Integration of Smartphones With Agricultural Hardware and Software Applications Drives the Variable Rate Technology Market

The variable rate technology market is projected to grow at a CAGR of 9.65% from 2017, to reach a projected value of USD 2.24 Billion by 2022. The most significant factor driving the market is the increasing focus on farm efficiency and productivity. The implementation of variable rate technology (VRT) has the potential to change agriculture, making this traditional activity more efficient and predictable. Increasing global food demand, extended profitability & production, and crop monitoring for yield production benefits are the major factors for the growth of the market.

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The global variable rate technology market was dominated by the cereals & grains application segment; the market for VRT in oilseeds and pulses is projected to grow at the highest CAGR. Increase in meat consumption and population growth are driving the demand for oilseeds & pulses (around 80% of the soybean crop is used as a meal for animal feed). The cereals & grains segment comprises crops such as wheat and corn, which are widely cultivated across the world for food and use in animal feed. Wheat is among the most dominant crops grown worldwide and corn is extensively used for animal feed. Thus, the use of VRT is the highest in this segment.

Furthermore, the VRT software segment is projected to grow at the highest rate due to its different functionalities such as data management, data security, crop health monitoring, farm work mapping, and stock management. Hardware systems such as GPS/DGPS receivers, handheld computers, sensors, and yield monitor systems accounted for more than half of the total VRT offering market in 2016, owing to their extensive use in variable rate technology.

In 2016, the seeding VRT accounted for the largest share in the variable rate technology market; the fertilizer VRT market has been projected to grow at the highest CAGR during the forecast period. The cost-effectiveness of seeding and fertilizer VRTs, when compared to other expensive VRTs, is the major factor driving their markets.

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North America is estimated as the largest contributor to the global variable rate technology market due to early adoption of variable rate technologies by countries in this region such as the U.S. and Canada. The presence of a large number of vendors, continuous advancements in technology, and reduced price of equipment are contributing to the growth of the variable rate technology market in North America.

This report includes a study of marketing and development strategies, along with the product portfolio of leading companies. These companies include Deere & Company (U.S.), AGCO Corporation (U.S.), Trimble, Inc. (U.S.), CNH Industrial N.V. (U.K.), and Topcon Corporation (Japan); these are well-established and financially stable players that have been operating in the industry for several years. Other players include Raven Industries, Inc. (U.S.), Ag Leader Technology (U.S.), SZ DJI Technology Co., Ltd. (China), and Yara International ASA (Norway).

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