The industry research report
titled, “Precision Agriculture Market Analysis By Component (Hardware, Software,Services), By Technology (Geomapping, Remote Sensing, VRT, IntegratedElectronic Communication, GNSS & GPS), By Application, By Region&Segment Forecasts, 2017-2025” offers a comprehensive
analysis of the global precision agriculture market based on technology,
component, and geography.
Precision agriculture
has rapidly gained popularity among farmers across the globe because of the
increasing need for optimum production with the given resources. Additionally, the
timely changing weather patterns mainly via increasing global warming has
further necessitated the adoption of enhanced technologies such that an
efficient productivity and crop yield is attained.
GIS,
telematics, VRT, GPS, and remote sensing are some of the key technologies which
are covered in the technology segment. Further, the global precision farming
market is segmented into two key components: hardware and software wherein hardware
includes sensors, drones, ASS, radar, GPS, and others (display, satellite, and
mobiles); and the software includes GIS, crop management software, weather
tracking and forecasting software, inventory management software, people
management software, and financial management software.
The prominent players of this
global market namely include- Deere & Company, Trimble, Inc., Raven
Industries, Agjunction, Inc., AGCO Corporation, AG Leader Technology, Precision
Planting, Inc., SST Development Group, Inc., Teejet Technologies, Topcon
Positioning Systems, Inc., Dickey-John Corporation and Cropmetrics LLC; and collaborations,
partnerships and mergers & acquisitions are few common strategies which are
followed by these players in order to contribute optimally towards the success
of this industry.
The
market is well investigated mainly across four different geographies: North
America, Europe, Asia-Pacific, and LAMEA. It has been discovered that the global precision agriculture market, also known
as precision farming, was valued somewhere around USD 3.08 million in 2015 and
is further expected to significantly develop in the years to proceed owing to
the fast paced ongoing technological advancements coupled with the growing need
for efficient production in order to ultimately improve the supplies in
relation to the rising demands for food consumption across the globe.
It has been
observed that there is an increasing awareness and interest for Internet of
Things (IoT) devices and other associated technologies like Big Data in order
to maintain sustainability of farm production in this industry. IoT based
farming approaches have managed to reduce the connected risks; ultimately
ameliorating the productivity for global cultivators. Furthermore, due to increasing
population and changing climatic conditions; the farmers have lately faced
various challenges for increasing the crop yield. Therefore, IoT sensors like
field sensors are being given this much importance. Hence, the increasing
adoption of advanced technologies for lessening production costs and increasing
food efficiency is envisioned to persist bolstering the market growth.
Also, the emerging implementation
of farming devices involving UAVs, sensors, mobile devices and cameras are
expected to even contribute in the growth of hardware segment and with declining
prices of these sensors; the demands for wireless and smart sensors have
multiplied over the years and in the long run also, is anticipated to foster
the industry growth. Basically, this remote sensing technology is projected to mushroom
the application of remote sensing images on agricultural vehicles for measuring
factors like radiation, light and heat condition in the field.
Geographically, North America
precision agriculture market has been noticed to acquire the major share of
this industry due to the increasing adoption of the advanced agricultural
solutions and equipments like sensors, steering and guidance systems, farm
management software and display devices. In future, even the Asia Pacific
region is anticipated to grow significantly owing to ever-growing adoption of smart phones, aggrandized use of
cloud technology, booming population, technological advancement, and high
initial investments in the industry.
Besides the sensors, there are
many other innovative technologies such as real-time farm monitoring, weather
forecasting, optimal field requirements and similar others which will come up
eventually and are thereby envisioned to make this industry garner a valuation
of somewhere around USD 7.8 billion by 2022, registering a decent CAGR of more
than 14% at the same time.
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