Precision Farming Market to Reach $7.8 Billion, Globally, by 2022
Precision Agriculture Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $7.8 billion by 2022, registering a CAGR of 14.9% during the period 2016-2022. Precision agriculture is a farming technique associated with application of different technologies and solutions to enable efficient farming and improve crop yield. It presents significant potential in enhancing food productivity while at the same time providing sustainable management of resources.
View Detail Summary of this report:https://www.alliedmarketresearch.com/precision-agriculture-market
Precision agriculture technologies include GPS, GIS, telematics, Variable rate technology (VRT), and remote sensing. Among the mentioned technologies, GPS is the largest revenue contributor, owing to its ability to help farmers and agriculture service providers to automatically record the field data and apply variable rate of inputs to smaller areas within larger fields. From a growth perspective, geographic information system (GIS) technology is anticipated to exhibit the highest CAGR of 15.7%, driven by higher adoption mainly in North America and Europe.
Among the component segments, hardware accounted for the higher revenue share in 2015, owing to high demand of hardware components such as drone, ASS, and RADAR. The software market, encompassing inventory management software, people management software and financial management software among others, is expected to witness the highest growth during the forecast period with a CAGR of over 15%, owing to its ability of these software to enhance equipments operating efficiency and smartphone integration with field machinery and devices for easy access of information.
North America presently leads the market, on account of high investment in agriculture technologies, high awareness levels and wide internet penetration. Within North America, the U.S constitutes over 80% of the market revenue. Furthermore, Asia-Pacific is likely to exhibit the highest growth, on account of the increasing adoption of advanced agriculture technologies such as VRT and drone, mainly in countries such as China and Japan.
Key findings for Precision Agriculture/Farming Market:
GPS technology held a significant share in theprecision agriculture market in 2015.
Hardware held a higher share in the component segment in 2015, with over 50% revenue share and is expected to dominate the market during the forecast period.
Asia-Pacific constituted around 16% of the total market revenue in 2015 and is likely to be the fastest growing region over the forecast period.
Key players in the precision agriculture market are Deere & Company, Trimble Navigation Limited, AGCO Corporation, and Monsanto Company among others. Product launch, acquisition, and partnership are observed to be the prominent strategies adopted by the leading market players to strengthen their market position, enhance their product portfolio, and expand their geographical presence. For instance, in 2016, Deere & Company launched mobile real-time kinematics (RTK), a latest innovation in machine guidance and telematics that monitors field and crop requirements effectively.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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