According to a report available on Alexa Reports, global precision farming industry is expected to grow at a CAGR in the forecast period i.e. from 2018-2025. The market is likely to exhibit remarkable growth in the forecast period on account of product innovation.
Precision farming is also termed as satellite agriculture, as-needed farming and site-specific crop management (SSCM). A farming management concept based on measuring, observing and responding to inter and intra-field variability in crops is referred to precision farming.
The factors that drive the Market include rapid urbanization & industrialization, increasing demand, and product development and technological innovations. In addition, factors such as government support for the implementation of advanced farming techniques and ever-increasing population which ultimately surges demand for food is driving the market growth in the forecast period.
However, reluctance to implement modern technologies, lack of technological skills and slow infiltration of technology and high initial costs of investment is likely hampered the market growth in the years to come.
The Market is classified based on technology as variable-rate technology, remote sensing, and guidance system. The guidance technology segment led the market in 2018 and is anticipated to maintain its dominance by 2025 owing to the early acceptance of this technology by farmers. The Market is classified based on offering hardware, services, and software. The hardware segment led the market in 2018 and is anticipated to maintain its dominance by 2025.
The Market is classified based on applications as crop scouting, boundary mapping, drainage mapping, field mapping, financial management, weather tracking & forecasting, farm labor management, off-farm field monitoring, inventory management, on-farm yield monitoring, irrigation management, yield monitoring, and others. The yield monitoring segment led the market in 2018 and is anticipated to maintain its dominance by 2025.