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What’s driving the precision farming market trends? |by key Vendors CropMetrics LLC, Agribotix, LLC, AgSense LLC, Boumatic LLC., AGCO Corporation
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In the precision farming market, the managed services segment is expected to exhibit a growth rate of over 27% from 2019 to 2025. The market growth is attributed to the rising applications of IoT and cloud computing in precision farming solutions. The agriculture decision support systems are being increasingly hosted on cloud platforms to take advantage of the IoT through internet-connected devices. For enabling improved security and availability, the demand for managed services has to increase to efficiently handle the complexity of running hardware and maintaining different types of middleware.
Geomapping technologies are expected to hold a share of over 20% of the precision farming market in 2025. The technology proves to be immensely beneficial in agriculture as it offers a cost-effective alternative for localized & wide-scale monitoring of the crop output. With the evolution of the technology, 3D geomapping techniques have emerged in the market that are particularly useful for the timely detection of existing inefficiencies in the fields, allowing farmers to take immediate corrective measures.
The irrigation management application segment in precision farming market is projected to grow at a CAGR of over 15% between 2019 and 2025. Using precision farming technologies, the site-specific management of irrigation activities can significantly improve the overall water management. Farmers can monitor and control their irrigation pivots from any location using precision irrigation solutions. These solutions enable accurate and uniform water delivery to crops throughout their lifecycle.
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Chapter 3 Precision Farming Market - Industry Insights
3.1 Introduction
3.2 Industry segmentation
3.3 Industry landscape, 2014-2025
3.4 Industry ecosystem analysis
3.5 Evolution of Precision Farming
3.6 Regulatory landscape
3.6.1 National Pollutant Discharge Elimination System (NPDES)
3.6.2 Emergency Planning & Community Right to Know Act (EPCRA)
3.6.3 Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA)
3.6.4 EPA Office of Pesticide Programs Endangered Species Protection Program
3.6.5 Integrated Administration and Control System (IACS)
3.7 Technology & innovation landscape
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 Rising demand for food due to rapidly increasing population
3.8.1.2 Proliferation of big data in precision farming
3.8.1.3 Increasing investment in information and communication technology
3.8.1.4 Adoption of IoT in agriculture
3.8.1.5 Growing uptake of drones for precision farming
3.8.2 Industry pitfalls and challenges
3.8.2.1 Low adoption in the developing countries
3.8.2.2 Complex data management
3.8.2.3 Lack of technological knowledge among end users
3.9 Porter’s analysis
3.10 PESTEL analysis
3.11 Growth Potential analysis
Precision farming market is estimated to exceed USD 12 billion by 2025. The market growth is attributed to the rising adoption of smart agricultural practices to increase productivity. The use of Big Data along with information & communication technologies will provide farmers with more accurate insights into the existing crop conditions. Another factor contributing to the precision farming market growth is the popularity of drones and IoT for greater production capabilities and analytics. The IoT plays a substantial role in increasing productivity and providing insights about the recent trends of crops. The technology provides an interconnected & multidimensional view of farming activities and offers actionable insights about the environment. The government agencies worldwide are making efforts to spur innovations in the agriculture sector. For instance, in 2017, the Dutch government invested USD 1.5 million in the agriculture sector to allow the use of satellite technology to collect crop data for precision farming.
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The companies in the precision farming market are entering into strategic partnerships and acquiring companies to gain more market share. For instance, in September 2018, Topcon Agriculture entered into a licensing agreement with Raven Industries. Under the agreement, Topcon Agriculture?s Slingshot Application Programming Interface (API) was used in Raven?s software platforms. The software-to-software interface help users to share data between software systems. Some companies are concentrating on new product developments to enhance the capabilities of their existing offerings and to expand their product line up. For instance, in August 2018, Trimble introduced a new agricultural software bundle, Farmer Fit, which provides an integrated desktop and mobile solution, which will help farmers in record keeping and fleet tracking.
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