Precision Farming Market Size, Report: Global industry Analysis, Outlook by Technology, Component, Application, Region, and Forecast 2024

Global Precision Farming Market

Market Overview

Due to the advent of mechanized revolution horses were replaced by tractors while today a new farming revolution triggered by the adoption of staggering new technologies: satellites, high precision positioning systems, smart sensors and a range of IT applications combined with high-tech engineering. In past 10 years, precision farming has witnessed the unprecedented growth across the globe i.e. 70-80% of new farm equipment sold today contains a precision farming component.

Goldstein Research analyst forecast the Precision Farming Market size is set to reach USD 11.23 billion by 2024, at a CAGR of 13.1% over the forecast years.

Covered In This Global Precision Agriculture Market Report

The report covers the present ground scenario and the future growth prospects of the Precision Agriculture Market for 2016-2024. We calculated the market size and revenue share on the basis of revenue generated from major players in Precision Agriculture Market across the globe.

Global Precision Farming Market Segmentation

By Technology

• Integrated electronic communications (Telematics)
• GIS (Geographic Information Science)
• Automated steering systems

• Assisted steering systems
• Automated steering systems
• Intelligent guidance systems

• VRT (Variable Rate Technology)
• GPS (Global Positioning System)
• Remote Sensing

By Component

• Hardware

• Sensors (soil, water & climate)
• Drones
• Automated Steering System
• Radar
• GPS (Global Positioning System)

• Service

• Installation and Integrations Service
• Maintenance Service
• Consulting Service

• Software

• GIS (Geographic Information Science)
• Crop Management Software
• Weather Tracking
• Inventory
• People & Financial Management

By Application

• Yield monitoring

• On-farm
• Off-farm

• Field mapping
• Crop scouting
• Weather tracking & forecasting
• Irrigation management
• Inventory management
• Farm labor management

Based on Geography

• North America (U.S. & Canada) Precision Agriculture Market
• Latin America (Brazil, Mexico, Argentina & Rest of Latin America) Precision Agriculture Market
• Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE) Precision Agriculture Market
• Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia) Precision Agriculture Market
• Middle East & Africa (GCC, South Africa, North Africa, RoMEA) Precision Agriculture Market

On the basis of components, hardware hold the largest market share in terms of value i.e.55% making it well worth the time and effort of companies actively involved in the precision farming market. Among hardware segment drones dominate the total precision agriculture market owing to regular aerial monitoring of agricultural lands. 

Precision Agriculture Market Outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the global precision agriculture market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Our global report comprises of the following companies as the key players in the Precision Agriculture Market: Bosch, Intel, Cisco, Intel, Agribotix LLC, Deere & Company, SST Development Group, Farmers Edge, Inc and Granular, Inc.

According to our global market study on the basis of extensive primary and secondary research:  “One trend in market is penetration of digital technology in world’s farms, robotics, big data, and other uses of electronic information to transform the management of farms, vineyards, orchards, forests, and livestock.”

According to the report, major driving factor for expansion of Precision Farming Market is the rising prevalence of yield monitoring systems for mechanical harvesters and sensors that detect disease and tree stress at early stages of development.

Further, the report states that the major challenge is precision farming cannot be utilized completely in every crop. It needs the farmers to embark on various technological, technical, and economic conditions before the adoption of this technology. For instance, soybeans and corn in Kenton, Ohio faces problems in precision agriculture related to system upgradation.

Based on geography, Europe dominates the precision agriculture market with almost 37.5% market share due to farm economics and employment business models of farming while APAC hold the promising future potential for this market and tends to grow at a CAGR of 13.36% over the forecast years. The largest agricultural based countries like Russia, Germany, France, Canada, Turkey, China, India, Poland, Indonesia, Mali, and Vietnam hold opportunities for precision agriculture. Moreover, Australia Precision Agriculture Market is set to reach USD 0.8 billion, growing at a CAGR of 15.1% over the forecast period (2017-2025).

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Key questions answered in this Precision Farming Market report

• What is the total market size by 2024 and what would be the expected growth rate of the market?
• What is the revenue of Precision Agricultures in 2015-16 and what would be the expected demand over the forecast period?
• What are the key market trends?
• What are the factors which are driving this market?
• What are the major barriers to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities for the existing and entry level players?
• What are the recent developments and business strategy of the key players?

We can provide two hour complimentary interaction with our analyst after the purchase of this market report. Details are imparted within the report.