growth of Farm Management Software Market over the Forecast Period–2026

Have a Look at the Related Research Report

Agriculture Insurance Market: Information by Product (Managed Crop Hail Insurance, Multi-Peril Crop Insurance), Organization (Government, Private) and Regional Outlook—Forecast Till 2026

Smart Agriculture Market: Information by Agriculture Type (Precision Farming, Smart Greenhouse, Livestock Monitoring), Offering (Hardware, Software), and Region — Forecast till 2030

Agriculture Reinsurance Market: Information by Product (Managed Crop Hail Insurance, Multi-Peril Crop Insurance, and Forestry Insurance), and Region — Forecast till 2026

AI in Agriculture Market: Information by Component (Solution), Technology (Machine Learning, Computer Vision), Application (Robots), and Region — Forecast till 2026

About Straits Research Pvt. Ltd.

Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.

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Artificial Intelligence

XtalPi Unveils XtalGazer: A Comprehensive AI-Driven Polymorph Selection Platform

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CAMBRIDGE, Mass., March 28, 2024 /PRNewswire/ — XtalPi Inc., a leading global technology company in integrating artificial intelligence (AI) and robotics to advance the discovery of groundbreaking medicine and innovative materials, announced today the launch of its proprietary comprehensive solid form discovery and selection platform, XtalGazer. This advanced platform aims to significantly improve the polymorph selection process for the pharmaceutical industry by integrating AI- and automation-powered experimental and computational approaches.

XtalGazer provides a total solution for delivering high-quality polymorph screening and selection methods to expedite drug development and mitigate risks. It represents a paradigm shift in solid-state research, moving from the traditional trial-and-error approach to a data-driven, design-led methodology. The platform provides an expansive suite of foundational tools to accelerate polymorph discovery, characterization, and selection process, empowering pharmaceutical companies to conduct thorough research with less active pharmaceutical ingredient (API) in shorter development cycles.
A key component of XtalGazer is XtalCSP, a crystal structure prediction platform to perform global searches of crystal structures for target molecules and the other optional components in the corresponding searching space, offering a deep insight into possible stable forms. Furthermore, crystallization strategy recommendations will provide AI-backed experimental design to help avoid human bias. XtalGazer also utilizes MicroED to rapidly elucidate crystal structures from powder samples, reducing the need for growing single crystals.
XtalPi’s launch of XtalGazer marks another significant step in the company’s ongoing exploration of solid-state research. From crystal structure prediction platforms being one of the first products to launch at XtalPi, to today’s comprehensive polymorph selection platform, XtalPi will keep fulfilling its promise to solving challenging problems in this space. XtalPi will continue to deliver faster, more accurate, and more comprehensive approaches to building an ecosystem for the R&D process in solid-state, pre-formulation and crystallization.
For more information about XtalPi, please visit www.xtalpi.com.
About XtalPi:
XtalPi is an innovative technology company powered by artificial intelligence (AI) and robotics. Founded in 2015 on the MIT campus, XtalPi is dedicated to driving intelligent and digital transformation in the life science and new materials industries. With tightly interwoven quantum physics, AI, cloud computing, and large-scale clusters of robotic workstations, XtalPi offers a range of technology solutions, services, and products to accelerate and empower innovation for biopharmaceutical and new materials companies worldwide.
Media Contact: Vivienne [email protected]
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Artificial Intelligence

ICIS and Base Oil News Announce Partnership to Enhance Market Insights

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LONDON, March 28, 2024 /PRNewswire/ — ICIS, a global source of commodity intelligence, is pleased to announce a strategic partnership with Base Oil News, a premier news outlet founded by industry expert Iain Pocock that provides in-depth coverage of the base oils and lubricants market. This collaboration marks a significant milestone in the dissemination and exchange of critical market data and insights.

With more than two decades of journalism experience at Bloomberg, Reuters, and Argus Media, Iain Pocock brings unparalleled expertise to this partnership. His deep understanding of illiquid energy markets makes him a credible and influential figure in the industry. Since November 2023, Iain has been working closely with ICIS to share and exchange valuable data and insights, enhancing the services both platforms offer to the base oils and lubricants market.
Through the collaboration, Iain integrates ICIS’ extensive content and data resources in Base Oil News market coverage. In return, he contributes market insights to ICIS News, including expert and exclusive analysis of supply and demand dynamics, price margins, and other critical market drivers. This exchange ensures that subscribers of both ICIS and Base Oil News have access to the most comprehensive, timely, and accurate market information, empowering them to make informed decisions.
“It’s a very exciting partnership – where we leverage each other’s strengths and provide actionable insights to our customers,” said Iain Pocock, Founder of Base Oil News. “The market is the winner.”
“As ICIS is already the world’s most trusted pricing benchmark for base oils, this collaboration with Iain Pocock and Base Oil News provides an even stronger and deeper service to our customers,” said Stephen Burns, Editorial Director at ICIS. “Iain’s expertise and extensive industry connections are invaluable, and we have established a fruitful partnership that benefits the market at large.”
For the latest insights from Iain Pocock on ICIS News, visit ICIS News.  
About ICIS
ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.
Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.
ICIS is part of RELX, a FTSE15 company with a market cap of £64bn and an employee base of over 30,000 experts across 40 countries.
About RELX
RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £64bn | €75bn | $81bn.
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Trianz Welcomes Israel Abraham as Vice President of Services for Extrica.ai – The Data to AI Platform

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SANTA CLARA, Calif., March 28, 2024 /PRNewswire/ — Digital transformation technology & services company Trianz is pleased to announce the appointment of Israel Abraham as Vice President of Extrica Platform Services.

Trianz has embarked on a transformative journey, redefining its value proposition with an ‘IP Led’ model, with a commitment to deliver the fastest time to value, lowest human dependence, and highest ROI. Central to this approach are our hyper-automated platforms, Concierto.Cloud, Extrica.AI, and Pulse, driving industry-leading transformations in cloud, data and analytics, AI, and the digital workplace.
Israel Abraham is a very well-known pioneer and industry leader in AI, data management, and analytics systems, with over three decades of experience. He joins as the services leader for Extrica- the Trianz Data to AI platform, which productizes data, provides data a face and purpose, and accelerates time to insights and AI by 50% or more. In the role of Extrica Services leader, Israel will lead the shaping, visioning, and delivery of Extrica.ai based enterprise wide datamesh, BI, and AI solutions for customers worldwide.
“We are thrilled to welcome Israel Abraham to the Trianz family,” said Sri Manchala, CEO of Trianz and author of Crossing the Digital Faultline. “He is a leader in modernization as well as conceptualization of data platforms anew. Israel’s prior background in the industry with financial services and insurance giants underscores our commitment to securing top-tier talent that brings real-world experiences and needs to our technology platforms. As we continue to broaden our footprint in the digital transformation space, Israel’s visionary leadership and practical experience will serve as the cornerstone in accelerating insights and AI to deliver transformative value to our clients.”
Having played pivotal roles in highly reputed and large organizations such as Liberty Mutual Insurance, MassMutual, Safeco, and CNA Insurance, Israel has garnered recognition as a seasoned leader in big data and AI cloud implementations. His accolades include the prestigious 2014 Ventana Research IT Innovation Award, the 2009 Informatica MDM Innovation Award, and three filed Data Engineering patents in the last four years.
“Trianz has been at the forefront of digital innovation, and Extrica.ai is a paradigm shifting data to AI platform that completely changes how analytics and AI are delivered- much faster, taking business ahead of change. I am excited to scale the adoption of the Extrica platform, which has attracted attention from giants across the industry and hyperscalers,” said Israel Abraham. “I look forward to engaging with customers, bringing my own experiences, and collaborating with the talented team at Trianz to further enhance the capabilities of the Extrica Platform Services to transform data & AI strategies, execution, and outcomes for customers.”
About Trianz
Trianz is a leading-edge technology platforms and services company that accelerates digital transformations at Fortune 100 and emerging companies worldwide in data & analytics, digital experiences, cloud infrastructure, and security. Our ‘IP Led Transformations’ approach, informed by insights from a recent global study spanning 20+ industries and 5000+ companies, addresses challenges posed by the rapid pace of AI-driven transformation, digital talent scarcity, and economic uncertainty. Our IP and platforms, including Concierto, Extrica, and Pulse, revolutionize cloud adoption, data analytics, and AI insights, empowering organizations to navigate the complexities of digital transformation seamlessly.
Founded in California and with an organization of over 2,000 associates across the United States and India, Trianz is a Premier Partner of AWS, consistently rated #1 by clients for value delivery over the past five years. Trianz has been ranked as one of the best Consulting Firms by Forbes and has been certified as a Great Place to Work for three years in a row. To learn more about Trianz, email [email protected] or visit www.trianz.com.
Watch Trianz CEO Sri Manchala’s insightful interview with Bloomberg on Partner | Crossing The Digital Faultline & Leading Towards Transformative Success – YouTube and delve deeper into his book Crossing the Digital Faultline at Crossing the Digital Faultline | Trianz.
Trianz Media [email protected] +1-408-387-5800
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