Increasing demand for precision agriculture due to its benefits like timely and accurate insights related to farming to drive the Indian precision agriculture market
According to the TechSci Research report “India Precision Agriculture Market By Technology, By Component, By Application, By Region, Competition, Forecast & Opportunities, 2027”, the India precision agriculture market is projected to grow at over 10% to reach $ 99 million by 2027 owing to growing concerns for food security and increasing demand for maximizing yields. Precision agriculture helps to optimize the use of resources and effectively meet the increasing demand for food, which is anticipated to drive India's precision agriculture market until 2027.
Moreover, the application of advanced analytics, increasing adoption of technologies such as the Internet of Things, data analytics, etc., in the agriculture sector coupled with an increase in government initiatives for the adoption of modern agriculture technologies are driving precision agriculture in India.
Browse 21 market data Figures spread through 70 Pages and an in-depth TOC on "India Precision Agriculture Market"
India's precision agriculture market can be segmented based on technology, component, application, and region. In terms of technology, the market can be segmented into guidance systems, remote sensing, and variable rate technologies. Among these, the guidance systems segment is expected to witness rapid growth during the forecast period as technologies such as Global Navigation Satellite Systems (GNSS) and Global Positioning Systems (GPS) help to obtain crucial location-based data, which can be used to make decisions related to farming.
Additionally, the remote sensing segment is further segmented into hand-held and software-based sensing. Amongst these, hand-held remote sensing dominated the market in 2019, while the software-based sensing segment is expected to exhibit faster growth until 2027. Based on components, the hardware segment is expected to acquire the largest market share during forecast years as it helps to collect crucial information pertaining to the soil.
Based on application, India's precision agriculture market is segmented into yield monitoring, crop scouting, field mapping, weather forecasting & tracking, among others. Among these, the yield monitoring segment accounted for the largest market share in 2019, while the field mapping segment is expected to witness rapid growth through 2027 as it provides farmers with essential information needed to obtain the maximum yield.
John Deere India Private Limited, Trimble Inc., SatSure Ltd., Fasal, Aibono, Cropin, Intello Labs, Mahindra & Mahindra, Jain Irrigation System Limited, Fasal Agro Business Pvt. Ltd, Exabit System Private limited, and others are the leading players operating in India's precision agriculture market. The companies operating in the market are using strategies such as product launches, mergers, and collaborations to boost their share. Moreover, several start-ups consider precision agriculture as a lucrative opportunity and are entering the market with new ideas and innovations.
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“Precision agriculture market in India is expected to grow at a brisk pace until 2027 owing to subsidies offered by state governments for the purchase of farm equipment. Moreover, the increasing adoption of smartphones and the rising focus of government towards better agriculture practices is further anticipated to drive India's precision agriculture market during the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Precision Agriculture Market By Technology, By Component, By Application, By Region, Competition, Forecast & Opportunities, 2027” has evaluated the future growth potential of India's precision agriculture market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India's precision agriculture market.
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