According to a new report published by Allied Market Research, titled, World Precision Agriculture Market – Opportunities and Forecasts, 20152022, the global precision agriculture market is expected to generate revenue of $7.8 billion by 2022, growing at a CAGR of 14.9% from 2016 to 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.
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.
GPS technology held a significant share in the world precision 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.
Precision agriculture also known as site specific crop management (SSCM) and satellite farming is an advanced farming technique that utilizes several technologies such as GPS, GIS and remote sensing to collect crucial field related information, which is further analyzed to support growers decisions with regard to crop fertilizing, planting, and harvesting. In addition, sensors are placed throughout the field that measure temperature, nutrition level and humidity of the soil. Therefore, the technology eliminates manual human efforts by automating crucial processes including real-time farm monitoring and information sharing.
Request A Sample copy of This Report @ https://marketreportscenter.com/request-sample/358566
Precision agriculture is swiftly gaining popularity among farmers due to the increasing need of optimum production with the given resources. Further, the changing weather patterns due to increasing global warming, have necessitated the adoption of advanced technologies to enhance the productivity and crop yield. By offering technologies such as real-time farm monitoring, weather forecasting, optimal field requirements and similar others, precision agriculture enables the farmers to increase the yield with minimum human efforts and wastage. Moreover, the technology enables the farmers to manage their resources as well as access real time information through their smartphones, thereby offering greater mobility and ease of operation. However, major restraints of the market are affordability of the technology and lack of awareness about the benefits of precision agriculture among farmers, particularly in the developing countries.
The report also presents a complete analysis of the world precision agriculture market based on technology, component, and geography. GIS, telematics, VRT, GPS, and remote sensing are some of the key technologies covered in the technology segment. Among these, GPS is the most popular technology. The world precision agriculture market is further bifurcated into two key components: hardware and software. Hardware includes sensors, drones, ASS, radar, GPS, and others (display, satellite, and mobiles). Software includes GIS, crop management software, weather tracking and forecasting software, inventory management software, people management software, and financial management software. The market is further analyzed across four different geographies: North America, Europe, Asia-Pacific, and LAMEA. North America includes the U.S., Mexico, and Canada, whereas Europe covers U.K., Russia, Germany, Italy, France, and rest of Europe. The countries covered under Asia-Pacific are Australia, China, India, Japan, South Korea, Taiwan, and rest of Asia-Pacific. LAMEA is bifurcated into Latin America, the Middle East, and Africa.
Based on various technologies used in precision agriculture, GPS is the highest revenue-generating segment owing to its wide application in agriculture equipment to track location and crops when required. However, GIS is expected to exhibit the highest CAGR to attain significant market value by 2022, owing to the increasing adoption of GIS in agriculture to collect, store, and analyze data for farming.
TOP FACTORS IMPACTING WORLD PRECISION AGRICULTURE MARKET
The top impacting factors of the world precision agriculture market are the growing adoption of smartphones, aggrandized use of cloud technology, booming population, technological advancement, lack of awareness, and high initial investment. Some of the factors such as lack of awareness about precision agriculture products and huge investment act as restraints for the market growth.
To Get Discount On The Report @ https://marketreportscenter.com/request-discount/358566
Connect for more details:
Market Reports Center