The precision farming market is expected to grow from USD 3.20 billion in 2015 and is expected to reach USD 7.87 billion by 2022, at a CAGR of 13.47% between 2016 and 2022. Precision farming involves technology-driven information analysis of data acquired from the field and application of input as per the data analysis for increasing crop productivity. Precision farming has revolutionized the method employed previously in agriculture.
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Americas held the largest share of the precision farming market in 2015. Demand for advanced agricultural solutions is expected to drive the growth of the precision farming market in this region.
Farmers or growers in this region are increasingly adopting advanced farming systems and equipment such as steering and guidance systems, sensors, display devices, and farm management software.
The precision farming market in APAC is expected to grow at the highest rate between 2016 and 2022.
Key Target Audience
- Satellite service providers
- Component suppliers
- Semiconductor component and device manufacturers
- Original equipment manufacturers (OEMs)
- Product manufacturers
- Component and device suppliers and distributors
- Software, service, and technology providers
- Standardization and testing firms
- Government bodies such as regulatory authorities and policymakers
- Research institutes and organizations
- Market research and consulting firms
The study identifies and analyzes precision farming market dynamics such as drivers, restraints, opportunities, and industry-specific challenges for the precision farming market. This report also profiles the key players operating in the precision farming market.
The increasing focus on farm-efficiency and productivity is expected to propel the growth of the precision farming market. The base year considered for the study is 2015 and the market size forecast is provided for the period between 2016 and 2022.
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Precision farming market based on offering, technology, application, and geography. The yield monitoring application is expected to hold the largest share of the precision farming market between 2016 and 2022.
Yield monitoring is the most widely used application in precision farming as it plays a vital role in understanding field variability and helps farmers in maximizing their yields.
Yield monitoring provides farmers the information about weather conditions, soil properties, and fertilizers which may affect the overall grain production. Soil monitoring is the major application of yield monitoring.
1 Attractive Opportunities in the Precision Farming Market
2 Precision Farming Market, By Hardware Devices and Software & Services
3 Precision Farming Market, By Technology and Region
4 Regional Analysis of the Precision Farming Market
5 Life Cycle Analysis
The precision farming ecosystem includes augmented or managed service providers such as Deere & Company (U.S.), Trimble, Inc. (U.S.), and Leica Geosystems (Switzerland); component manufacturers such as Deere & Company (U.S.), Trimble, Inc.
(U.S.), and AJ Junction, Inc. (U.S.); device vendors; tractor manufacturers; farm management solution and application providers; and end users.
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Asia-Pacific (APAC) is one of the bright prospective markets in precision farming. APAC has large farmlands and a high population growth rate.
APAC has a huge regional spread which comprises countries such as China, Japan, India, Australia, South Korea, and Rest of APAC. Precision farming market in APAC is in its initial stages of adoption and expected to grow with a double digit rate between 2016 and 2022.
The breakup of the profiles of primary participants is as follows:
- By Company Type: Tier 1 – 55 %, Tier 2 – 20%, and Tier 3 –25%
- By Designation: C-Level Executives – 75% and Managers – 25%
Report covers precision farming market based on offering, technology, application, and geography. A detailed analysis of the key industry players has been done to provide insights into their business, products and services, and key strategies such as new product launches, mergers and acquisitions, partnerships, agreements, and collaborations associated with the precision farming market.
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