Global Markets for Precision Farming
The global market for precision farming technologies should grow from $5.2 billion in 2019 to $9.4 billion by 2024, with a compound annual growth rate (CAGR) of 12.6% for the period of 2019-2024.
- 52 data tables and 10 additional tables
- Detailed overview of the global precision farming technologies market
- Analyses of the global market trends with data from 2018, estimates for 2019, and projections of compound annual growth rates (CAGRs) through 2024
- Discussion of major factors, advancements in agriculture technologies, regional trade analysis, and changing regulatory dynamics that influence the demand of this evolving market
- Emphasis on challenges faced by this market, such as high initial implementation and maintenance cost, and lack of skilled personnel in certain regions
- Coverage of hardware (equipment, tools and devices etc.), associated software (e.g. farm management software) and services revenue of the covered companies
- A relevant patent analysis covering latest significant developments in agriculture technology
- Profiles of leading market participants within the sector. Major players including AGDATA, Buhler Industries Inc., Deere & Co., DuPont, EXEL Industries SA, Intelligent Agricultural Solutions LLC, Raven Industries Inc., and Yara International Inc.
BCC Research defines precision farming (also known as precision agriculture or satellite farming) 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, sensing and monitoring devices as well as software solutions such as farm management software. In precision farming, software and hardware works in conjunction; a fool-proof precision farming tool/system will have multiple hardware and software solutions seamlessly integrated and working together.
The scope of this report covers the global market for precision farming technologies for various end-user application industries. The market is broken down by technologies, type, end-use and region and are further discussed in detail. Revenue forecasts from 2019 to 2024 are given for each market segment as well as regional markets with estimated values derived from manufacturers' total revenues.
The report also includes a discussion of the major players across each regional market. Further, it explains the major drivers and regional dynamics of the market and current trends within the industry.
The report concludes with a special focus on the vendor landscape and includes detailed profiles of the major vendors.
- BCC Research defines precision farming technologies (also known as precision agriculture or satellite farming) 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.
- The report covers hardware and software revenue of companies active in the market. The report also covers companies in specific segments such as drones, imaging, etc.
- Large technology and hardware manufacturers (drones, sensors, imaging, etc.) that do not have product specifically for the precision farming market are out of scope of this report.
- The report excludes standalone service providers and revenue from those providers. This may include services such as consulting, education, post sales services, etc.
- Revenue forecasts from 2019 to 2024 are given for each market segment, and regional market with estimated values are derived from manufacturers’ total revenues (which includes hardware, software and services).
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. The report then identifies the following:
- 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.
Ritam Biswas has more than 13 years of experience in the market research and financial research space and has written and consulted on several research and advisory projects in various technology verticals. He has worked as a team leader and lead analyst in several technology businesses and has written numerous reports in areas such as disruptive technology, innovative and new technologies, advanced end-user computing, cloud security, virtualization security, mobile security and deep packet inspection.