Precision Farming Technologies and Global Markets
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.
- An overview of the global precision farming market.
- Analyses of global market trends, with data from 2015, 2016 and projections of compound annual growth rates (CAGRs) through 2021
- Discussion of technologies and factors influencing demand as well as challenges such as high initial implementation and lack of skilled personnel in certain regions
- In-depth analysis of the hardware precision farming technology, including automations systems, control systems, and sensing and monitoring devices
- A look at upcoming new products and new developments in the market along with various strategic initiatives and strengths of vendors
- Relevant patent analysis
- Profiles of major players in the industry
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.
Ritam Biswas has more than 10 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.