The Global Crop Monitoring Technology in Precision Farming market is valued at USD XX. XX billion in 2016 and is expected to reach a value of USD XX. XX billion by the end of 2022, growing at a projected CAGR of 12.56 % during the forecast period of 2017 – 2022. Site Specific Crop Management( SSCM), popularly known as Precision Farming( PF) involves the introduction of modern coming-of-age technologies of satellite navigation and monitoring system into the domain of farming and agriculture. The technology is considered as the future of farming. Clearly, agriculture has moved from primitive technology in the 16th and 17th century to mechanization in the 20th century and finally to automation in the 21st century. It involves smart, easy and cost-effective monitoring and management of crops and fields based on inter and intra-field variability and demands of individual plots, subplots and crops. PF is the branch of Decision Support System( DSS) that ensures better efficiency, higher yield and profitability, and better usage of the available resources. It has found a wide array of applications; from yield and soil monitoring, Variable Rate Application( using Variable Rate Technology), field and yield mapping, crop scouting, tractor navigation, pesticide spray monitoring and several others.
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The sudden spur in the growth of agro-based industries is due to the exponential burgeoning of population and demand for food stock coupled with governmental assistance in the form of incentives. North America, Canada and Mexico have dominated the PF market so far. However, Asia-Pacific, specifically India, Australia, China and Japan, currently have the highest growth rate in this domain. Interestingly, the APAC region is being seen as the fastest emerging market in precision agriculture.
The report intends on presenting a quantitative and qualitative insight into the precision agriculture technology that can be segmented by hardware and software components, by application, by function( labor and crop management, financial management and credit management and DSS) and by geographical regions. Software components include the three prominent areas of application, namely farm management system, labor management system and weather tracking and forecasting.
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The sudden spur in the growth of agro-based industries is due to the exponential burgeoning of population and demand for food stock coupled with governmental assistance in the form of
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