Market Trends And Opportunities In Global Precision Farming Market Up To 2022 – Report By Market Data Forecast.

Market Trends And Opportunities In Global Precision Farming Market Up To 2022 – Report By Market Data Forecast.

ID: 6464 | February 2018 | Region: Global


The Precision Farming 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 Farming Market is estimated to be USD 4.1 billion in 2017 and predicted to rise to USD 7.8 billion by 2022 with a CAGR of 13.7%. The market is segmented by Technology (Remote Sensing, Guidance System and Variable Rate Technology), by Offering (Hardware, Software and Services), by Application (Yield Monitoring, Field Mapping, Crop Scouting, Inventory Management, Irrigation Management, Farm Labor Management, Financial Management and Weather Tracking). Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.

Increasing use of cloud based technology, growing adoption rate of modern farming techniques to enhance productivity, growing food demand are the major factors driving the precision agriculture market. The increasing need to increase the food production in the available agricultural land and government initiatives to increase the usage of modern technologies in agriculture are propelling the market growth. However, requirement of high initial investment and lack of proper awareness among the farmers are hindering the market growth.

By hardware, Automation and control systems dominate the market in this segment as they heavily reduce the human effort and aid in the increase of productivity. In software segment, Cloud based software is the fastest growing segment due to its vast database and high demand. Based on technology, Guidance system is the largest market segment as it precision agriculture is highly relied on using GPS and GIS systems. Based on Application, Irrigation management holds the largest market share in precision farming market due to the increasing scarcity of water and increasing adoption of micro irrigation control systems in agriculture. However, yield monitoring is expected to be the fastest growing segment due to the growing food demand with rapidly growing population.

North America dominated the market due to the increasing adoption of latest technology, high market penetration and high awareness among the farmers in this region. Asia-Pacific is the fastest growing market segment as this region has the largest agricultural land and huge growth potential for manufacturers.

Some of the major players in Precision Farming market are Raven Industries, Deere & Company, AGCO Corporation, Trimble Navigation Ltd, Monsanto Company, Dupont, Agjunction, Inc, Precision Planting, Inc, SST Development Group, and Dickey-John Corporation.

Browse through the full report at https://www.marketdataforecast.com/market-reports/precision-farming-market-6452/ and checkout our recent reports in the Agriculture Machinery at https://www.marketdataforecast.com/subcategory/agriculture-machinery-14/ For more insights and up-to-date industry news don’t forget subscribing to our newsletters.

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