Precision Farming Market – How the Business Will Grow In 2025?

The Asia Pacific precision farming market will witness a growth rate of over 20% during the forecast period. The factors augmenting the market growth are increasing the awareness about the precision farming technologies and several initiatives taken by the government to improve sustainable agriculture. For instance, in June 2017, the state government of Haryana in India adopted climate-smart agricultural practices to transform the agricultural systems.

This also enabled the regulatory bodies to achieve three objectives such as adapting to climate changes, achieving agricultural productivity, and reducing greenhouse gas emissions. The rising adoption of drones and UAVs for capturing crop-related data is also leading to precision farming market growth. For example, in March 2019, the Agriculture Ministry of Japan promoted the use of drones in the agriculture sector. This will help in increasing productivity and improving crop health by closely monitoring the crop condition.

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One of the chief federal agencies of US Department of Agriculture, the National Institute of Food and Agriculture (NIFA), has unveiled a precision, geospatial, and sensor technology program to deliver decision tools that would enhance management capabilities of enterprises partaking in precision farming market. The program would reportedly address problems such as narrow profit margins and rising global competition in the farming sector. Furthermore, the initiative intends to judiciously monitor, measure, and micromanage the existing resources to accentuate efficiency and increase farm incomes of the producers, processors, and the overall farming community. Therefore, it is quite undeniable that the remedial measures undertaken by the government would revive the fortunes of the US precision farming market in the forthcoming years.

Global precision farming market share, over the recent years, has been witnessing meteoric rise owing to the laudable initiatives undertaken by regional governments to combat declining agricultural productivity. The farming sector has perpetually been marred with several challenges including a marked increase in the cost of production, restricted employment opportunities, fragmented land holdings, degrading and diminishing natural resources, etc. Moreover, the rapid pace of urbanization and the burgeoning population has further aggravated and contributed toward further deterioration of the farming sector which already is in shambles.

In order to tackle these massive impediments, the farming community across the world is now gradually incorporating numerous advanced precision tools in their farmlands to accomplish various objectives such as greater sustainability, realize higher financial benefits, and to lower environmental harm. Apparently, as a consequence of the aforementioned aspects, the overall precision farming market size is bound to record commendable growth in the forthcoming years. In fact, as per the statistics noted in the recent study conducted by Global Market Insights, Inc., precision farming market is estimated to register a striking double-digit growth rate over 2019-2025.

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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Glimpse of Table of Content (ToC)
Chapter 3 Precision Farming Market - Industry Insights

3.1 Introduction
3.2 Precision farming market 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

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