Precision farming is a concept related to the management of farming which observes, measures and responds to inter as well as intra-field inconsistency in crops. The aim of the concept is to introduce a decision support system to the entire farm management with the objective of boosting returns on inputs while maintaining resources. It is observed that innovative farming revolution initiated by the implementation of staggering new technologies
Global Market for Precision Farming: Dynamics Influencing Revenue Growth
The growth of the global precision farming market is influenced by numerous factors. Machine to machine monitoring fundamentally lets devices to effortlessly connect with each other without any human interference. Therefore, increasing acceptance of M2M monitoring agricultural application is projected to gain significant traction and is prepared to power the growth of global market for precision farming in the forthcoming years. Many agricultural solution providers are focusing on introducing imaging technology sensors and drones than can assist the farmers in maximizing yield capacity and enhancing resource utilization. This development is also expected to drive the growth of the market.
However, due to expensive precision farming technology, it becomes impossible for smaller farmers in emerging economies and developed regions to afford this technology. Therefore, data aggregation and data management are the key restraints in the global market for precision farming.
Taxonomy of Global Market for Precision Farming
The segmentation of global market for precision farming is done on the basis of application, components and region.
- Variable Rate application (VRA) & Farm Labor Management System: The segments of VRA & farm labor management systems are ready to top a CAGR of 11.9% & 12.4% respectively, in the global market for precision farming from 2017-2025.
- Field Mapping & Yield Monitoring: On the basis of value, field mapping & yield monitoring segments must grow by 3x & 3.5x respectively during the period 2017-2025. It is anticipated that field mapping segment alone would help the market by reaching around US$ 4.3Bn by end 2025. Companies are advised to focus on this application.
- Crop Scouting, Soil Monitoring & Weather Tracking and Forecasting: Climate change is foreseen to vividly impact global agricultural production in the times to come. As a result, the rapid utilization of precision farming equipment would play a major role in improving effectiveness and crop yield which in turn will drive the market growth.
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- Hardware: The hardware segment is projected to hold a lion’s share in the global market for precision farming by component towards the end of the forecast period. Sensing & monitoring devices are expected to be principally significant as well as range a value of just under US$ 5.4 Bn by the end of 2025.
- Farm Management Software (FMS): Currently, the precision farming software of on-premise is greater than the precision farming software of cloud-based and is predicted to hold a slender lead in the forecast period. However, the upsurge of IOT & significance of the cloud will propagate by leaps & bounds in the 21st century. The main stakeholders in the market for precision farming are expected to focus on cloud-based precision farming.
- Service: Although maintenance and consulting services are lesser than the integrations and installation services in the market for precision farming, they are anticipated to observe greater CAGR in the course of the forecast period. The segment of maintenance service is prepared to be valued at nearly US$ 1.7Bn by the end of 2025 whereas, the consulting services are projected to be valued under US$ 1.2Bn in the similar year.
The market for precision farming in North America is anticipated to be worth approximately US$ 7.8Bn by end 2025. This makes North America’s precision farming market larger than Middle East and Africa, Latin America, Asia Pacific and Europe market. North America’s market share is expected to be nearly 45% by then, in the global market for precision farming.
Competition Control panel of Global Market for Precision Farming
The extensive research report on the global market for precision farming covers analysis on the major companies active in the global market for precision farming. Key companies such as Ag Leader Technology, Agribotix LLC, SST Development Group, DICKEY-john, senseFly, PrecisionHawk, Topcon Corporation, Iteris, Trimble, Deere & Company, CNH Industrial N.V., Raven Industries Inc., and AgJunction are profiled in this research report.