The upcoming trend of the use of advanced solutions in agriculture has gained prevalence amongst the governments of developed and developing countries. . Climate change is one of the most severe environmental threats to the productivity of agriculture processes. The interdependent relationship between climate change and agriculture become essential as the imbalance between the world food production and world population increases. In order to sustainably improve the agricultural productivity farmers are adopting advanced solutions.
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However, there are certain challenges which prove to be a restraint in the growth of the advanced solutions in the global precision agriculture market. The awareness and knowledge about newer technological advancements in the agriculture technologies, such as data-driven farming, is yet to spread extensively amongst the growers, especially amongst those in the emerging countries. The lack of technical awareness in agriculture of developing countries and the concerns related to data privacy among growers also act as restraints in the market.
The precision agriculture market encompasses a wide array of solutions such as hardware systems, software, and services. Hardware systems encompass a broad range of systems, including automation and control system, sensing & navigation systems, and other systems. Software solutions consist of software apps, tools, cloud services and platform-as-a-service that are offered by the companies on a subscription basis. The precision agriculture services include integration & deployment of farm equipment, maintenance & support, and other services such as consultancy and financial services.
Major application areas of precision agriculture technologies include irrigation, field monitoring, spraying, fertilization, planting, and data management, among others. Irrigation sector represents the most significant application market for precision agriculture technologies. Precision irrigation has the capability to efficiently utilize water by finely matching irrigation inputs to yields in each area of a field. During the forecast period, application areas, such as precision spraying, field monitoring, and data management, are expected to display the maximum growth, owing to the high possibilities of value addition in these application areas.
Field monitoring applications also present colossal market growth opportunities. The advent of complete field monitoring solutions has proved to be one of the most beneficial applications of precision agriculture technologies. Traditional approaches, such as manual crop inspection and soil monitoring, not only are time-consuming but can also be inaccurate. Thus, the application of the precision technology in the field monitoring process of collecting geo-reference data and other related information reduces potential threats and boosts viable economic opportunities.
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Farm produce in the agriculture industry incorporates a wide variety including field crops, permanent crops, and others. The demand for all kinds of farm produce is on rise, due to the macro-level demand for higher global food production and rising urban population. Thus, different agricultural technologies are intended to be introduced in the market which could handle a large groups of farm produce. Companies and universities have had their preference for a specific type of produce for different precision agriculture technologies due to ease of operation, need for high end farm machinery, and vested interest of funding parties, among others.
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