New York City, NY, 25 September, 2019/ 24 Market Reports: It is forecasted for the precision farming market to reach USD 10.23 billion by 2025 at a CAGR of 14.25%. Also known as satellite farming, precision farming is a farm management concept that uses information technology to ensure optimum health and productivity of crops. Sensing devices, control systems, automation, and antennas are the sensing devices the precision farming technique largely depends upon. It also involves maintenance and managed services.
Growing applications for telematics to drive the demand for the market
In the forecast period, the growing number of applications for telematics in agriculture is anticipated to drive the demand for precision farming over the forecast period. To reduce the cost of their agricultural operations, to improve their farm efficiency and to gain the maximum profit major agriculture equipment manufacturers are adopting the telematics technique. Also, improved management can help to reduce environmental impact.
GPS is the highest revenue-generating segment
GIS, telematics, VRT, GPS, and remote sensing are the various technologies used in precision agriculture. Owing to its wide application in agriculture equipment to track location and crops whenever required the GPS segment is the highest revenue-generating segment in the precision farming market. By 2022 it is expected for the GIS segment to achieve the highest CAGR owing to its increasing adoption in agriculture to collect, share, and analyze data for farming
The low adoption rate is likely to hinder the market
Due to the absence of stringent standards and the limitations on the exchange of data is leading to the low adoption rate among the farmers and is likely to hamper the growth of the market during the forecast period. Also, owing to the absence of validated agronomic models for Variable Rate Technology (VRT) to make decisions on investments the farmers lack independent consulting and advisory services.
High population to boom the market
Also, as per the recent survey report, around 85% of the world’s population is projected to live in urban areas by 2055, thereby fostering the demand for housing and food. Hence, farmers are increasingly adopting precision agriculture technique owing to its superior benefits, such as prime output in limited resources and improved crop quality.
