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What’s driving the precision farming market research? | By Key Vendors: AGCO, AgJunction, BouMatic, CROPMETRICS, Monsanto, Trimble Navigation
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The Latin America precision farming market is estimated to grow at a significant CAGR during the forecast period. The market growth is attributed to the rising popularity of drones for precision farming applications and favorable government initiatives for brining innovation in the sector. For instance, in October 2017, Agribotix expanded its partnership with Climate Corp., a digital agriculture company based in the U.S. to bring innovative field imagery to the Brazilian agriculture sector. In June 2018, the UAE’s Ministry of Climate Change and Environment (MoCCAE) conducted a pilot project to map & survey agricultural areas using drones to generate highly-efficient aerial data, such as topographic & vector mapping, which can help to create reliable agricultural database to support decision-making in the precision agriculture.
Another factor contributing to the precision farming market growth is the huge use of drones and aircrafts for precision farming operations. Drones have emerged as an excellent alternative to the traditional surveying & data gathering methods in agricultural operations. By using drones for crop monitoring, farm owners can significantly lower their production costs and reduce required the man-hours and work-load .The players operating in the market are developing modern agriculture-focused drones with sophisticated precision & accuracy to increase productivity.
The precision farming market is expected to exhibit a significant growth over the forecast timeline due to a huge support from governments for the adoption of advanced technologies such as AI and the IoT. These technologies help farmers in managing their resources and give access to real-time information through their smartphones, offering mobility and ease of use. Various government initiatives & subsidies and investments by private entities in the agriculture sector to improve farm productivity will result in the precision farming industry growth.
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The software segment is expected to hold a share of over 38% of the precision farming market in 2025. An extensive use of farm management system software and mobile apps for enabling precision farming applications will lead to the market growth. Farmers and researchers are using these platforms for data visualization and analytics, which will enable them in developing effective farming strategies to improve crop yield.
The precision farming services market is projected to exhibit an accelerated growth of over 19% from 2019 to 2025 due to the large-scale adoption of integration, training, and maintenance services by users for efficiently managing precision farming functions. The demand for these services is expected to rise due to the lack of technical expertise of users to deploy, integrate, and maintain these solutions.
Weather monitoring applications in the precision farming market will grow at a CAGR of over 16% from 2019 to 2025. As the agricultural sector is vulnerable to disruptive weather events, the demand for actionable & timely information increases. The real-time data regarding weather conditions help farmers to increase their yield and reduce costs while minimizing crop damage risks.3
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The companies operating in the precision farming market are focusing on enhancing their product capabilities and geographic expansion through strategic partnerships and acquisitions. For instance, in November 2017, Agribotix collaborated with senseFLY, a provider of fixed-wing drones, to offer a new combined solution for professional users in the agriculture sector. The solution combines top sensor, drone, and agricultural data processing capabilities to enable easier collection and analysis of aerial data.
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