The leading vendors operating in the global precision farming market include AgJunction, Trimble Navigation, AGCO Corp, Deere & Company, and Topcon Corp.
Arizton’s recent market research report on the precision agriculture market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by application (guidance and monitoring systems (GIS, GNSS, and remote sensing), variable rate technology, and telematics), by components (hardware (drones, GPS devices, sensors, and others) and software), by geography (North America, APAC, Europe, Latin America, and MEA), and offers detailed competitive analysis.
The precision farming market is anticipated to generate revenues of more than $9 billion by 2023, growing at a CAGR of approximately 16% during 2018-2023.
The increasing adoption of efficient and sustainable farming practices to ensure better food security and safety is augmenting the growth of the global precision farming market. The extensive use of precision agriculture enables weather forecasting and emphasizing farm models to accommodate sustainability by minimizing environmental degradation in the global market.
The top 3 drivers and trends propelling the growth of the global precision farming market are discussed below:
Proliferation of Mobile Connectivity and Smartphones
The exponential use of smartphones and mobile connectivity across developed and emerging nations will augment the growth of the global precision farming market. The use of connected or mobile devices across all aspects of business, education, health, and social life has drastically altered the information dispensation and accessing norms for organizations and individuals in the global market. The agriculture industry leverages this technology and the internet to access information pertaining to availability and usage of fertilizers, pesticides, and seeds in the global market. The proliferation of smartphones is promoting the development of connected the farming community and gain a wide range of forecasts related to weather, water tables, and commodity prices that will ensure efficient actionable insights in the global market. The integration of smartphones with precision agriculture will facilitate better exchange of information with various stakeholders. The live updates, access to commodity trades and prices enabling them to take informed sowing decisions, and information on incentives and subsidies offered by various organizations and government agencies are some of the benefits of using smartphones in the global precision farming market.
Federal Intervention and Initiatives to Boost Productivity and Efficiency in Agriculture
The increasing initiatives and schemes introduced by federal bodies and governments will augment the growth of the global precision farming market. Such incentives by the government are resulting in the facilitation of technology in agriculture thereby, boosting the productivity and efficiency of farming practices around the global market. In countries such as Brazil, China, India, Indonesia, and Thailand food security are the primary focus of government agencies as the economy of these countries is depending on the agricultural productivity. The regulatory bodies in these countries are adopting precision farming to improve efficiency in the value chain, which enhances trade prospects, mitigates climatic change on productivity, and minimizes human-caused soil degradation and water pollution in the market. The promotion of technology that improves agricultural productivity through data-driven free insights will encourage the government to subsidize the cost of acquisition of these platforms in the market. For instance, the New Industrial France plan envisages creating five types of agricultural robots by addressing agricultural problems through the development of theme-based robots. Such efforts will transform the global precision farming market over the next few years.
Big Data and Internet of Agriculture Things
The integration of the internet and big data solutions with farming practices will revolutionize the global precision farming market. The assimilation of farming data with market insights can turn out to be a powerful tool in improving the efficiency of the entire value chain and eliminating pilferages and outages in the global market. The leading vendors are focusing on developing an open ecosystem that integrates multiple data sources with efficient algorithms to derive better insights in the global market. The hardware vendors in the space are focusing on creating a network of sensors and devices, which can seamlessly communicate with each other and with intelligent software, thereby, making the decision process easier and more data-driven in the global precision farming market during the forecast period.
The complete overview of the latest market research report on precision agriculture market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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