Precision Farming Market is expected to be worth approx. US$ 7.8 Bn by end 2025

In a new report titled ‘Precision Farming Market: Global Industry Analysis 2012-2016 and Forecast 2017-2025,’ Persistence Market Research presents vital insights into the global precision farming market along with forecasts for an eight year period 2017 – 2025. The report is a structured analysis of the global precision farming market on the basis of the market segmentation – by region, by application, and by components.

Region – North America Precision Farming Market Greater than Europe and MEA Combined

The North America Precision Farming Market is expected to be worth approx. US$ 7.8 Bn by end 2025 making it larger than Europe, Latin America and the MEA market combined. The market share of North America is likely to be almost 45% by that time in the global precision farming market.

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Application – Highest CAGR in Variable Rate Application and Farm Labor Management Systems

The variable rate application and farm labor management systems segments are poised to record a CAGR of 11.9% and 12.4% respectively in the precision farming market from 2017-2025. In terms of market attractiveness index though, they are some way behind field mapping and key stakeholders in the precision farming market would do well to take this into account.

Application – Field Mapping and Yield Monitoring Dominate the Precision Farming Market

In terms of value, the yield monitoring and field mapping segments should grow by 3x and 3.5x respectively between the years 2017 and 2025 and they are unlikely to cede their top spots anytime soon in the precision farming market. Field mapping alone should push past US$ 4.3 Bn by end 2025 and companies are highly advised to target this application segment in the precision farming market.

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Component – Hardware Segment Holds a Lion’s Share of the Precision Farming Market

The hardware segment is estimated to hold a market share of more than half the global precision farming market by component at the end of the forecast period. Sensing and monitoring devices are predicted to be particularly important and reach a value of just under US$ 5.4 Bn by end 2025. Within sensing and monitoring devices, there is a close contest between yield monitors and drones with multispectral cameras as both are projected to have a similar market value by the end of the eight-year study. However, the CAGR is higher in the drones with multispectral cameras segment.

Component – On-Premise Precision Farming Software Larger than Cloud-Based Precision Farming Software

The on-premise precision farming software is larger than the cloud-based precision farming software at present and is anticipated to retain a slim lead during the forecast period. Nonetheless, the rise of IoT and the importance of the cloud will grow by leaps and bounds in the 21st century and key stakeholders in the precision farming market will do well to focus on cloud-based precision farming.

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This release was published on openPR.