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 pressure on global food supply owing to growing world population, substantial cost cutting made possible by precision farming, 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 necessitated the adoption of advanced technologies to enhance farm productivity and crop yield.
Deere & Company is one of the key players in providing efficient precision farming solutions. The company has a strong brand name and a well-established distribution network, which makes it a leading market player. The company is engaged in acquisitions as a key business strategy for its growth. For example, in September 2017, John Deere acquired an artificial intelligence start-up Blue River Technology, which develops cutting-edge machine vision tools that help farmers scan fields and assess crops. This acquisition will allow John Deere to leverage technology and intellectual property developed by Blue River Technology. The company also introduces new product enhancements and launches regularly. For instance, in January 2018, the company launched Intelligent Boom Control (IBC) for 1270G harvester in North America.
AGCO Corporation (US) was ranked second in the precision farming market. The company focuses on acquisitions, product launches, and partnerships for its growth. The focus on introducing updated and innovative products is its main strength. In November 2017, the company launched the Hesston by Massey Ferguson 2370 ultrahigh-density (UHD) baler to meet the needs of large commercial hay growers. Similarly, in October 2017, AGCO partnered with The Climate Corporation (a subsidiary of Monsanto Company). This partnership allows AGCO customers to connect with The Climate Corporation’s FieldView platform. Apart from introducing new products, the company focuses on acquisitions. In September 2016, AGCO acquired Cimbria Holdings Ltd (Denmark) to enhance its market position in the grain handling and storage industry in Europe.
Trimble (US) was ranked third in the precision farming market. Trimble’s agriculture division provides solutions that solve complex technological challenges across the agricultural landscape. These solutions enable farmers and advisors to allocate scarce resources to produce a safe and reliable food supply in a profitable and environmentally sustainable manner. The company offers a wide range of products and services in the precision farming market. The company has made consistent product enhancements and launched products between 2014 and 2017. For example, in 2016, the company introduced FactoryFit, a wireless IoT platform for water management, and an agriculture software platform. The company has entered into partnerships with other companies operating in the precision farming market.
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
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