Global Precision Farming Market: Synopsis
Also known as precision agriculture, precision farming market is defined as a process for identifying and managing the variability of any farm and variability of productivity. Market Research Future (MRFR) has published a research report on the global precision farming market that anticipates advancement for this market at 12% CAGR (Compound Annual Growth Rate) between 2016 and 2022. By value, the market has been figured to be worth the US $ 7 bn by the end of the forecast period.
Observing the market structure, this report measures the future growth potential of the market. It gauges the strategies of the key players in the market and aids the competitive developments like new product developments, joint ventures, mergers & acquisitions, research and developments (R&D) in the market.
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The most important factors favoring the global Precision farming market growth include high adoption of technologies in agriculture and the need for more efficient farming. The third factor contributing to market growth is the increasing government interest towards promotion of precision farming market. Some key players are investing in new techniques and trying to develop affordable devices in precision farming market. Inviting investments in R&D sector, this is leading to market growth. However, the need for technical experience and high internment can impede market growth.
The key players in the global precision farming market include AGCO Corporation (USA), AG Gateway (USA), AgLeader Technology (USA), AgEagle Aerial Systems (USA), AgJunction Inc. (USA), Aglytix Inc. (USA), Agribotix (USA), Deere & Company (USA), AquaSpy (USA), CropMetrics (USA), Dickey-John Corporation (USA), Farmobile (USA), Granular (USA), IBM Watson (USA), Precision Planting (USA), Raven Industries (USA), and Topcon Positioning Systems Inc. (Japan).
The global Precision Farming Market can be segmented on the basis of application, components, and lastly region. The application-based segmentation segments this market into crop scouting, inventory management, labor management, soil properties analysis, quality mapping, yield mapping, and others.
Based on components, the market has been segmented into hardware, software, and services. Hardware has been sub-segmented into displays, drones, global positioning system (GPS) systems, sensors, mobile devices, and others. The software has been sub-segmented into on cloud and on-premise. Services have been sub-segmented into managed services and professional services.
The regional segmentation of the global precision farming market has segmented the market into regional markets known as Europe, North America, Asia Pacific, and the rest of the world (RoW).
Due to technological advancement, North America holds the most dominant position in the global market. In this region, the market is growing due to high technology adoption, the presence of many important market players in the USA and Canada, and lastly, development in the field of agriculture in this region.
Regarding revenue generation, Europe is the second largest regional market because the governments of France, Germany, and UK (followed by the remaining countries of Europe) are supporting the technology adoption in agriculture which is helping the market growth.
Asia Pacific region is expected to emerge as the fastest growing regional market during the forecast period because the countries like China and India are agriculture-based economies and therefore, the market for new technologies helpful to agriculture as ample scope for growth in the Asia Pacific region due to high demand. Japan is another technologically advanced country that can be a suitable market because many people in this country are involved in agriculture.
The RoW segment covers the nations in the Middle East & Africa (MEA). In MEA countries, the market is minimal because most countries being poor, lack of awareness, lack of education, lack of right infrastructure and lack of technological advancement.
Latest Industry News
- AgVA and AgLaunch have recently signed a memorandum of understanding (MOU) to invest in not only in new early-stage companies jointly, but also create new opportunities for farmers to participate in the innovation value chain. 27 MAR 2019
- Sony has launched a new crop management solution that consists of a Fast Field Analyzer image analysis software and a newly developed drone-mounted multispectral sensing unit. 7 MAR 2019
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