India Precision Agriculture Market to Grow at Brisk Pace during Forecast Period

Increasing demand for precision agriculture due to its benefits like timely and accurate insights related to the farming, which helps to increase productivity, to drive India precision agriculture market through 2024

According to TechSci Research report, “India Precision Agriculture Market By Technology, By Component, By Application, By Region, By Company, Competition, Forecast & Opportunities, 2024”, India precision agriculture market is anticipated to witness significant growth during forecast period owing to growing concerns for food security and increasing demand for maximizing yields. In 2018, contribution of agriculture sector to India’s GDP was 18.39%, higher than the world’s average of 6.4%. Precision agriculture helps to optimize use of resources and effectively meet the increasing demand for food, which is anticipated to drive India precision agriculture market through 2024.

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India 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. Guidance systems segment is expected to witness rapid adoption during 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 take decisions related to crop. Among components, hardware is expected to acquire the large share during forecast period as hardware components such as sensors, cameras, etc., help to collect crucial information pertaining to the soil. Precision agriculture market finds application in yield monitoring, crop scouting, field mapping, weather forecasting & tracking, among others. Yield monitoring segment is expected to witness extensive adoption through 2024 as it provides farmer with information related to soil properties and fertilizers, influencing the overall production.

Deere & Company, Trimble Inc., SatSure Ltd., Fasal, Aibono, AgCode, Cropin, Intello Labs, Tech Mahindra Limited, among others are the leading players operating in India precision agriculture market. Companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share. Moreover, several start-ups consider precision agriculture as lucrative opportunity and are entering the market.

“Precision agriculture market in India is expected to grow at brisk rate owing to subsidies offered by state governments for the purchase of farm equipment. Moreover, increasing adoption of smartphones and rising focus of government towards better agriculture practices is further anticipated to drive India precision agriculture market during 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, By Company, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of India 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 precision agriculture market.

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