With the exponential growth of the world population, the subsequent rise in the global demand for food, shrinking agricultural lands, and the depletion of finite natural resources, the need to enhance farm yield has become critical. Limited availability of natural resources, such as fresh water and arable land, along with slowing yield trends in several staple crops, have further aggravated the problem. Another looming concern over the farming industry is the shifting structure of the agricultural workforce. Moreover, the agricultural labor in most of the countries has declined. As a result of the declining agricultural workforce, the adoption of automated solutions in farming practices has been triggered in order to reduce the need for manual labor.
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To address the escalating demand for food from the limited farmlands and labor, established agriculture machinery developers and technology vendors are introducing innovative solutions in the farming arena. These solutions are focused on helping farmers to fill the supply-demand gap, by ensuring high yield, increased profit, and protection of the environment. The approach of using information technology (IT) to ensure optimum utilization of resources in order to achieve high crop yields and reduced operational costs is called precision agriculture. Precision agriculture technologies comprise specialized equipment, software, and IT services.
The trend of precision farming is prevalent in not only developed countries but also developing countries. In countries such as China and India, large-scale deployments of smartphones and Internet of Things systems have led to the rapid adoption of precision agriculture solutions. Governments of several countries have realized the need for and advantages of these technologies. Thus, their initiatives to promote precision farming techniques are expected to drive the growth in the market. The adoption rate of precision agriculture technologies is impacted by many factors such as farm size, farmers age, features of equipment, characteristics of the technology, and legal affairs.
The wide-scale adoption of precision agriculture technologies is expected to enhance the potential return on investments (ROI) for farmers. The rising awareness, coupled with the increased governmental support for sustainable farming technologies, is expected to propel the market growth for precision agriculture. Precision agriculture technologies positively impact the agricultural value chain and create various disruptive business opportunities for various companies, such as agricultural machinery manufacturers, instrument developers, cloud service providers, and agri-input suppliers. The following figure represents the key strategic control points where precision agriculture approach plays a vital role.
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The competitive landscape for the precision agriculture market demonstrates an inclination toward companies adopting strategies such as partnerships & collaborations along with new product launches to introduce new technologies or developed further on the existing product portfolio. Moreover, acquisition activities have increased in the market during the last five years. Presently, the big four agricultural companies, namely Monsanto, DuPont, Syngenta, and BASF are constantly increasing their investment for the digitization of the farming sector, by acquiring or collaborating with the data sciences company. In September 2019, Corteva Agriscience and Pro Farm technologies announced a commercial agreement to develop a tool for farmers to stimulate plant growth and to improve plant health. In May 2018, ICL Ltd. partnered with CropX, to invest and develop advanced solutions for the agricultural sector, providing farmers with advanced soil sensor technologies and cloud-based analytics.
With the increasing growth in the global precision agriculture market, companies operating in the industry are compelled to come up with collaborative strategies in order to sustain in the intensely competitive market. For instance, in November 2019, Arable and BASF collaborated to improve the xarvio field manager for the farmers to help them in reducing pesticides. In February 2019, Trimble Inc. partnered with MagGrow for sustainable production and help growers in spraying through their innovative spraying technology.
UPCOMING INDUSTRY TRENDS 