Advanced Technologies Fuels Growth for the Precision Agriculture Market

Allied Market Research has published a recent report on the global precision agriculture market. The report provides the latest qualitative and quantitative data that covers the market size, share, trends, growth, and forecasts. Expert analysts use advanced data interpretation to breakdown the market structure by segments and present it in a comprehensible format to build a complete understanding. The report describes the various types, technologies, and application segments that are included within its scope.

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The precision agriculture market report provides a detailed overview of the essential terms, terminologies, definitions, and segments pertinent to common industry usage. It takes the readers through a detailed introduction to the various farming techniques that employ different technological tools to enable efficient farming processes and to enhance quality and quantity of crop yield. These technologies also ensure that all farming practices are sustainable in their approach and do not degrade the natural or economic environment. The market players expect to witness high increase in the total productivity of per unit of arable land through sustainable use of the available farm resources.

The list is inclusive of tools such as global positioning system (GPS), geographic information system (GIS), telematics, variable rate technology (VRT), and remote sensing. From what is deduced by the market intelligence, GPS is the tool that contribute the maximum share of revenue as compared to the other technologies. Small- and large-scale farmers, as well as the agricultural service providers find it useful to record and collect field data related to soil, air, and water. The variable rate of inputs aid the detailed study the larger fields by breaking them down into smaller parts.

According to the findings of the report, the precision agriculture market is expected to reach $7.8 billion by 2022. Analysts estimate that the industry would register a CAGR of 14.9% during the 2016–2022. Despite the observed dominance of GPS segment, GIS technology exhibits high growth potential with an estimated CAGR of 15.7%. The anticipation of this high rate of progress comes from a widespread adoption of the technology in large agricultural zones of North America and Europe. Out of the hardware and software components, the latter would grow at a CAGR of 15% during 2the forecast period.

The precision agriculture market report also provides a segmented review of the key components of the industry offering. Hardware and software are both employed in wide practice across global agricultural practices. In 2015, hardware accounted for the higher revenue share as compared to software. The market undergoes an expansion in demand volumes for hardware components such as drones, ASS, and RADAR. However, the future scope of the market exhibits strong affinity for software tools to manage inventory, people, finances, and other farm resources. The software segment is expected to register the highest CAGR during the forecast period because they aid to enhance the net operational efficiency of these equipment. In addition, software tools enable the integration of the farm machinery with smart devices for ease of information access.

Based on geographical regions, North America leads the market at present in term od investment made on advanced agricultural technologies, consumer awareness, and availability of internet medium. Against the global value of revenue generated within the industry, U.S. makes around four-fifths part of the contribution to it. Findings of the report suggests Asia-Pacific to exhibit the highest growth with respect to the increased adoption of advanced technologies, such as VRT and drone, across its countries.

Key findings for Precision Agriculture/Farming Market:

• The precision agriculture market size is expected to grow at a CAGR of 14.9% through 2016–2022.
• The GPS technology as accounted for the maximum share of revenue in the global market during 2015.
• In 2015, the hardware segment held a higher share in terms of components, with a claim over 50% of global revenue share. Analysts estimate a rapid increase in adoption of software component, despite which the former would maintain its consumption.
• The Asia-Pacific market generated 16% of the total market revenue in 2015 and is extimated to be the fastest growing region over the forecast period as well.

The precision agriculture market report includes the in-depth profiling of major players in the segment. The key companies considered for the study include Deere & Company, Trimble Navigation Limited, AGCO Corporation, Monsanto Company, CropX, AgSmarts Inc., AgSense LLC, Dickey-John Corporation, and Ag Leader Technology. The study highlights the business strategies adopted by these companies that aid their strong presence in the commercial scenario. Some of these are product launches, acquisitions, and partnerships. The companies have expanded their operations, portfolio, and geographical footprints with these strategies. The study cites examples such as the 2016 launch of mobile real-time kinematics (RTK) by Deere & Company to indicate how latest innovation in machine guidance and telematics can aid effective field and crop monitoring.