Precision Farming Market By Technology,Forecast And Growth
Precision Farming Market By Technology (Remote Sensing, Guidance System And Variable Rate Technology), By Offering (Hardware, Software And Services), By Application
(EMAILWIRE.COM, March 24, 2018 ) The Global Precision Farming Market was worth USD 4.1 billion in 2017 and is projected to grow at a CAGR of 13.7%, to reach USD 7.8 billion by 2022. Precision farming is one of the advanced farming techniques. It involves measuring, observing and responding to the variability in crops, farming field and weather. The objective of precision farming is to aid the farmers to make precise decisions and to increase output to input ratio through optimal use of resources.
It reduces human efforts on field through the use of automated and semi-automated agricultural devices which can be controlled from a distance with the help of remote sensing and satellite guiding technology. With the use of installed sensors in the field, temperature, soil humidity and soil nutrition levels can be analyzed and take appropriate actions.
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Increasing use of cloud based technology, growing adoption rate of modern farming techniques to enhance productivity, growing food demand are the major factors driving the precision agriculture market. The increasing need to increase the food production in the available agricultural land and government initiatives to increase the usage of modern technologies in agriculture are propelling the market growth. However, requirement of high initial investment and lack of proper awareness among the farmers are hindering the market growth.
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The Global precision farming market is segmented on the basis of offering, technology, application and region. By offering, the market is categorized into Hardware, Software and Services. The hardware segment is further categorized into Automation and control system and Sensing and Monitoring devices. Automation and control systems dominate the market in this segment as they heavily reduce the human effort and aid in the increase of productivity. The Software segment is further segmented into Web based and cloud based software. Cloud based software is the fastest growing segment due to its vast database and high demand. On the basis of technology, the market is segmented into Guidance system, Variable rate technology, and remote sensing. Guidance system is the largest market segment as it precision agriculture is highly relied on using GPS and GIS systems. Based on Application, the market is segmented into Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking & Forecasting, Irrigation Management, Inventory Management, Farm Labor Management and Financial Management. Irrigation management holds the largest market share in precision farming market due to the increasing scarcity of water and increasing adoption of micro irrigation control systems in agriculture. However, yield monitoring is expected to be the fastest growing segment due to the growing food demand with rapidly growing population.
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On the basis of region, the global Precision Farming market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America dominated the market due to the increasing adoption of latest technology, high market penetration and high awareness among the farmers in this region. Asia-Pacific is the fastest growing market segment as this region has the largest agricultural land and huge growth potential for manufacturers.
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Some of the major players in Precision Farming market are Raven Industries, Deere & Company, AGCO Corporation, Trimble Navigation Ltd, Monsanto Company, Dupont, Agjunction, Inc, Precision Planting, Inc, SST Development Group, and Dickey-John Corporation.
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Market Data Forecast is a firm working in the area of market research and business intelligence. With rich experience in research across various business domains, they cater to the needs of both individual and corporate clients. From all-encompassing umbrella markets to extremely specific niche markets covering all the major regions across the globe as part of the research scope, their research services offer one of a kind specialities with competitive pricing options. For more info kindly visit, www.marketdataforecast.com
It reduces human efforts on field through the use of automated and semi-automated agricultural devices which can be controlled from a distance with the help of remote sensing and satellite guiding technology. With the use of installed sensors in the field, temperature, soil humidity and soil nutrition levels can be analyzed and take appropriate actions.
Browse full report @ https://www.marketdataforecast.com/market-reports/precision-farming-market-6452/
Increasing use of cloud based technology, growing adoption rate of modern farming techniques to enhance productivity, growing food demand are the major factors driving the precision agriculture market. The increasing need to increase the food production in the available agricultural land and government initiatives to increase the usage of modern technologies in agriculture are propelling the market growth. However, requirement of high initial investment and lack of proper awareness among the farmers are hindering the market growth.
Request sample report @ https://www.marketdataforecast.com/market-reports/precision-farming-market-6452/request-sample
The Global precision farming market is segmented on the basis of offering, technology, application and region. By offering, the market is categorized into Hardware, Software and Services. The hardware segment is further categorized into Automation and control system and Sensing and Monitoring devices. Automation and control systems dominate the market in this segment as they heavily reduce the human effort and aid in the increase of productivity. The Software segment is further segmented into Web based and cloud based software. Cloud based software is the fastest growing segment due to its vast database and high demand. On the basis of technology, the market is segmented into Guidance system, Variable rate technology, and remote sensing. Guidance system is the largest market segment as it precision agriculture is highly relied on using GPS and GIS systems. Based on Application, the market is segmented into Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking & Forecasting, Irrigation Management, Inventory Management, Farm Labor Management and Financial Management. Irrigation management holds the largest market share in precision farming market due to the increasing scarcity of water and increasing adoption of micro irrigation control systems in agriculture. However, yield monitoring is expected to be the fastest growing segment due to the growing food demand with rapidly growing population.
Inquire before buying @ https://www.marketdataforecast.com/market-reports/precision-farming-market-6452/inquire
On the basis of region, the global Precision Farming market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. North America dominated the market due to the increasing adoption of latest technology, high market penetration and high awareness among the farmers in this region. Asia-Pacific is the fastest growing market segment as this region has the largest agricultural land and huge growth potential for manufacturers.
Request discount @ https://www.marketdataforecast.com/market-reports/precision-farming-market-6452/request-discount
Some of the major players in Precision Farming market are Raven Industries, Deere & Company, AGCO Corporation, Trimble Navigation Ltd, Monsanto Company, Dupont, Agjunction, Inc, Precision Planting, Inc, SST Development Group, and Dickey-John Corporation.
Buy full report @ https://www.marketdataforecast.com/cart/buy-now/precision-farming-market-6452
About Market Data Forecast:
Market Data Forecast is a firm working in the area of market research and business intelligence. With rich experience in research across various business domains, they cater to the needs of both individual and corporate clients. From all-encompassing umbrella markets to extremely specific niche markets covering all the major regions across the globe as part of the research scope, their research services offer one of a kind specialities with competitive pricing options. For more info kindly visit, www.marketdataforecast.com
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Market Data Forecast.
Abhishek Shukla
Tel: +1-888-702-9626
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results