Precision Farming or Precision Agriculture is a process of identification and management of variability of any farm and variability of productivity. There are various factors such as soil, weather, water and vegetation which varies from place to place and these factors also plays very vital role in crop growth and farming success. Most of the farmers are aware of this but they lacked the tools to measure and manage these variations. Thus, it has been found in various studies that, Precision Farming Market can help to supply the equivalent amount of food to the rising world population and helps farmers to achieve a greater suitability, higher productivity, economic benefits and environmental protection.
The major factor driving this market is high adoption of technologies in agriculture, need of more efficient farming, increasing government interest towards promotion of precision farming among other whereas factors such as need of technical experience along with high internment are some of the restraints of the market.
The Global Market of Precision Farming is expected to grow at US ~$7 billion by end of forecast period with compound annual growth rate of 12%.
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North America is dominating the market of Precision Farming. High technology adoption and development in the field of agriculture is the main factor helping the market to grow. Also, presence of top global players in U.S. and Canada is giving competitive advantage to the North America. Europe stands as second biggest market in terms of revenue generation. Countries such as U.K., Germany, and France are some of the leading in Europe region also, government of these countries is supporting the technology adoption in agriculture, helping the market of precision farming to grow. Asia-Pacific has emerged as fastest growing market. Countries such as China and India where most of the population is dependent on agriculture are opening to accept the new technologies in their farming process leading to high demand for the precision farming equipment’s.
The prominent players identified in the market of Precision Farming are- AGCO Corporation (U.S.), Deere & Company (U.S.), AG Leader Technology (U.S.), AgEagle Aerial Systems (U.S.), Aglytix Inc. (U.S.), AgGateway (U.S.), Precision Planting (U.S.), AgJunction Inc. (U.S.), Agribotix (U.S.), Dickey-John Corporation (U.S.) among others.
Some other players in this market are- Raven Industries, Topcon Positioning Systems, Inc., AquaSpy, CropMetrics, Farmobile, Granular, IBM Watson among others.
December 2017- ‘Maharaja Institute of Technology’ under the ‘Maharaja Research Foundation in association with Agriculture Department, Government ‘Karnataka’. The Institute conducted, one day workshop on precision farming. Around more 1000 of farmer have attend the workshop explain the importance’s, advantages, and how technology playing an important role in precision farming.
Industry - Competitive Outlook:
Key players are approaching new techniques and affordable devices in the precision farming. The same would improve market performance. Heavy investments are made by major players in the R&D sector.
The prominent players identified in the market of Precision Farming are- AG Leader Technology, Arguable Aerial Systems, Aglytix Inc., Ag Gateway, Precision Planting, AGCO Corporation, and Deere & Company.
The Precision Farming market has been segmented on the basis of
By Components- Hardware (Displays, Sensors, Drones, GPS Systems, Mobile Devices among others), Software (On Cloud, On Premise) and Service (Managed Services and Professional Services).
By Application- Yield mapping, Quality mapping, Soil properties analysis, Inventory Management, Labor management, Crop Scouting among others.
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