HOME › Press Releases › Precision Farming Market worth 4.80 Billion USD by 2020
Precision Farming Market worth 4.80 Billion USD by 2020
According to the new market research report "Precision Farming Market by Technology (Guidance Systems, Remote Sensing, and Variable Rate Technology), by Hardware (Display, GPS/GNSS Devices, Yield Monitor, and Sensor) and Software & Services, Application, and Geography - Global Forecast to 2020", the precision farming market is estimated to reach USD 4.80 Billion by 2020, at a CAGR of 11.7% between 2015 and 2020. The factors which are driving the precision farming market include expanding global food demand and increase profitability and production by precision farming techniques.
Browse 74 market data tables and 61 figures spread through 182 pages and in-depth TOC on "Precision Farming Market - Global Forecast to 2020"
Early buyers will receive 10% customization on reports.
Guidance systems expected to lead, the precision farming market
Guidance systems, in terms of value, are expected to hold the largest share of the precision farming market by 2020. GPS technology under guidance systems provides various benefits for precision farming such as it minimizes overlapping and spraying gap, reduces fertilizer and chemical costs, and has less impact on environmental. It helps in monitoring complete field activities and marking the field ready for effective and efficient crop production.
Software application dominates the precision farming market
The market for precision farming is expected to grow at a high CAGR between 2015 and 2020. This is mainly because benefits provided by the software application in farming such as efficient crop, higher yield, low input wastage, reduction in financial losses, and others. Software allow growers to utilize the accumulated data over the past few years to analyze the average yield data, create formula-based prescriptions, import soil test results, and generate profit maps.
APAC expected to hold the largest market share during the forecast period
The APAC precision farming market is expected to grow at the highest CAGR between 2015 and 2020; China is the fastest-growing country in the APAC precision farming market. Chinese scientists from domains such as agronomy, agro-engineering, information technology, and geography have been involved in this research. The Government of China has put in lots of efforts to promote precision farming research and funded several projects.
Major players involved in the development of precision farming include Ag Junction (U.S.), Deere & Company (U.S.), Raven Industries Inc. (U.S.), Trimble Navigation Ltd. (U.S.), AGCO Corporation (U.S.), Precision Planting Inc. (U.S.), SST Development Group, Inc. (U.S.), AG Leader Technology (U.S.), TeeJet Technologies (U.S.), and Topcon Precision Agriculture (U.S.).
This research report categorizes the global precision farming market based on technology, application, hardware devices and software & services, and region. This report describes the drivers, restraints, opportunities, and challenges with respect to the precision farming market. The Porter’s five forces analysis has been included in the report with a description of each of its forces and their respective impact on the precision farming market
MarketsandMarkets is world’s No. 2 firm in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
M&M’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.
We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.
Markets and Markets
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune, Maharashtra 411013, India