LONDON, March 6, 2017 /PRNewswire/ -- is report to:
- Gain an insight into how the market for precision farming technologies has evolved over time and how various factors are impacting the market.
- Identify key funding and financing in this space, which are particularly supportive for new entrants.
- Evaluate top applications of precision farming technologies, along with top precision farming technology segments.
- Receive information about some key players in the precision farming technology market.
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- The global market for precision farming technologies totaled nearly $3.3 billion in 2016, and should total $5.9 billion in 2021, a five-year compound annual growth rate (CAGR) of 12.4%, through 2021.
- Hardware as a segment totaled $2.1 billion in 2016 and should total nearly $3.6 billion by 2021, a CAGR of 10.8% through 2021.
- Software as a segment totaled $1.1 billion in 2016 and should total $2.3 billion by 2021, a CAGR of 15.2% through 2021.
STUDY GOALS AND OBJECTIVES
The objective of this report-Precision Farming Technologies and Global Markets-is to discuss the changes and new developments in the precision farming market and the opportunities presented by such technologies to various stakeholders. This report includes forecast market demand from 2016 through 2021 with historical data for 2015. In addition, the report aims to analyze the growth drivers, key trends, growth segments and technologies existing in the space.
DEFINITION AND SCOPE OF STUDY
BCC Research defines precision farming (also known as precision agriculture or satellite farming) technologies as a farming management concept that utilizes software and hardware for observing, measuring and responding to intra-field variability in crops, resulting in better crop management and more effective output.
Precision farming includes various hardware technologies such as automated systems, control systems, and sensing and monitoring devices, as well as software solutions such as farm management software. In precision farming, software and hardware works in conjunction; a full-proof precision farming tool/system will have multiple hardware and software solutions seamlessly integrated and working together.
To calculate and segment the market, we considered precision farming hardware and software. The calculation also considers services revenue from the precision farming
technology providers. However, after-market software, hardware and services are beyond the scope of this report. In addition, services that are not directly related to precision farming technologies, such as education and training, and consulting services, are also beyond the scope of this report, as is hardware security related to farm management and access control.
The report begins by introducing the reader to how the market for precision farming technologies has evolved over time and how various factors are impacting the market.
Building on that understanding, the study proceeds to identify the following market factors:
- Primary forces with a direct impact on the precision farming technologies markets.
- Secondary forces that have an indirect impact.
- Key funding and financing in this space, which are particularly supportive for new entrants.
- Some key challenges that may hinder the growth of this market.
- Key trends visible in the market.
- The top applications of precision farming technologies, along with top precision farming technology segments.
- Demand in the North America, Europe, the Middle East and Africa (EMEA) and Asia-Pacific (APAC) for precision farming technology products.
REASONS FOR DOING THE STUDY
BCC Research is publishing this study because it has identified precision farming technologies as a growing market that presents strong growth opportunities for all stakeholders. The market is dynamic and growing with new developments and adoption from new industries and sectors.
BCC Research identified the top segments that are expected to be key users of precision farming technology products. This study will provide executives in those segments with the critical knowledge required for their further expansion in the precision farming technologies space. The high-level geographic regional analysis provided in this report will help precision farming technology providers identify high-growth and emerging regions, as well as high-growth verticals and sectors in those regions. Additionally, this report will be useful for venture capitalists and financial institutions in assessing potential investments and borrowers.
To undertake this forecast, BCC Research analyzed the markets for related technologies and products (products and solutions that are related to the precision farming technologies market), as available in the product literature and catalogs and forward-looking statements made by public companies. Press releases, innovations and research and development papers, white papers and presentations were also consulted as well as data from other independent sources.
BCC Research used a dual approach to forecast and estimate the values for the precision farming technologies market.
Firstly, BCC Research analyzed spending by various key precision farming technology providers and users. Global, regional and sector-specific precision farming technology spending was analyzed. Further, other factors, such as the overall increase in precision farming product adoption, were taken into account. To arrive at the final figures, BCC Research also estimated the overall budget allocation to precision farming technology products, and the forecast spending and allocation of precision farming technologies by major companies around the world.
Secondly, BCC Research created a detailed survey and collected opinions from industry and domain experts, company executives and others with strong knowledge in the space to provide a qualitative assessment of the trends in the market. Along with the qualitative data, the survey also indicated some quantitative data sets and figures.
The final values were obtained through a combination of the above methods. Compound annual growth rates (CAGRs) were calculated by assigning the appropriate weight to various markets (e.g., growth of navigation systems) that broadly impact the precision farming technologies markets. Calculations were performed using the company growth that occurred in this space over the past five to 10 years, along with other factors such as growth in budget allocation to precision farming technologies, growth of precision farming technologies in the past and by analyzing the relationship between sectoral growth and the growth of precision farming technologies in the past.
BCC Research studied more than 100 companies to obtain data for this report. The companies studied range from precision technology providers and end users of precision farming technologies (e.g., farms and agricultural companies) to precision farming and related software providers. Studies prepared for peer-reviewed professional literature and reports by technical experts were also reviewed. Other data came from scientific and technical conferences, presentations prepared by the companies and associates, press releases, annual reports, white papers, investor webinars and government sources that are publicly available.
Ritam Biswas is an established market research analyst. The author has more than 10 years of experience in the market research and financial research space and has undertaken several research and advisory projects in various technology verticals. In the professional space, he has worked as a team leader and lead analyst in information technology, IT security and technology research, where he has written numerous reports in areas such as disruptive technology, advanced end-usecomputing, cloud computing, mobile and BYOD, cloud security, virtualization security, mobile security and deep packet inspection.
Some of the topics he has researched in-depth and written reports on include:
- Global wearable technology market.
- Internet of Everything market.
- Advanced end-user computing market.
- Mobility and BYOD market.
- Cloud security market.
- Virtualization security market.
- Mobile device security market.
- Deep packet inspection market.
- Country-specific reports.
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