Precision agriculture global market to reach $4.9 billion in 2021

The global market for precision agriculture solutions is forecasted to reach about 4.2 billion euros ($4.9 billion) in 2021, up from 2.2 million euros in 2016, according to a recent study by Swedish IoT analyst firm Berg Insight. The study expects the market to grow at a CAGR of 13.6% during the period. The study also showed that solutions such as auto-guidance and machine monitoring and control via onboard displays are mainstream technologies in the agricultural industry, telematics and variable rate technology (VRT) are still in the early stages of adoption. Interoperability between hardware and software solutions remains a challenge, although standardization initiatives led by organizations such as Agricultural Industry Electronics Foundation and AgGateway are making progress.