Precision Farming Market to Soar at 13.38% CAGR to 2023, Led by Modern Agricultural Techniques

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May 16, 2018, 11:00 ET

PUNE, India, May 16, 2018 /PRNewswire/ --

ReportsnReports.com adds the global precision farming market is estimated to be worth USD 5.09 billion in 2018 and is projected to reach USD 9.53 billion by 2023, at a CAGR of 13.38% between 2018 and 2023. Major factors driving the growth of the precision farming market include pressure on global food supply owing to growing world population, substantial cost cutting made possible by precision farming, and government initiatives to adopt modern agricultural techniques.

Browse 66 Market Data Tables and 54 Figures spread through 185 Pages and in-depth TOC on "Precision Farming Market by Technology (Guidance System, VRT, Remote Sensing), Application (Crop Scouting, Field Mapping, Irrigation), Offering (Hardware-Sensors, GPS/GNSS, Yield Monitors, Software, Services), and Geography - Global Forecast to 2023" at http://www.reportsnreports.com/reports/268230-precision-farming-market-by-technology-gps-gnss-gis-remote-sensing-vrt-components-automation-control-sensors-fms-applications-yield-monitoring-vra-mapping-soil-monitoring-scouting-global-forecast-analysis-2013-2018-.html .

Key players operating in the precision farming market are Deere & Company (US), Trimble (US), AGCO Corporation (US), AgJunction (US), Raven Industries (US), AG Leader (US), Precision Planting (US), The Climate Corporation (US), Descartes Labs (US), ec2ce (Spain), Gamaya (Switzerland), and Decisive Farming (Canada).

Precision farming market anticipated to grow at a CAGR of 13.38% from 2018 to 2023.

Report covers precision farming market based on offering, technology, application, & region. Precision farming market based on offering has been segmented into hardware, software, & services. On basis of application, precision farming market has been segmented into yield monitoring, field mapping, crop scouting, weather tracking and forecasting, irrigation management, inventory management, farm labor management, financial management.

Precision farming market in APAC to grow at highest CAGR during forecast period.

Precision farming market has been segmented on the basis of offering, technology, application, and region. On basis of offering, precision farming market has been classified into hardware, software, and services. Hardware held largest market share in 2017 owing to high adoption of automation & control devices, such as drones/UAVs, GPS/GNSS, irrigation controllers, guidance & steering systems, yield monitors, and sensors. In yield monitoring process, hardware such as sensors and GPS devices play a vital role in measuring various yield parameters.

Inquire for Discount on "Precision Farming Market by Technology (Guidance System, VRT, Remote Sensing), Application (Crop Scouting, Field Mapping, Irrigation), Offering (Hardware-Sensors, GPS/GNSS, Yield Monitors, Software, Services), and Geography - Global Forecast to 2023" research report at http://www.reportsnreports.com/contacts/discount.aspx?name=268230 .

The precision farming market has been classified into the Americas, Europe, APAC, and RoW. The Americas held the largest share of the precision farming market in 2017. Countries such as the US and Canada in the Americas are the early adopters of precision farming technologies, which is the major reason for the high share of this region in the precision farming market. Farmers or growers in this region are increasingly adopting advanced farming systems and equipment such as steering and guidance systems, sensors, display devices, and farm management software.

A major factor restraining the growth of the precision farming market is the high initial investment and lack of technical knowledge among farmers. Precision farming requires high initial investment, efficient farming tools, and skilled and knowledgeable farmers or growers, among others, making farmers apprehensive to use this technology.

Key Target Audience for this Report:

Electronic hardware equipment manufacturers
Agricultural equipment manufacturers
Precision farming software and solution providers
Precision farming technology providers
Technical universities
Government research agencies and private research organizations
Standardization and testing firms
Government bodies (regulatory authorities and policy-makers)
Original equipment manufacturers (OEMs)
Research organizations and consulting companies
VCs, private equity firms, and start-up companies

Report describes drivers, restraints, opportunities, & challenges impacting growth of precision farming market. In addition to in-depth view on market segmentation, report includes critical market data and qualitative information for each type, along with qualitative analysis, such as value chain analysis, market ranking analysis, and competitive situations and trends. Report targets technology providers, software and service providers, system integrators, and end-user industries of the precision farming market.

Order a copy of "Precision Farming Market by Technology (Guidance System, VRT, Remote Sensing), Application (Crop Scouting, Field Mapping, Irrigation), Offering (Hardware-Sensors, GPS/GNSS, Yield Monitors, Software, Services), and Geography - Global Forecast to 2023" research report at http://www.reportsnreports.com/purchase.aspx?name=268230

In the precision farming market report, both top-down and bottom-up approaches have been used to estimate and validate the size of the precision farming market, along with other dependent submarkets. The key players in the precision farming market have been identified through secondary research, and their market share in the respective regions has been determined through primary and secondary research.

The breakup of primaries conducted during the study is depicted below:

By Company Type: Tier 1 - 35 %, Tier 2 - 40%, and Tier 3 -25%
By Designation: C-Level Executives - 57%, Directors - 29%, and Others - 14%
By Region: Americas- 40%, Europe - 30%, APAC- 20%, and RoW - 10%

Another research titled Precision Viticulture Market is projected to reach USD 1,546.6 million by 2022, from USD 1,014.0 million in 2017, at a CAGR of 8.81% from 2017 to 2022. The market is driven by government support for the adoption of modern viticulture techniques. The high initial capital investments and lack of technical awareness are expected to restrict the market growth. The global market for precision viticulture is dominated by large players such as John Deere (US), Trimble (US), and Topcon (Japan). Some other players include Deveron UAS (Canada), TeeJet Technologies (US), Groupe ICV (France), Tracmap (New Zealand), Quantis Labs (Hungary), Terranis (France), Ateknea Solutions (Spain), AHA Viticulture (Australia), and AG Leader Technology (US) available at http://www.reportsnreports.com/contacts/discount.aspx?name=1406702 .

Explore more reports on IT and Telecommunications at http://www.reportsnreports.com/market-research/information-technology/ .

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