HOME Top Market Reports Precision Farming Market by Technology (Guidance System, VRT, Remote Sensing), Application (Crop Scouting, Field Mapping, Irrigation), Offering (Hardware-Sensors, GPS/GNSS, Yield Monitors, Software, Services), and Geography - Global Forecast to 2023

Precision Farming Market by Technology (Guidance System, VRT, Remote Sensing), Application (Crop Scouting, Field Mapping, Irrigation), Offering (Hardware-Sensors, GPS/GNSS, Yield Monitors, Software, Services), and Geography - Global Forecast to 2023

By: marketsandmarkets.com
Publishing Date: May 2018
Report Code: SE 2831

 

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The precision farming market was valued at USD 4.42 Billion in 2017 and is projected to reach USD 9.53 Billion by 2023, at a CAGR of 13.38% during the forecast period. The base year considered for this study is 2017, and the market forecast is provided for the period 2018–2023.

The main objectives of this study are as follows:

  • To define, analyze, and forecast the precision farming market, in terms of value, by technology, offering, application, and geography
  • To analyze opportunities in the market for various stakeholders by identifying the high-growth segments of the precision farming market
  • To forecast the precision farming market for various segments with respect to 4 main regions—Americas, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
  • To strategically profile key players and comprehensively analyze their market positions in terms of ranking and core competencies, and detail the competitive landscape for market leaders

In the precision farming market report, both top-down and bottom-up approaches have been used to estimate and validate the size of the precision farming market, along with other dependent submarkets. The key players in the precision farming market have been identified through secondary research, and their market share in the respective regions has been determined through primary and secondary research. This entire research methodology includes the study of annual and financial reports of the top players, as well as interviews with experts (such as CEOs, VPs, directors, and marketing executives) for key insights (both quantitative and qualitative). All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources. All the possible parameters that affect the markets covered in this research study have been accounted for, viewed in detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data has been consolidated and supplemented with detailed inputs and analysis from MarketsandMarkets and presented in this report.

In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key opinion leaders. The breakup of the profiles of primary participants has been given below:

Precision Farming Market

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

The ecosystem of the precision farming market comprises technology providers such as Deere & Company (US), Trimble (US), AGCO Corporation (US), AgJunction (US), Raven Industries (US), AG Leader (US), Precision Planting (US), The Climate Corporation (US), Descartes Labs (US), ec2ce (Spain), Gamaya (Switzerland), and Decisive Farming (Canada).

The report also describes drivers, restraints, opportunities, and challenges impacting the growth of the precision farming market. In addition to the in-depth view on market segmentation, the report includes the critical market data and qualitative information for each type, along with qualitative analysis, such as value chain analysis, market ranking analysis, and competitive situations and trends. The report targets technology providers, software and service providers, system integrators, and end-user industries of the precision farming market.

Target Audience

  • Electronic hardware equipment manufacturers
  • Agricultural equipment manufacturers
  • Precision farming software and solution providers
  • Precision farming technology providers
  • Technical universities
  • Government research agencies and private research organizations
  • Standardization and testing firms
  • Government bodies (regulatory authorities and policy-makers)
  • Original equipment manufacturers (OEMs)
  • Research organizations and consulting companies
  • VCs, private equity firms, and start-up companies

Report Scope

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:

Precision Farming Market, by Application

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

Precision Farming Market, by Technology

  • Guidance System
  • Remote Sensing
  • Variable-Rate Technology

Precision Farming Market, by Offering

  • Hardware
  • Software
  • Services

Precision Farming Market, by Region

  • Americas
  • Europe
  • APAC
  • RoW

Available Customizations:

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 5)

Table of Contents

1 Introduction (Page No. - 16)
    1.1 Objectives of Study
    1.2 Definition
    1.3 Scope of Study
           1.3.1 Markets Covered
           1.3.2 By Geography
           1.3.3 Years Considered for Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 20)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 List of Major Secondary Sources
                    2.1.1.1 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 Size By Bottom-Up Analysis (Demand Side)
           2.2.2 Top-Down Approach
                    2.2.2.1 Approach for Capturing the Market Size 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. - 36)
    4.1 Attractive Opportunities in the Precision Farming Market
    4.2 Precision Farming Market in APAC, By Application
    4.3 Precision Farming Market, By Offering
    4.4 Precision Farming Market, By Technology
    4.5 Geographic Analysis of Precision Farming Market

5 Market Overview (Page No. - 40)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Pressure on Global Food Supply Owing to Growing World Population
                    5.2.1.2 Substantial Cost Cutting Made Possible By Precision Farming
                    5.2.1.3 Government Initiatives to Adopt Modern Agricultural Techniques
                    5.2.1.4 Adoption of New Farming Technologies for Boosting Agricultural Production
           5.2.2 Restraints
                    5.2.2.1 High Initial Investment in R&D
                    5.2.2.2 Lack of Technical Knowledge Among Farmers
           5.2.3 Opportunities
                    5.2.3.1 Integration of Smartphones With Internet of Things (IoT) Devices and Software Applications
                    5.2.3.2 Rise in Use of Unmanned Aerial Vehicles (UAVS)/Drones in Precision Farming
           5.2.4 Challenges
                    5.2.4.1 Management of Data
                    5.2.4.2 Lack of Standardization in Precision Farming Industry
           5.2.5 Burning Issues
                    5.2.5.1 Environmental Concerns

6 Industry Trends (Page No. - 47)
    6.1 Introduction
    6.2 Value Chain Analysis
           6.2.1 Major Players in 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 Pestle Analysis
           6.5.1 Political Factors
           6.5.2 Economic Factors
           6.5.3 Social Factors
           6.5.4 Technological Factors
           6.5.5 Legal Factors
           6.5.6 Environmental Factors

7 Precision Farming Market, By Offering (Page No. - 54)
    7.1 Introduction
    7.2 Hardware
           7.2.1 Automation and Control System
                    7.2.1.1 Display
                    7.2.1.2 Guidance and Steering
                    7.2.1.3 GPS/GNSS
                    7.2.1.4 Drones/UAVS
                    7.2.1.5 Irrigation Controllers
                    7.2.1.6 Handheld Mobile Devices/Handheld Computers
                    7.2.1.7 Flow and Application Control Devices
                    7.2.1.8 Others
           7.2.2 Sensing and Monitoring Device
                    7.2.2.1 Yield Monitors
                    7.2.2.2 Soil Sensors
                               7.2.2.2.1 Moisture Sensor
                               7.2.2.2.2 Temperature Sensor
                               7.2.2.2.3 Nutrient Sensor
                    7.2.2.3 Water Sensor
                    7.2.2.4 Climate Sensor
    7.3 Software
           7.3.1 Local/Web-Based
           7.3.2 Cloud-Based
    7.4 Services
           7.4.1 System Integration & Consulting
           7.4.2 Managed Services
                    7.4.2.1 Farm Operation Services
                    7.4.2.2 Data Services
                    7.4.2.3 Analytics
           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

8 Precision Farming Market, By Technology (Page No. - 73)
    8.1 Introduction
    8.2 Guidance Technology
           8.2.1 GPS/GNSS Based
                    8.2.1.1 GNSS Applications in Precision Farming
           8.2.2 GIS Based
    8.3 Remote Sensing
           8.3.1 Handheld Or Ground-Based Sensing
           8.3.2 Satellite Or Aerial 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. - 91)
    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. - 114)
     10.1 Introduction
     10.2 Americas
             10.2.1 North America
                        10.2.1.1 US
                        10.2.1.2 Canada
                        10.2.1.3 Mexico
             10.2.2 South America
                        10.2.2.1 Brazil
                        10.2.2.2 Argentina
                        10.2.2.3 Rest of South America
     10.3 Europe
             10.3.1 Germany
             10.3.2 UK
             10.3.3 France
             10.3.4 Italy
             10.3.5 The Netherlands
             10.3.6 Rest of Europe
     10.4 APAC
             10.4.1 China
             10.4.2 Japan
             10.4.3 Australia
             10.4.4 India
             10.4.5 South Korea
             10.4.6 Rest of APAC
     10.5 Rest of World
             10.5.1 Africa
                        10.5.1.1 South Africa
             10.5.2 Middle East
             10.5.3 Russia

11 Competitive Landscape (Page No. - 138)
     11.1 Introduction
     11.2 Precision Farming Market Ranking Analysis
     11.3 Competitive Scenario
             11.3.1 Product Launches & Developments
             11.3.2 Partnerships, Agreements, and Collaborations
             11.3.3 Mergers & Acquisitions

12 Company Profiles (Page No. - 142)
(Business Overview, Products and Services Offered, Recent Developments, SWOT Analysis, and MnM View)*
     12.1 Key Players
             12.1.1 Deere & Company
             12.1.2 Trimble
             12.1.3 Agco
             12.1.4 Agjunction
             12.1.5 Raven Industries
             12.1.6 AG Leader Technology
             12.1.7 SST Development Group
             12.1.8 Teejet Technologies
             12.1.9 Topcon Positioning Systems
             12.1.10 Dickey-John Corporation
             12.1.11 Cropmetrics
     12.2 Other Important Players
             12.2.1 Hexagon Agriculture
             12.2.2 Granular
             12.2.3 Prospera Technologies
             12.2.4 Agribotix
             12.2.5 Autocopter Corp.
     12.3 Start-Up Ecosystem
             12.3.1 The Climate Corporation (Subsidiary of Monsanto)
             12.3.2 Gamaya
             12.3.3 Descartes Labs
             12.3.4 Decisive Farming
             12.3.5 Autonomous Tractor Corporation
             12.3.6 Ec2ce

*Details on Business Overview, Products and Services Offered, Recent Developments, SWOT Analysis, and MnM View Might Not Be Captured in Case of Unlisted Companies.

13 Appendix (Page No. - 177)
     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 (66 Tables)

Table 1 Precision Farming Market, By Offering, 2015–2023 (USD Million)
Table 2 Precision Farming Market for Hardware, By Type, 2015–2023 (USD Million)
Table 3 Precision Farming Market for Hardware, By Region, 2015–2023 (USD Million)
Table 4 Precision Farming Market for Automation and Control System, By Device Type, 2015–2023 (USD Million)
Table 5 Precision Farming Market for Automation and Control System, By Region, 2015–2023 (USD Million)
Table 6 Precision Farming Market for Sensing and Monitoring Device, By Device Type, 2015–2023 (USD Million)
Table 7 Precision Farming Market for Soil Sensors, By Sensor Type, 2015–2023 (USD Million)
Table 8 Precision Farming Market for Sensing and Monitoring Device, By Region, 2015–2023 (USD Million)
Table 9 Precision Farming Market for Software, By Deployment Type, 2015–2023 (USD Million)
Table 10 Precision Farming Market for Software, By Region, 2015–2023 (USD Million)
Table 11 Precision Farming Market for Services, By Type, 2015–2023 (USD Million)
Table 12 Precision Farming Market for Services, By Region, 2015–2023 (USD Million)
Table 13 Precision Farming Market, By Technology, 2015–2023 (USD Million)
Table 14 Precision Farming Market for Guidance Technology, By Type, 2015–2023 (USD Million)
Table 15 Precision Farming Market for Guidance Technology, By Region, 2015–2023 (USD Million)
Table 16 Precision Farming Market for Guidance Technology, By Offering, 2015–2023 (USD Million)
Table 17 Types of Satellite Remote Sensing Image Resolution
Table 18 Precision Farming Market for Remote Sensing, By Type, 2015–2023 (USD Million)
Table 19 Precision Farming Market for Remote Sensing, By Region, 2015–2023 (USD Million)
Table 20 Precision Farming Market for Remote Sensing, By Offering, 2015–2023 (USD Million)
Table 21 Precision Farming Market for Variable-Rate Technology, By Type, 2015–2023 (USD Million)
Table 22 Precision Farming Market for Variable-Rate Technology, By Region, 2015–2023 (USD Million)
Table 23 Precision Farming Market for Variable-Rate Technology, By Offering, 2015–2023 (USD Million)
Table 24 Precision Farming Market for Variable-Rate Technology, By Application, 2015–2023 (USD Million)
Table 25 Precision Farming Market, By Application, 2015–2023 (USD Million)
Table 26 Benefits of Yield Monitoring
Table 27 Precision Farming Market for Yield Monitoring Application, By Type, 2015–2023 (USD Million)
Table 28 Precision Farming Market for Yield Monitoring Application, By Offering, 2015–2023 (USD Million)
Table 29 Precision Farming Market for Yield Monitoring Application, By Region, 2015–2023 (USD Million)
Table 30 Precision Farming Market for Field Mapping Application, By Type, 2015–2023 (USD Million)
Table 31 Precision Farming Market for Field Mapping Application, By Offering, 2015–2023 (USD Million)
Table 32 Precision Farming Market for Field Mapping Application, By Region, 2015–2023 (USD Million)
Table 33 Precision Farming Market for Crop Scouting Application, By Offering, 2015–2023 (USD Million)
Table 34 Precision Farming Market for Crop Scouting Application, By Region, 2015–2023 (USD Million)
Table 35 Precision Farming Market for Weather Tracking & Forecasting Application, By Offering, 2015–2023 (USD Million)
Table 36 Precision Farming Market for Weather Tracking & Forecasting Application, By Region, 2015–2023 (USD Million)
Table 37 Precision Farming Market for Irrigation Management Application, By Offering, 2015–2023 (USD Million)
Table 38 Precision Farming Market for Irrigation Management Application, By Region, 2015–2023 (USD Million)
Table 39 Precision Farming Market for Inventory Management Application, By Offering, 2015–2023 (USD Million)
Table 40 Precision Farming Market for Inventory Management Application, By Region, 2015–2023 (USD Million)
Table 41 Precision Farming Market for Farm Labor Management Application, By Offering, 2015–2023 (USD Million)
Table 42 Precision Farming Market for Farm Labor Management Application, By Region, 2015–2023 (USD Million)
Table 43 Precision Farming Market for Financial Management Application, By Offering, 2015–2023 (USD Million)
Table 44 Precision Farming Market for Financial Management Application, By Region, 2015–2023 (USD Million)
Table 45 Precision Farming Market for Other Applications, By Offering, 2015–2023 (USD Million)
Table 46 Precision Farming Market for Other Applications, By Region, 2015–2023 (USD Million)
Table 47 Precision Farming Market, By Region, 2015–2023 (USD Million)
Table 48 Precision Farming Market in the Americas, By Offering, 2015–2023 (USD Million)
Table 49 Precision Farming Market in the Americas, By Application, 2015–2023 (USD Million)
Table 50 Precision Farming Market in the Americas, By Technology, 2015–2023 (USD Million)
Table 51 Precision Farming Market in the Americas, By Region, 2015–2023 (USD Million)
Table 52 Precision Farming Market in North America, By Country, 2015–2023 (USD Million)
Table 53 Precision Farming Market in South America, By Country, 2015–2023 (USD Million)
Table 54 Precision Farming Market in Europe, By Offering, 2015–2023 (USD Million)
Table 55 Precision Farming Market in Europe, By Application, 2015–2023 (USD Million)
Table 56 Precision Farming Market in Europe, By Technology, 2015–2023 (USD Million)
Table 57 Precision Farming Market in Europe, By Country, 2015–2023 (USD Million)
Table 58 Precision Farming Market in APAC, By Offering, 2015–2023 (USD Million)
Table 59 Precision Farming Market in APAC, By Application, 2015–2023 (USD Million)
Table 60 Precision Farming Market in APAC, By Technology, 2015–2023 (USD Million)
Table 61 Precision Farming Market in APAC, By Country, 2015–2023 (USD Million)
Table 62 Precision Farming Market in RoW, By Offering, 2015–2023 (USD Million)
Table 63 Precision Farming Market in RoW, By Application, 2015–2023 (USD Million)
Table 64 Precision Farming Market in RoW, By Technology, 2015–2023 (USD Million)
Table 65 Precision Farming Market in RoW, By Region, 2015–2023 (USD Million)
Table 66 Ranking of Top 5 Players in Precision Farming Market (2017)


List of Figures (54 Figures)

Figure 1 Precision Farming Market: Research Design
Figure 2 Market Size Estimation Methodology: Bottom-Up Approach
Figure 3 Market Size Estimation Methodology: Top-Down Approach
Figure 4 Data Triangulation
Figure 5 Precision Farming Market, 2015–2023 (USD Billion)
Figure 6 Precision Farming Market for Services to Grow at Highest CAGR Between 2018 and 2023
Figure 7 Variable-Rate Technology Poised to Grow at the Highest CAGR Between 2018 and 2023
Figure 8 Yield Monitoring to Hold Largest Size of Precision Farming Market in 2018
Figure 9 Americas Held Largest Share of Precision Farming Market in 2017
Figure 10 Increasing Demand for Food Owing to Rising Population to Fuel Growth of Precision Farming Market During Forecast Period
Figure 11 Australia Held Largest Share for the Precision Farming Market in Asia Pacific in 2017
Figure 12 Hardware Held Largest Share of Precision Farming Market in 2017
Figure 13 Guidance Technology Held Largest Size of Precision Farming Market in 2017
Figure 14 Precision Farming Market in China to Grow at Highest CAGR During Forecast Period
Figure 15 Precision Farming Market: Drivers, Restraints, Opportunities, and Challenges
Figure 16 Global Consumption of Major Field Crops, 2005–2050
Figure 17 Global Mobile Subscriber Base, 2016–2026 (In Million)
Figure 18 Value Chain: Precision Farming Market
Figure 19 Supply Chain: Precision Farming Market.
Figure 20 Present and Upcoming Technologies in Precision Farming Market
Figure 21 Big Data Opportunities – Leading Trend Among Key Market Players
Figure 22 Precision Farming Market for Services to Grow at Highest CAGR Between 2018 and 2023
Figure 23 Americas to Hold Largest Size of Precision Farming Market for Hardware in 2018
Figure 24 Precision Farming Market for Automation and Control System in APAC to Grow at Highest CAGR Between 2018 and 2023
Figure 25 Americas to Hold Largest Size of Precision Farming Market for Sensing and Monitoring Device in 2018
Figure 26 Precision Farming Market for Software in APAC to Grow at Highest CAGR During Forecast Period
Figure 27 System Integration & Consulting Services to Hold Largest Market Size in 2018
Figure 28 Precision Farming Market for Variable-Rate Technology to Grow at Highest CAGR Between 2018 and 2023
Figure 29 GNSS Technology Accuracy Levels
Figure 30 GIS in Precision Farming
Figure 31 Precision Farming Market for Guidance Technology in APAC to Grow at Highest CAGR During Forecast Period
Figure 32 Remote Sensing Systems
Figure 33 Americas to Hold Largest Size of Precision Farming Market for Remote Sensing in 2018
Figure 34 Precision Farming Market for Variable-Rate Technology in APAC to Grow at Highest CAGR Between 2018 and 2023
Figure 35 Precision Farming Market for Seeding VRA to Grow at Highest CAGR Between 2018 and 2023
Figure 36 Precision Farming Market for Weather Tracking & Forecasting Application Expected to Grow at Highest CAGR Between 2018 and 2023
Figure 37 Asia Pacific to Exhibit Highest CAGR in Precision Farming Market for Yield Monitoring Application Between 2018 and 2023
Figure 38 Americas to Hold Largest Size of Precision Farming Market for Field Mapping Application By 2023
Figure 39 Americas to Hold Largest Size of Precision Farming Market for Crop Scouting Application in 2018
Figure 40 Asia Pacific Expected to Exhibit Highest CAGR in Precision Farming Market for Weather Tracking & Forecasting Application Between 2018 and 2023
Figure 41 Americas to Hold Largest Size of Precision Farming Market for Irrigation Management Application in 2018
Figure 42 Market in Asia Pacific for Inventory Management Application Expected to Grow at Highest CAGR During Forecast Period
Figure 43 Asia Pacific Expected to Witness Highest CAGR in Precision Farming Market for Financial Management Application During Forecast Period
Figure 44 Hardware to Account for Largest Size of Precision Farming Market for Other Applications in 2018
Figure 45 Precision Farming Market: Geographic Snapshot
Figure 46 Americas: Snapshot of Precision Farming Market
Figure 47 Europe: Snapshot of Precision Farming Market
Figure 48 APAC: Snapshot of Precision Farming Market
Figure 49 Companies Adopted Collaborations, Agreements, and Partnerships as Key Growth Strategies
Figure 50 Deere & Company: Company Snapshot
Figure 51 Trimble: Company Snapshot
Figure 52 Agco: Company Snapshot
Figure 53 Agjunction: Company Snapshot
Figure 54 Raven Industries: Company Snapshot

The precision farming market is estimated to be worth USD 5.09 Billion in 2018 and is projected to reach USD 9.53 Billion by 2023, at a CAGR of 13.38% between 2018 and 2023. The major drivers for the precision farming market include increasing strain on the global food supply owing to increasing population, substantial cost savings associated with precision farming techniques, and government initiatives to adopt modern agricultural techniques. Precision farming is gaining tremendous popularity among farmers due to the increasing need for optimum crop production with limited available resources. Further, the changing weather patterns due to increasing global warming have impelled the adoption of advanced farming technologies to enhance farm productivity and crop yield.

The precision farming market has been segmented on the basis of offering, technology, application, and region. On the basis of offering, the precision farming market has been classified into hardware, software, and services. Hardware held the largest market share in 2017 owing to the high adoption of automation and control devices, such as drones/UAVs, GPS/GNSS, irrigation controllers, guidance and steering systems, yield monitors, and sensors. In the yield monitoring process, hardware such as sensors and GPS devices play a vital role in measuring various yield parameters. It also uses GPS-based auto-guidance technology in agricultural vehicles to reduce the overlapping of equipment and tractor passes, thus saving fuel, labor, time, and soil compaction. Increasing demand for automation and control devices, and monitoring and sensing devices is the major factor that is likely to contribute to the growth of the precision farming market for hardware.

On the basis of technology, the precision farming market has been segmented into guidance system, remote sensing, and variable-rate technology (VRT). Guidance technology held the largest market size owing to the early adoption of this technology by farmers. GPS-based auto-guidance technology allows growers to reduce the overlapping of equipment and tractor passes, thus saving fuel, labor, time, and soil compaction.

The precision farming market has been segmented on the basis of application into yield monitoring, field mapping, crop scouting, weather tracking and forecasting, irrigation management, inventory management, farm labor management, financial management, and others. 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 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 efficient yield production. Yield monitoring application uses devices such as GPS, GIS, a computer, and sensor technologies to accurately measure the amount of crop harvested at a specific location and time. Yield monitors are installed on harvesting equipment and are used on a variety of crops, including corn, wheat, soybeans, sugar beets, potatoes, and cotton.

Precision Farming Market

On the basis of region, the precision farming market has been classified into the Americas, Europe, APAC, and RoW. The Americas held the largest share of the precision farming market in 2017. Countries such as the US and Canada in the Americas are the early adopters of precision farming technologies, which is the major reason for the high share of this region in the precision farming market. 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.

A major factor restraining the growth of the precision farming market is the high initial investment and lack of technical knowledge among farmers. Precision farming requires high initial investment, efficient farming tools, and skilled and knowledgeable farmers or growers, among others, making farmers apprehensive to use this technology.

Key players in the precision farming market include Deere & Company (US), Trimble (US), AGCO Corporation (US), AgJunction (US), Raven Industries (US), AG Leader (US), Precision Planting (US), The Climate Corporation (US), CropMetrics (US), Agribotix (US), Topcon Positioning Systems (US), Descartes Labs (US), ec2ce (Spain), Gamaya (Switzerland), and Decisive Farming (Canada). These players adopt various strategies, such as new product developments, mergers, partnerships, collaborations, and expansions, to cater to customer demands.

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