North America to Dominate Global Precision Farming Market through 2025: A PMR Study
Precision farming is a concept related to the management of farming which
observes, measures and responds to inter as well as intra-field inconsistency in
crops. The aim of the concept is to introduce a decision support system to the
entire farm management with the objective of boosting returns on inputs while
maintaining resources. It is observed that innovative farming revolution
initiated by the implementation of staggering new technologies
Global Market for Precision Farming: Dynamics Influencing Revenue
Growth
The growth of the global market for precision farming is influenced by
numerous factors. Machine to machine monitoring fundamentally lets devices
to effortlessly connect with each other without any human interference.
Therefore, increasing acceptance of M2M monitoring agricultural application is
projected to gain significant traction and is prepared to power the growth of
global market for precision farming in the forthcoming years. Many agricultural
solution providers are focusing on introducing imaging technology sensors and
drones than can assist the farmers in maximizing yield capacity and enhancing
resource utilization. This development is also expected to drive the growth of
the market.
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However, due to expensive precision farming technology, it becomes
impossible for smaller farmers in emerging economies and developed regions
to afford this technology. Therefore, data aggregation and data management
are the key restraints in the global market for precision farming.
Taxonomy of Global Market for Precision Farming
The segmentation of global market for precision farming is done on the basis of
application, components and region.
Application
Variable Rate application (VRA) & Farm Labor Management System: The
segments of VRA & farm labor management systems are ready to top a
CAGR of 11.9% & 12.4% respectively, in the global market for precision
farming from 2017-2025.
Field Mapping & Yield Monitoring: On the basis of value, field mapping &
yield monitoring segments must grow by 3x & 3.5x respectively during
the period 2017-2025. It is anticipated that field mapping segment alone
would help the market by reaching around US$ 4.3Bn by end 2025.
Companies are advised to focus on this application.
Crop Scouting, Soil Monitoring & Weather Tracking and Forecasting:
Climate change is foreseen to vividly impact global agricultural