The Global Precision Agriculture Market was worth USD 3.67 billion in 2016 and is estimated to be growing at a rate of 14.7%, to reach USD 7.29 billion by 2021.
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Precision agriculture is one of the advanced farming techniques that involve use of technologies such as Global Positioning System, remote sensing and Geographic Information system to gather information from the fields and make better decisions in the use of resources.
Precision agriculture reduces majority of human efforts on field by automation. With the use of installed sensors in the field, measurement of temperature, soil humidity and nutritional level of soil can be measured and shared with the farmers.
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This enables the farmer to get better yields with optimized use of resources and wastage. All this technology can be accessed by farmers through their smartphones or PCs.
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Increasing use of cloud based technology, growing trend of application of technology in farming to minimize the losses and human efforts, increasing use of smart phones are the major factors driving the precision agriculture market. The ease of operation of the technology and the need to maximize the production of food are also driving the growth of the market.
However, high initial investment for the installation of sensors and GPS system, lack of proper awareness amongst farmers about the benefits of precision agriculture and inexperience in using technology are the major factors restraining the market.
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- Sensing and Monitoring Devices
- Remote Sensing
- Guidance System
- Variable Rate Technology
- Yield Monitoring
- Field Mapping
- Weather Tracking & Forecasting
- Irrigation Management
- Inventory Management
- Farm Labor Management
- Financial Management
Based on Region, the global precision farming market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa regions. North America dominated the market due to the increasing adoption of technology in farming in this region followed by Europe.
Asia-Pacific is the fastest growing market segment as this region has the largest agricultural land and huge population base.
Some of the major companies in the precision agriculture market are Deere & Company (U.S.), Trimble, Inc. (U.S.), and Leica Geosystems (Switzerland), AJ Junction, Inc.
(U.S.), Monsanto Company, AgSmarts Inc., CropMetrics LLC and Dickey-John Corporation.
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