Global Market of precision farming is expected to grow at US ~$7 billion by end of forecast period with compound annual growth rate of 12%.
The prominent players identified in the market of precision farming are- AGCO Corporation (U.S.), Deere & Company (U.S.), AG Leader Technology (U.S.), AgEagle Aerial Systems (U.S.), Aglytix Inc. (U.S.), AgGateway (U.S.), Precision Planting (U.S.), AgJunction Inc. (U.S.), Agribotix (U.S.), Dickey-John Corporation (U.S.) among others.
Some other players in this market are- Raven Industries, Topcon Positioning Systems, Inc., AquaSpy, CropMetrics, Farmobile, Granular, IBM Watson among others.
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With the advancements in technology, farming techniques are also becoming smarter. Precision farming is empowered by the growing adoption of the Internet of Things (IoT), having features like remote monitoring, a global positioning system (GPS), and others. These powerful features have helped the farmers increase their production and make plans following current and historical data.
The growing population has gradually increased the demands for foods, which are to be obtained from limited cultivable lands. The precision farming technique helps in collecting real-time data and monitoring upcoming weather conditions, making it a useful tool for the farmers. Factors like unstable supplies of the raw materials and their fluctuating costs have restrained the market’s evolution. The market players are actively funding research & development programs to explore the new sides of this market and eradicating any negatives holding back this market.
This has imposed extra load on the market players but will help them in reaching stronger positions and generating higher revenues. For getting the better outline of the market structure, the report on the global precision farming market covers crucial aspects like oppositions, drivers & restraints, growth opportunities, and others. As far as the study suggests, the global precision farming market will show a 13 % yearly growth.
The global precision farming market is an immense field and is divided as follows:
The global precision farming market is characterized as hardware, software, and services in view of offerings.
In view of technology, the global precision farming market is characterized as remote sensing, telematics, geographic information system (GIS), and others.
The global precision farming market is characterized by irrigation management, weather tracking, and others, in view of applications.
- Software developers
- Semiconductor component manufacturers and suppliers
- Agriculture equipment suppliers
- Agriculture service providers
- Consulting firms
Demands for precision farming are at a high rise because of factors like rapidly increasing global populations and rapidly advancing technological environments. The North American, European, Asia Pacific, and The Rest of the world are the major markets evaluated to reveal the worldwide market structure. As per the study and market stances, the global market is impelled by the North American region under the influence of factors like high adoption & demands of revolutionary technologies, presence of supreme market players, high grant values for research & development programs, and others. Whereas, the Asia Pacific region will register the highest growth in this tenure because of factors like rapidly growing demands for next-gen technologies, vast population, demands for better food, rapid urbanization, rise in disposable incomes, growing government initiatives, and other factors.
Features like limited cultivable lands and a rise in government initiatives have helped the global market gain swift progression. At this stage, the North American region is leading the market, followed by the European region. During the course of this survey, the Asia Pacific region will register the strongest growth rate and will maintain its swift course. The quickly flourishing areas will show extraordinary possibilities, which has pulled in the market players from around the globe to settle their organizations in these locales.
Study Objectives of Precision Farming Market:
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the precision farming market.
- To provide insights about factors affecting the market growth.
- To analyze the precision farming market-based porter’s five force analysis etc.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW).
- To provide country level analysis of the market with respect to the current market size and future prospective.
- To provide country level analysis of the market for segment by components, application and sub-segments.
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the precision farming.
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