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 to achieve high crop yields and reduced operational costs is called precision agriculture. Precision agriculture technologies comprise specialized equipment, software, and IT services.

New technologies trigger higher yields and reductions in costs. Climate change is one of the most severe environmental threats to the productivity of agriculture processes. Crop yields are affected due to natural calamities such as droughts and floods. Varying weather circumstances influence soil quality and crop yields. Therefore, it is essential to adopt precision farming technologies and practices which will lead to a potential crop yield.

The major precision agriculture technology vendors are Trimble Inc., Raven Industries, Topcon Positioning Systems, Hexagon Agriculture, Ag Leader Technology, and Dickey John Corporation. The precision agriculture market ecosystem comprises established agricultural OEMs, technology vendors, agri-input suppliers, and software and services providers. Rising interest in the Internet of Things (IoT) among the agricultural machinery vendors, such as AGCO Corporation, John Deere, CLAAS, Kubota Corporation, and CNH Industrial, has been a major trend in the market.

The introduction of precision agriculture technology helps the farmer to improve crop production and lessen the concern over global food security. Precision agriculture technologies can be used for applications such as monitoring, planting, irrigation, data management, and spraying. Precision agriculture technologies enable the farmer to optimize and modify the number of agri-inputs as well as effectively manage the farm activities, resulting in high yield at a low operational cost.

The precision irrigation market is expected to grow at a significant rate during the forecast period, enabling farmers to efficiently use water and reduce wastage of nutrients, water, and chemicals. Field monitoring applications also present colossal market growth opportunities. The advent of complete field monitoring solutions has proved to be one of the most beneficial applications of precision agriculture technologies. Traditional approaches, such as manual crop inspection and soil monitoring, are not only time-consuming but can also be inaccurate. Thus, the application of precision technology in the field monitoring process of collecting georeferenced data and other related information reduces potential threats and boosts viable economic opportunities.

Precision agriculture technologies are changing the way farmers used to traditionally manage their farms. The major driving force behind the increasing adoption is the value addition it brings to all farmers to overcome the challenges such as shortage of labor, climate change, and farm management, and agriculture businesses in the industry.

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