Hardware Segment of the Global Precision Farming Market to Exhibit a CAGR of 14.6% During the Assessment Period from 2017 - 2025

Driving the precision farming market is the dropping cost of different types of sensors like vibration sensors, load sensors and temperature sensors. This has been achieved due to the continuous evolution of sensor technology and also due to the intense competition between the manufacturers of sensors. Also, contributing to the rise of precision farming is the increasing acceptance of machine to machine monitoring. Due to this machine to machine monitoring, the devices can smoothly communicate with each other without the need for any human interference. Machine to machine is a core concept and component of the Internet of Things and gives a number of benefits to both business and industry. The application of this machine to machine concept is gaining foothold in the agriculture domain and this is spurring the growth of the market for precision farming in the years to come. Keeping such factors in mind, Market Research Reports Search Engine (MRRSE) has included a new report in its repository titled ‘Precision Farming Market: Global Industry Analysis 2012-2016 and Forecast 2017-2025’.

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Imaging Technologies Play a Prominent Part in Precision Farming

There are a number of small and medium-sized solutions providers for precision farming that are concentrating on introducing precision farming methods that use imaging technology sensors and drones. Such kind of companies are focussing on to provide valuable data to the farmers that help them in enhancing utilization of resources and maximizing the capacity of their yield. This factor is supposed to enhance the data imagery analytics filed that helps the farmers in boosting their productivity. The precision farming components market of North America is slated to be valued around US$ 7.8 Bn by the end of the period of assessment and presents an extremely profitable opportunity for the key players in the precision farming market.

Climate Change is Necessitating the Use of Sustainable Farming Technologies

There are four main areas in which technologies related to agriculture are needed. These are automation, food, sensors and engineering. In order to ensure that agriculture is expanding, quality seedling sowing, fertilizers, and inter-cultivation are needed. However, climate change is anticipated to adversely affect the agriculture on a worldwide scale. Especially in the emerging economies, the farmers are bound to suffer from droughts, floods, adverse weather and reduced yields. Hence, in order to counter such ill-effects of climate change on agriculture, precision farming equipment needs to be rapidly deployed to improve efficiency and crop yield.

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High Cost is a Major Restraint in Precision Farming

Aggregation of data and management of data are the major factors restraining the growth of the precision farming market. There is an utter lack of industry specific standards for applications related to data management in smart-agriculture solutions and this reduced the efficiency of precision farming. Moreover, precision farming technologies are still relatively expensive, making them unreachable for small farmers even in the developed regions, and most of the farmers in the developing regions of the world. Due to the high initial costs involved in deploying the precision farming solutions, smaller farmers cannot afford such costs and thus are hesitant to adopt such technologies.

Hardware Segment Plays an Important Part in the Precision Farming Market

The hardware segment of the global precision farming market is slated to exhibit a CAGR Of 14.6% during the period of assessment and is poised to be worth by more than US$ 10 Billion by the end of the year 2025. Also, the hardware segment possesses the highest market attractiveness index in the precision farming market.

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