The Precision Agriculture Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc. According to the report, the Precision Agriculture Market is estimated to be USD 3.67 billion in 2016 and predicted to rise to USD 7.3 billion by 2021 with a CAGR of 14.7%. The market is segmented by Technology (Guidance System, Remote Sensing, Variable Rate Technology), by Offering (Hardware, Software, Services), and by Application (Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking & Forecasting, Irrigation Management, Inventory Management, Farm Labor Management and Financial Management). Further the market is also geographically segmented North America, Europe, Asia-Pacific, Latin America, Middle East and Africa regions.
Increasing trend of technology application in farming to minimize the human efforts and use of resources, the need to increase the food production in the given land and ease of operation of technology are the major factors driving the market. Also, increasing use of cloud based technology and use of smartphones are also driving the market growth. However, high initial investment required and lack of proper awareness amongst farmers about the benefits of precision agriculture and inexperience in using technology are the major factors restraining the market
Cloud based software is expected to be the fastest growing segment in the software segment due to its increasing popularity. Based on technology, Guidance system is expected to be the largest market segment as it includes GPS and GIS which are majorly applicable in precision farming. On the basis of application, Weather tracking and forecasting holds the largest market share whereas irrigation management is the fastest growing segment due to increasing scarcity of water.
North America dominates the precision agriculture market due to the increasing adoption of technology in farming in this region followed by Europe. Asia-Pacific is the fastest growing market segment as this region has the largest agricultural land and huge population base with increasing awareness of using technology in farming.
Some of the major companies in the precision agriculture market are Deere & Company, Trimble, Inc., Leica Geosystems, AJ Junction, Inc., Monsanto Company, AgSmarts Inc., CropMetrics LLC and Dickey-John Corporation.
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