HOME Top Market Reports Precision Farming Market by Technology (Guidance System, Remote Sensing, Variable Rate Technology), Offering (Hardware Automation & Control System, Sensor & Monitoring Device, Software, Services), Application, and Geography - Global Forecast to 2022

Precision Farming Market by Technology (Guidance System, Remote Sensing, Variable Rate Technology), Offering (Hardware Automation & Control System, Sensor & Monitoring Device, Software, Services), Application, and Geography - Global Forecast to 2022

By: marketsandmarkets.com
Publishing Date: January 2017
Report Code: SE 2831

 

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The precision farming market is expected to grow from USD 3.20 Billion in 2015 to USD 7.87 Billion by 2022, at a CAGR of 13.47% between 2016 and 2022. This report provides the market size and future growth potential of the precision farming market across different segments such as offering, technology, application, and geography. The study identifies and analyzes the market dynamics such as drivers, restraints, opportunities, and industry-specific challenges for the precision farming market. This report also profiles the key players operating in the precision farming market. The increasing focus on farm-efficiency and productivity is expected to propel the growth of the precision farming market. The base year considered for the study is 2015 and the market size forecast is provided for the period between 2016 and 2022.

The research methodology used to estimate and forecast the precision farming market begins with capturing data on key vendor revenues through secondary research. Some of the secondary sources include associations such as European GNSS Agency (GSA) (Czech Republic), International Society for Precision Agriculture (ISPA) (U.S.), Precision Ag Institute (U.S.), SPAA Precision Agriculture (Australia), CropLife (CropLife Media Group) (U.S.), Precision Agriculture Association (New Zealand) and Agricultural Research Organization (Israel) among others. The vendor offerings have also been taken into consideration to determine the market segmentation. The bottom-up procedure has been employed to arrive at the size of the precision farming market from the revenue of the key players in this market. After arriving at the overall market size, the total market has been split into several segments and subsegments which have been verified through primary research by conducting extensive interviews with key experts such as CEOs, VPs, directors, and executives. The data triangulation and market breakdown procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of the profiles of primary respondents is depicted in the following figure.

Precision Farming Market

To know about the assumptions considered for the study, download the pdf brochure

The precision farming ecosystem includes augmented or managed service providers such as Deere & Company (U.S.), Trimble, Inc. (U.S.), and Leica Geosystems (Switzerland); component manufacturers such as Deere & Company (U.S.), Trimble, Inc. (U.S.), and AJ Junction, Inc. (U.S.); device vendors; tractor manufacturers; farm management solution and application providers; and end users.

Key Target Audience

  • Satellite service providers
  • Component suppliers
  • Semiconductor component and device manufacturers
  • Original equipment manufacturers (OEMs)
  • Product manufacturers
  • Component and device suppliers and distributors
  • Software, service, and technology providers
  • Standardization and testing firms
  • Government bodies such as regulatory authorities and policymakers
  • Associations, organizations, forums, and alliances related to semiconductor and automotive industries
  • Research institutes and organizations
  • Market research and consulting firms
  • Agrifood buyers

Scope of the Report

The precision farming market has been covered in detail in this report. To provide a holistic picture, the current market demand and forecasts have also been included in the report.

The precision farming market has been segmented as follows:

By Offering

  • Hardware
    • Automation and Control System
      • Display
      • Guidance and Steering
      • Global Positioning System (GPS)/Global Navigation Satellite System (GNSS)
      • Unmanned Aerial Vehicles (UAVs)/Drones
      • Mobile Devices/Handheld Computers
      • Flow and Application Control Devices
      • Others
    • Sensing and Monitoring Devices
      • Yield Monitors
      • Soil Sensors
        • Nutrient Sensors
        • Moisture Sensors
        • Temperature Sensors
      • Water Sensors
      • Climate Sensors
      • Others
  • Software
    • Local/web-based
    • Cloud-based
  • Services
    • System Integration And Consulting
    • Managed Services
      • Farm Operation Services
      • Data Services
      • Analytics Services
    • Connectivity Services
    • Assisted Professional Services
      • Supply Chain Management Services
      • Climate Information Services
      • Others
    • Maintenance and Support Services

By Technology

  • Guidance System
  • Remote Sensing
  • Variable Rate Technology (VRT)

By Application

  • Yield Monitoring
  • Field Mapping
  • Crop Scouting
  • Weather Tracking and Forecasting
  • Inventory Management
  • Farm Labor Management
  • Financial Management
  • Others

By Geography

  • Americas
  • Europe
  • Asia-Pacific
  • RoW

Available Customizations

With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report.

Technology Analysis:

Detailed analysis for guidance system, remote sensing, and variable rate technology.

Country-wise Information:

Detailed analysis of various hardware, software, and services for each country.

Company Information:

Detailed analysis and profiling of additional market players (up to five).

Table of Contents

1 Introduction (Page No. - 17)
    1.1 Study Objectives
    1.2 Market Definition
    1.3 Scope of the Study
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 21)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 List of Major Secondary Sources
                    2.1.1.2 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Primary Interviews With Experts
                    2.1.2.2 Breakdown of Primaries
                    2.1.2.3 Key Data From Primary Sources
           2.1.3 Secondary and Primary Research
                    2.1.3.1 Key Industry Insights
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
                    2.2.1.1 Approach for Capturing the Market Share By Bottom-Up Analysis (Demand Side)
           2.2.2 Top-Down Approach
                    2.2.2.1 Approach for Capturing the Market Share By Top-Down Analysis (Supply Side)
    2.3 Market Breakdown and Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 31)

4 Premium Insights (Page No. - 35)
    4.1 Attractive Opportunities in the Precision Farming Market
    4.2 Precision Farming Market in Asia-Pacific (APAC)
    4.3 Precision Farming Market, By Offering
    4.4 Country-Wise Analysis of Precision Farming Market
    4.5 Life Cycle Analysis

5 Market Overview (Page No. - 39)
    5.1 Introduction
    5.2 Market Segmentation
           5.2.1 Precision Farming Market, By Offering
           5.2.2 Precision Farming Market, By Technology
           5.2.3 Precision Farming Market, By Application
           5.2.4 Precision Farming Market, By Geography
    5.3 Market Evolution
    5.4 Market Dynamics
           5.4.1 Drivers
                    5.4.1.1 Increasing Focus on Farm Efficiency and Productivity
                    5.4.1.2 Increasing Adoption of New Technologies in Farming for Maximum Profitability and Production
                    5.4.1.3 Increasing Need for Monitoring Crop Health for Yield Production
                    5.4.1.4 Government’s Support to Adopt Modern Agricultural Techniques
                    5.4.1.5 Increasing Global Demand for Food Owing to Increasing Population
           5.4.2 Restraints
                    5.4.2.1 High Initial Capital Investment
                    5.4.2.2 Lack of Technical Awareness in Precision Farming Technology
           5.4.3 Opportunities
                    5.4.3.1 Integration of Smartphone With Agriculture Hardware and Software Applications
                    5.4.3.2 Increasing Use of Unmanned Aerial Vehicles (UAVs)/Drones in Precision Farming
           5.4.4 Challenges
                    5.4.4.1 Management of Data for Productive Decision Making
                    5.4.4.2 Lack of Standardization in the Precision Farming Industry
           5.4.5 Burning Issues
                    5.4.5.1 Environment Protection

6 Industry Trends (Page No. - 53)
    6.1 Introduction
    6.2 Value Chain Analysis
           6.2.1 Major Market Players in the Precision Farming Market
    6.3 Supply Chain Analysis
    6.4 Technology Roadmap
           6.4.1 Technology Roadmap (2010–2025)
           6.4.2 Key Industry Trends
    6.5 Porter’s Five Forces Analysis
           6.5.1 Intensity of Competitive Rivalry
           6.5.2 Threat of Substitutes
           6.5.3 Bargaining Power of Buyers
           6.5.4 Bargaining Power of Suppliers
           6.5.5 Threat of New Entrants
    6.6 Pestle Analysis
           6.6.1 Political Factors
           6.6.2 Economic Factors
           6.6.3 Social Factors
           6.6.4 Technological Factors
           6.6.5 Legal Factors
           6.6.6 Environmental Factors

7 Precision Farming Market, By Offering (Page No. - 67)
    7.1 Introduction
    7.2 Hardware
           7.2.1 Automation & Control System
                    7.2.1.1 Display
                    7.2.1.2 Guidance & Steering
                    7.2.1.3 GPS/GNSS System
                    7.2.1.4 Drones/UAV
                    7.2.1.5 Mobile Devices/Handheld Computers
                    7.2.1.6 Flow and Application Control Devices
                    7.2.1.7 Others
           7.2.2 Sensing and Monitoring Devices
                    7.2.2.1 Yield Monitors
                    7.2.2.2 Soil Sensors
                               7.2.2.2.1 Nutrient Sensors
                               7.2.2.2.2 Moisture Sensors
                               7.2.2.2.3 Temperature Sensors
                    7.2.2.3 Water Sensors
                    7.2.2.4 Climate Sensors
                    7.2.2.5 Others
    7.3 Software
           7.3.1 Local/Web-Based
           7.3.2 Cloud-Based
    7.4 Services
           7.4.1 System Integration and Consulting
           7.4.2 Managed Services
                    7.4.2.1 Farm Operation Services
                    7.4.2.2 Data Services
                    7.4.2.3 Analytics Services
           7.4.3 Connectivity Services
           7.4.4 Assisted Professional Services
                    7.4.4.1 Supply Chain Management Services
                    7.4.4.2 Climate Information Services
                    7.4.4.3 Others
           7.4.5 Maintenance and Support Services

8 Precision Farming Market, By Technology (Page No. - 94)
    8.1 Introduction
    8.2 Guidance System
           8.2.1 Global Positioning System (GPS)
                    8.2.1.1 GNSS Application in Precision Farming
           8.2.2 Geographical Information System (GIS)
                    8.2.2.1 GIS Adoption Rate in the U.S.
    8.3 Remote Sensing
           8.3.1 Handheld
           8.3.2 Satellite Sensing
    8.4 Variable Rate Technology
           8.4.1 Map-Based
           8.4.2 Sensor-Based
           8.4.3 Some Major Applications of Vrt
                    8.4.3.1 Fertilizer VRA
                               8.4.3.1.1 Nitrogen VRA
                               8.4.3.1.2 Phosphorous VRA
                               8.4.3.1.3 Lime VRA
                    8.4.3.2 Pesticide VRA
                    8.4.3.3 Seeding VRA

9 Precision Farming Market, By Application (Page No. - 110)
    9.1 Introduction
    9.2 Yield Monitoring
           9.2.1 On-Farm Yield Monitoring
           9.2.2 Off-Farm Yield Monitoring
    9.3 Field Mapping
           9.3.1 Boundary Mapping
           9.3.2 Drainage Mapping
    9.4 Crop Scouting
    9.5 Weather Tracking & Forecasting
    9.6 Irrigation Management
    9.7 Inventory Management
    9.8 Farm Labor Management
    9.9 Financial Management
    9.10 Others

10 Geographic Analysis (Page No. - 130)
     10.1 Introduction
     10.2 Americas
             10.2.1 North America
                        10.2.1.1 Presence of Major Companies and High Adoption Rate of Precision Farming in the Region
                        10.2.1.2 U.S.
                        10.2.1.3 Canada
                        10.2.1.4 Mexico
             10.2.2 South America
                        10.2.2.1 Practice of Extensive Agriculture in Emerging Countries Such as Brazil Driving the Market in South America
                        10.2.2.2 Brazil
                        10.2.2.3 Argentina
                        10.2.2.4 Rest of South America
     10.3 Europe
             10.3.1 Increasing Supporting Infrastructure for Precision Farming in the European Region Fueling the Growth of the Market
             10.3.2 Germany
             10.3.3 U.K.
             10.3.4 France
             10.3.5 Italy
             10.3.6 The Netherlands
             10.3.7 Rest of Europe
     10.4 Asia-Pacific
             10.4.1 Increasing Government Support and Availability of Large Farmlands Driving the Growth of Precision Farming Market in APAC Region
             10.4.2 China
             10.4.3 Japan
             10.4.4 Australia
             10.4.5 India
             10.4.6 South Korea
             10.4.7 Rest of APAC
     10.5 Rest of World
             10.5.1 Presence of Technologically-Advanced Countries Such as Israel and South Africa is Driving the Market
             10.5.2 Africa
                        10.5.2.1 South Africa
             10.5.3 Middle East
             10.5.4 Russia

11 Competitive Landscape (Page No. - 159)
     11.1 Overview
     11.2 Market Share Analysis for the Precision Farming Market, 2015
     11.3 Competitive Situation and Trends
     11.4 Startup Scenario
             11.4.1 Start-Up Categorization on the Basis of Solution Provided
                        11.4.1.1 Hardware Providers
                        11.4.1.2 Software and Service Providers
     11.5 Recent Developments
             11.5.1 New Product Launches
             11.5.2 Agreements, Partnerships, and Contracts
             11.5.3 Mergers and Acquisitions

12 Company Profiles (Page No. - 170)
(Company at A Glance, Recent Financials, Products & Services, Strategies & Insights, & Recent Developments)*
     12.1 Introduction
     12.2 Deere & Company
     12.3 Trimble, Inc.
     12.4 Raven Industries
     12.5 Agjunction, Inc.
     12.6 AGCO Corporation
     12.7 AG Leader Technology
     12.8 Precision Planting, Inc.
     12.9 SST Development Group, Inc.
     12.10 Teejet Technologies
     12.11 Topcon Positioning Systems, Inc.
     12.12 Dickey-John Corporation
     12.13 Cropmetrics LLC

*Details on Company at A Glance, Recent Financials, Products & Services, Strategies & Insights, & Recent Developments Might Not Be Captured in Case of Unlisted Companies.

13 Appendix (Page No. - 206)
     13.1 Insights From Industry Experts
     13.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     13.4 Introducing RT: Real-Time Market Intelligence
     13.5 Available Customization
     13.6 Related Reports
     13.7 Author Details


List of Tables (69 Tables)

Table 1 Porter’s Five Forces Analysis: Bargaining Power of Suppliers Had the Maximum Impact on the Overall Precision Farming Market in 2015
Table 2 Precision Farming Market, By Offering, 2013–2022 (USD Million)
Table 3 Precision Farming Market for Hardware, By Hardware Devices, 2013–2022 (USD Million)
Table 4 Precision Farming Market for Hardware, By Region, 2013–2022 (USD Million)
Table 5 Precision Farming Market for Automation & Control Systems, By Device Type, 2013–2022 (USD Million)
Table 6 Precision Farming Market for Automation & Control System, By Region, 2013–2022 (USD Million)
Table 7 Precision Farming Market for Sensing and Monitoring Devices, By Device Type, 2013–2022 (USD Million)
Table 8 Precision Farming Market for Soil Sensors, By Sensor Type, 2013–2022 (USD Million)
Table 9 Precision Farming Market for Sensing and Monitoring Devices, By Region, 2013–2022 (USD Million)
Table 10 Precision Farming Market for Software, By Deployment Type, 2013–2022 (USD Million)
Table 11 Precision Farming Market for Software, By Region, 2013–2022 (USD Million)
Table 12 Precision Farming Market for Local/Web-Based Software, By Region, 2013–2022 (USD Million)
Table 13 Precision Farming Market for Cloud-Based Software, By Region, 2013–2022 (USD Million)
Table 14 Precision Farming Market for Services, By Service Type, 2013–2022 (USD Million)
Table 15 Precision Farming Market for Services, By Region, 2013–2022 (USD Million)
Table 16 Precision Farming Market for System Integration and Consulting, By Region, 2013–2022 (USD Million)
Table 17 Precision Farming Market for Managed Services, By Region, 2013–2022 (USD Million)
Table 18 Precision Farming Market for Managed Services, By Service Type, 2013–2022 (USD Million)
Table 19 Precision Farming Market for Connectivity Services, By Region, 2013–2022 (USD Million)
Table 20 Precision Farming Market for Assisted Professional Services, By Region, 2013–2022 (USD Million)
Table 21 Precision Farming Market for Maintenance and Support Services, By Region, 2013–2022 (USD Million)
Table 22 Precision Farming Market, By Technology, 2013–2022 (USD Million)
Table 23 Precision Farming Market, By Guidance System, 2013–2022 (USD Million)
Table 24 Type of Satellite Remote Sensing Images
Table 25 Precision Farming Market, By Remote Sensing, 2013–2022 (USD Million)
Table 26 Precision Farming Market, By Variable Rate Technology, 2013–2022 (USD Million)
Table 27 Precision Farming Market for Variable Rate Technology, By Application, 2013–2022 (USD Million)
Table 28 Precision Farming Market, By Application, 2013–2022 (USD Million)
Table 29 Benefits of Yield Monitoring
Table 30 Precision Farming Market for Yield Monitoring Application, By Type, 2013–2022 (USD Million)
Table 31 Precision Farming Market for Yield Monitoring Application, By Offering, 2013–2022 (USD Million)
Table 32 Precision Farming Market for Yield Monitoring Application, By Region, 2013–2022 (USD Million)
Table 33 Precision Farming Market for Field Mapping Application, By Type, 2013–2022 (USD Million)
Table 34 Precision Farming Market for Field Mapping Application, By Offering, 2013–2022 (USD Million)
Table 35 Precision Farming Market for Field Mapping Application, By Region, 2013–2022 (USD Million)
Table 36 Precision Farming Market for Crop Scouting Application, By Offering, 2013–2022 (USD Million)
Table 37 Precision Farming Market for Crop Scouting Application, By Region, 2013–2022 (USD Million)
Table 38 Precision Farming Market for Weather Tracking & Forecasting Application, By Offering, 2013–2022 (USD Million)
Table 39 Precision Farming Market for Weather Tracking & Forecasting Application, By Region, 2013–2022 (USD Million)
Table 40 Precision Farming Market for Irrigation Management Application, By Offering, 2013–2022 (USD Million)
Table 41 Precision Farming Market for Irrigation Management Application, By Region, 2013–2022 (USD Million)
Table 42 Precision Farming Market for Inventory Management Application, By Offering, 2013–2022 (USD Million)
Table 43 Precision Farming Market for Inventory Management Application, By Region, 2013–2022 (USD Million)
Table 44 Precision Farming Market for Farm Labor Management Application, By Offering, 2013–2022 (USD Million)
Table 45 Precision Farming Market for Farm Labor Management Application, By Region, 2013–2022 (USD Million)
Table 46 Precision Farming Market for Financial Management Application, By Offering, 2013–2022 (USD Million)
Table 47 Precision Farming Market for Financial Management Application, By Region, 2013–2022 (USD Million)
Table 48 Precision Farming Market for Other Application, By Offering, 2013–2022 (USD Million)
Table 49 Precision Farming Market for Other Application, By Region, 2013–2022 (USD Million)
Table 50 Precision Farming Market, By Region, 2013–2022 (USD Million)
Table 51 Precision Farming Market in the Americas, By Offering, 2013–2022 (USD Million)
Table 52 Precision Farming Market in the Americas, By Application, 2013–2022 (USD Million)
Table 53 Precision Farming Market in the Americas, By Region, 2013–2022 (USD Million)
Table 54 Precision Farming Market in North America, By Country, 2013–2022 (USD Million)
Table 55 Precision Farming Market in South America, By Country, 2013–2022 (USD Million)
Table 56 Precision Farming Market in Europe, By Offering, 2013–2022 (USD Million)
Table 57 Precision Farming Market in Europe, By Application, 2013–2022 (USD Million)
Table 58 Precision Farming Market in Europe, By Country, 2013–2022 (USD Million)
Table 59 Precision Farming Market in APAC, By Offering, 2013–2022 (USD Million)
Table 60 Precision Farming Market in APAC, By Application, 2013–2022 (USD Million)
Table 61 Precision Farming Market in APAC, By Country, 2013–2022 (USD Million)
Table 62 Precision Farming Market in RoW, By Offering, 2013–2022 (USD Million)
Table 63 Precision Farming Market in RoW, By Application, 2013–2022 (USD Million)
Table 64 Precision Farming Market in RoW, By Region, 2013–2022 (USD Million)
Table 65 List of Major Precision Agriculture Hardware Start-Ups
Table 66 List of Major Precision Agriculture Software and Services Start-Ups
Table 67 New Product Launches, 2013–2016
Table 68 Agreements, Partnerships, and Contracts, 2013–2016
Table 69 Merger and Acquisitions, 2014–2016


List of Figures (79 Figures)

Figure 1 Precision Farming Market: Segmentation
Figure 2 Precision Farming Market: Research Design
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Data Triangulation
Figure 6 Services Segment of Precision Farming Market Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 7 Variable Rate Technology Poised to Grow at the Highest Rate Between 2016 and 2022
Figure 8 Yield Monitoring Application Held the Major Share of the Precision Farming Market in 2015
Figure 9 The Americas Held the Largest Market Share of the Overall Precision Farming Market in 2015
Figure 10 Precision Farming Market Between 2016 and 2022
Figure 11 Australia Held the Largest Share of the Precision Farming Market in APAC in 2015
Figure 12 Services Segment of Precision Farming Market Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 13 U.S. Held the Largest Share of the Precision Farming Market in 2015
Figure 14 The Overall Life Cycle for Precision Farming Expected to Be Long and Steadily Growing
Figure 15 Aspects of Precision Farming
Figure 16 Precision Farming Market, By Geography
Figure 17 Evolution of Precision Farming
Figure 18 Precision Farming Market: Drivers, Restraints, Opportunities, and Challenges
Figure 19 World Food Consumption in Kcal /Person/Day, By 2030
Figure 20 Factors for Not Using Precision Farming Techniques in the U.K, 2012
Figure 21 Global Mobile Subscriber Base, 2009–2016 (USD Million)
Figure 22 Drone Usage According to Season
Figure 23 Value Chain Analysis: Precision Farming Market
Figure 24 Supply Chain Analysis: Precision Farming Market
Figure 25 Present and Upcoming Technologies in Precision Farming
Figure 26 Big Data Opportunities – the Leading Trend Among Key Market Players
Figure 27 Porter’s Five Forces Analysis, 2015
Figure 28 Precision Farming Market: Porter’s Five Forces Analysis, 2015
Figure 29 Medium Impact of the Intensity of Competitive Rivalry on the Precision Farming Market
Figure 30 Low Impact of the Threat of Substitutes on the Precision Farming Market
Figure 31 Medium Impact of the Bargaining Power of Buyers on the Precision Farming Market
Figure 32 High Impact of the Bargaining Power of Suppliers on the Precision Farming Market
Figure 33 High Impact of the Threat of New Entrants on the Precision Farming Market
Figure 34 Precision Farming Market, By Offering
Figure 35 Precision Farming Market for Services Segment is Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 36 Asia-Pacific Expected to Grow at the Highest Rate in the Precision Farming Market for Hardware Between 2016 and 2022
Figure 37 Precision Farming Market for Drones/UAVs Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 38 Yield Monitor Held the Largest Share in the Precision Farming Market for Sensing and Monitoring Devices in 2016
Figure 39 Nutrient Sensor is Expected to Grow at the Highest Rate in the Precision Farming Market for Soil Sensors Between 2016 and 2022
Figure 40 Local/Web-Based Software Held the Larger Market Share in the Precision Farming Software Market in 2015
Figure 41 Connectivity Services Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 42 Precision Farming Market, By Technology
Figure 43 Variable Rate Technology Poised to Grow at the Highest Rate Between 2016 and 2022
Figure 44 GNSS Technology Accuracy Levels
Figure 45 GIS in Precision Farming
Figure 46 GIS Adoption Rate in the U.S., 2011, 2013 & 2018
Figure 47 Remote Sensing Systems
Figure 48 Field Application Analysis in Precision Farming Market in U.S.
Figure 49 Seeding VRA is Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 50 Precision Farming Market, By Application
Figure 51 Weather Tracking & Forecasting Application Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 52 Asia-Pacific Expected to Grow at the Highest Rate for the Yield Monitoring Application Between 2016 and 2022
Figure 53 The Americas Expected Hold the Largest Market Share of the Precision Farming Market for Crop Scouting Application Between 2016 and 2022
Figure 54 Asia-Pacific Expected to Grow at the Highest Rate for the Weather Tracking & Forecasting Application Between 2016 and 2022
Figure 55 Precision Farming Market, By Geography
Figure 56 Precision Farming Market: Geographic Snapshot
Figure 57 Overview of Precision Farming Market in the Americas
Figure 58 U.S. Expected to Hold the Largest Market Share of the Precision Farming Market in North America Between 2016 and 2022
Figure 59 Argentina Expected to Grow at the Highest Rate Between 2016 and 2022
Figure 60 Overview of Precision Farming Market in Europe
Figure 61 Germany is Expected to Hold the Largest Share of the Precision Farming Market in Europe in 2016
Figure 62 Overview of Precision Farming Market in Asia-Pacific
Figure 63 China and South Korea Expected to Grow at the Highest Rate in APAC Between 2016 and 2022
Figure 64 Russia is Expected to Hold the Largest Share of Precision Farming Market in RoW Region Between 2016 and 2022
Figure 65 New Product Launches: the Key Strategy Adopted By the Key Players Between 2013 and 2016
Figure 66 Precision Farming Market Share, By Key Player, 2015
Figure 67 Precision Farming Market Evaluation Framework
Figure 68 Battle for Market Share: “New Product Launches” Was the Key Strategy
Figure 69 Geographic Revenue Mix of Major Market Players
Figure 70 Deere & Company: Company Snapshot
Figure 71 Deere & Company: SWOT Analysis
Figure 72 Trimble, Inc.: Company Snapshot
Figure 73 Trimble, Inc.: SWOT Analysis
Figure 74 Raven Industries: Company Snapshot
Figure 75 Raven Industries: SWOT Analysis
Figure 76 Agjunction, Inc.: Company Snapshot
Figure 77 Agjunction, Inc.: SWOT Analysis
Figure 78 AGCO Corporation: Company Snapshot
Figure 79 ACGO Corporation: SWOT Analysis

According to MarketsandMarkets’ forecast, the precision farming market, in terms of value, is expected to grow from USD 3.20 Billion in 2015 to USD 7.87 Billion by 2022, at a CAGR of 13.47% between 2016 and 2022. The major drivers for the precision farming market include the adoption of new technologies to increase farm efficiency and reduce production cost, increasing global demand for food owing to increasing population, increasing need for monitoring crop health for yield production, and the government’s support for adoption of modern agricultural techniques.

This report covers the precision farming market based on offering, technology, application, and geography. The yield monitoring application is expected to hold the largest share of the precision farming market between 2016 and 2022.

Yield monitoring is the most widely used application in precision farming as it plays a vital role in understanding field variability and helps farmers in maximizing their yields. Yield monitoring provides farmers the information about weather conditions, soil properties, and fertilizers which may affect the overall grain production. Soil monitoring is the major application of yield monitoring. Soil monitoring is used to detect soil parameters that are needed for an efficient yield production.

The precision farming market for the services segment is expected to grow at the highest rate between 2016 and 2022. The precision farming market for services is segmented on the basis of five broad categories, namely, system integration and consulting, managed services, assisted professional services, connectivity services, and maintenance and support. The increasing demand for managed and assisted professional services is the major reason behind its high growth rate.

The precision farming market for Variable Rate Technology (VRT) is expected to grow at the highest rate between 2016 and 2022. The precision farming market is divided into three technological segments, namely, Guidance System, Remote Sensing, and Variable Rate Technology (VRT). The adoption rate of VRT is expected to be high compared to other technologies because this technology helps in applying the right amount of input at the right place on the field, which minimizes the input waste and increases the productivity of the land and crop.

Precision Farming Market

The Americas held the largest share of the precision farming market in 2015. The demand for advanced agricultural solutions is expected to drive the growth of the precision farming market in this region. Farmers or growers in this region are increasingly adopting advanced farming systems and equipment such as steering and guidance systems, sensors, display devices, and farm management software. The precision farming market in APAC is expected to grow at the highest rate between 2016 and 2022.

The major challenges for the companies in the precision farming market are management of data for productive decision and lack of standardization. The major vendors in the precision farming market include Deere & Company (U.S.), Trimble, Inc. (U.S.), Raven Industries (U.S.), AgJunction, Inc. (U.S.), and AGCO Corporation (U.S.) among others. These players adopted various strategies such as new product developments, mergers, partnerships, collaborations, and expansions to cater to the needs of customers.

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