Geo mapping technologies are expected to hold a share of over 20% of the precision farming market in 2025. The technology proves to be immensely beneficial in agriculture as it offers a cost-effective alternative for localized & wide-scale monitoring of the crop output. With the evolution of the technology, 3D geo mapping techniques have emerged in the market that are particularly useful for the timely detection of existing inefficiencies in the fields, allowing farmers to take immediate corrective measures
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The meteoric rise of the global precision farming market can be rightly accredited to the rapidly evolving automated solutions that have enhanced agricultural practices followed across the world. These innovative solutions have ensured a marked increase in farm efficiency, higher waste reduction, and have further acted as pivotal proponents to ramp up the overall agricultural productivity. It would be prudent to mention that the rise of numerous start-ups has provided a new ray of hope to the farming sector, whose growth has been perpetually marred by innumerable challenges in the recent times.
In the component market, the hardware segment is expected to hold a major precision farming market share of over 70% in 2025 due to the rising usage of several hardware devices such as drones, sensors, GPS systems, and smartphones for capturing aerial data. In precision farming, these devices enable farmers and researchers to monitor and optimize their crops and assist in conserving resources such as soil and water in a better manner.
In the precision farming services market, the managed services segment is expected to exhibit a growth rate of over 27% from 2019 to 2025. The market growth is attributed to the rising applications of IoT and cloud computing in precision farming solutions. The agriculture decision support systems are being increasingly hosted on cloud platforms to take advantage of the IoT through internet-connected devices.
The Asia Pacific precision farming market will witness a growth rate of over 20% during the forecast period. The factors augmenting the market growth are increasing the awareness about the precision farming technologies and several initiatives taken by the government to improve sustainable agriculture. For instance, in June 2017, the state government of Haryana in India adopted climate-smart agricultural practices to transform the agricultural systems. This also enabled the regulatory bodies to achieve three objectives such as adapting to climate changes, achieving agricultural productivity, and reducing greenhouse gas emissions.
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Despite management of data being one of the major hindrances to the growth of this business space, the application matrix of the precision farming market has encompassed weather monitoring, financial management, field monitoring, waste management, yield monitoring, irrigation management. As the application scope of precision tools increases in the ensuing years, the precision farming market is projected to observe an exponential growth rate, with a target revenue estimation in excess of USD 12 billion by 2025.
Major Key Points from Table of Content:
Chapter 7 Precision Farming Market, By Application
7.1 Key trends, by application
7.2 Weather monitoring
7.2.1 Weather monitoring market size, 2014-2025
7.3 Yield monitoring
7.3.1 Yield monitoring market size, 2014-2025
7.4 Field mapping
7.4.1 Field mapping market size, 2014-2025
7.5 Irrigation management
7.5.1 Irrigation management market size, 2014-2025
7.6 Waste management
7.6.1 Waste management market size, 2014-2025
7.7 Financial management
7.7.1 Financial management market size, 2014-2025
7.8.1 Others market size, 2014-2025
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