In a new report titled 'Global Market Study on Precision Farming: Sensing and Monitoring Devices Segment by Component Anticipated to Increase 3.2X Between 2017 and 2025,' Persistence Market Research presents vital insights into the global precision farming market along with forecasts for an eight year period 2017 - 2025. The report is a structured analysis of the global precision farming market on the basis of the market segmentation - by region, by application, and by components.
The North America Precision Farming Market is expected to be worth approx. US$ 7.8 Bn by end 2025 making it larger than Europe, Latin America and the MEA market combined. The market share of North America is likely to be almost 45% by that time in the global precision farming market.
Application - Highest CAGR in Variable Rate Application and Farm Labor Management Systems
The variable rate application and farm labor management systems segments are poised to record a CAGR of 11.9% and 12.4% respectively in the precision farming market from 2017-2025. In terms of market attractiveness index though, they are some way behind field mapping and key stakeholders in the precision farming market would do well to take this into account.
Application - Field Mapping and Yield Monitoring Dominate the Precision Farming Market
In terms of value, the yield monitoring and field mapping segments should grow by 3x and 3.5x respectively between the years 2017 and 2025 and they are unlikely to cede their top spots anytime soon in the precision farming market. Field mapping alone should push past US$ 4.3 Bn by end 2025 and companies are highly advised to target this application segment in the precision farming market.
Component - Hardware Segment Holds a Lion's Share of the Precision Farming Market
The hardware segment is estimated to hold a market share of more than half the global precision farming market by component at the end of the forecast period. Sensing and monitoring devices are predicted to be particularly important and reach a value of just under US$ 5.4 Bn by end 2025. Within sensing and monitoring devices, there is a close contest between yield monitors and drones with multispectral cameras as both are projected to have a similar market value by the end of the eight-year study. However, the CAGR is higher in the drones with multispectral cameras segment.
The on-premise precision farming software is larger than the cloud-based precision farming software at present and is anticipated to retain a slim lead during the forecast period. Nonetheless, the rise of IoT and the importance of the cloud will grow by leaps and bounds in the 21st century and key stakeholders in the precision farming market will do well to focus on cloud-based precision farming.
Component - Focus on Consulting and Maintenance Services in the Precision Farming Market
Even though consulting and maintenance services are smaller than the installation and integrations services in the precision farming market, they should witness a higher CAGR during the forecast period. The maintenance service segment is on track to be valued at over US$ 1.7 Bn by the end of 2025 while consulting services is estimated to be valued at just under US$ 1.2 Bn in the same year.
Global Precision Farming Market: Competition Dashboard
Persistence Market Research has profiled some of the most prominent companies active in the global precision farming market such as AgJunction, Raven Industries Inc., CNH Industrial N.V., Deere & Company, Trimble, Iteris, Topcon Corporation, PrecisionHawk, senseFly, DICKEY-john, SST Development Group, Agribotix LLC, and Ag Leader Technology.
Important Insights on the Precision Farming Market
Precision farming market solution providers can try to focus their attention on emerging economies in the fast-growing APAC region as government initiatives in countries such as China and India are facilitating ample investment opportunities. In addition, changing weather conditions due to climate change and global warming have begun to adversely impact agricultural production, compelling farmers to adopt precision farming agriculture solutions in the medium term.
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