LONDON, Feb. 3, 2016 /PRNewswire/ -- The precision farming market is expected to reach USD 4.80 billion by 2020, at a CAGR of 11.7% between 2015 and 2020. The major driving factors for the precision farming market are extended profitability and production in farming with the use of technology and tools.
"Variable rate technology is expected to dominate the technology segment of the precision farming market during the forecast period between 2015 and 2020"
The variable rate technology is expected to dominate the technology segment of the precision farming market as it helps in applying the required amount of input sources such as fertilizers, irrigation water, and others at the right place on field. It helps in minimizing the wastage of resources and enhances the fertility of land.
"Software application dominates the application segment of the precision farming market during the forecast period between 2015 and 2020"
The software application is expected to dominate the application segment of the precision farming market as it helps in different functions of farming such as for data management, data security, crop health monitoring, farm work mapping, and stock management among various others.
"The Americas is expected to hold the largest market share between 2015 and 2020"
Being the pioneering nation of precision farming and the presence of top players the Americas, it is expected to hold the largest share of the overall global precision farming market.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. Break-up of profile of primary participants is given below:
- By Company Type: Tier 1 – 20 %, Tier 2 – 45%, and Tier 3 – 35%
- By Designation: C-Level – 50%, Director Level – 35%, and Others –15%
- By Region: North America – 49%, Europe – 17%, APAC –17%, and RoW – 17%
The geographic segmentation covers four major regions of the world, namely, the Americas, Europe, Asia-Pacific, and Rest of the World (RoW). The report also profiles major players in the precision farming market. The major players in this market include Deere & Company (U.S.), Trimble Navigation Ltd. (U.S.), Ag Junction (U.S.), Raven Industries Inc. (U.S.), and AGCO Corporation (U.S.).
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