The Global Precision farming market is estimated to grow with approx.13.81% CAGR during the year 2018 – 2026. The base year considered for the study is 2017 and the forecast period is 2018-2026. The global precision farming market is primarily driven by the following factors:

• Focus on sustainable agriculture
• Growing awareness and acceptance
• Need to maximize food production
• Optimization of inputs
• Control over farm data

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A major driver in the global precision farming technologies market is the growing focus on sustainable agriculture and the need to develop crops that have stronger resistance to drought conditions and pests. One key aspect of precision farming involves understanding crop and soil patterns and deriving trends out of historical data. This data can be used to understand soil conditions, drought and pest infestation, and help farmers take precautionary measures. Further development in the precision farming space also includes the development of smart sensors to save water during periods of drought.

The wide range of applications for guidance systems in precision agriculture is the main reason for its popularity. GPS-based applications in the precision farming range from farm planning, field mapping, soil sampling, tractor guidance to crop scouting. Guidance system technologies, along with other platforms allow precise application of pesticides, herbicides, and fertilizers, thus reducing wastage while simultaneously increasing efficiency. Guidance systems are one of the oldest adopted technologies in the precision farming space, making it part of the large traditional agriculture technology providers, as well as new companies that enter the market due to its attractiveness. Also, this segment sees a significant amount of mergers and acquisitions as well as partnerships and joint ventures.

High initial investment and implementation issues are the major factors hindering the Precision farming market. Precision agriculture comes at a significant cost as the machinery uses advanced technology such as GNSS. These technologies provide significant cost-effectiveness when employed on larger farms and when fully integrated. While individual tools are less expensive, integrating them into cohesive management platforms can significantly add to expenses. Issues with the implementation of precision farming arise from analyzing and interpreting them, as each farm is unique and the perfect solution may not be available. The complete implementation of a precision farming system requires an abundance of data, which requires several years to collect.

The Global Precision Farming Market segments include type, application, and technology.

Types are segmented into:

• Hardware
• Software

Applications are segmented into:

• Soil monitoring
• Yield monitoring
• Software applications
• Variable rate applications
• Field mapping
• Others

Technology is segmented into:

• Guidance systems
• Remote sensing and control systems
• Variable rate technology

Geographically, the Global Precision farming market has been segmented on the basis of four major regions, which include:

• Precision Farming North America Market– U.S., Canada, and Mexico
• Precision Farming Asia Pacific Market– China, India, Japan, Australia, New Zealand, RoAPAC
• Precision Farming Europe Market– UK, France, Germany, Italy, Spain, RoE
• Rest of World – Middle East and Africa

North America is anticipated to account for the largest market share during the forecast period. North America is one of the most advanced regions that has adopted farm mechanization and thus is the most attractive market for precision farming. Most of the farmers are wealthy, have large-sized farms, and use machine-intensive techniques for farming. They are highly professional and are willing to learn and adopt new farm technologies. Also, the high costs of labor relative to capital-intensive investment make labour-saving techniques particularly attractive. Many universities like the University Of Nebraska and the University of Minnesota offer courses for and are also involved in the research for precision farming. This is further expected to propel the market for precision agriculture. On the other hand, the Asia-Pacific is anticipated to be the fastest-growing region for the Global Precision farming market. Developing countries like India and China are the fastest growing precision farming markets in APAC. Many public and private partnership initiatives are working to strengthen the position of precision agriculture in India. Also, China has to adopt farm mechanization like precision farming to improve its productivity because of scarce agricultural sources, increasing pollution, and low utilizing efficiency. China has the advantage of an advanced IT infrastructure, and thus it will be easy for the country to adopt precision farming.

The Precision farming market is segmented on the basis of types which are sub-divided into hardware, software, and is also segmented on the basis of applications which are sub-divided into soil monitoring, yield monitoring, software applications, variable rate applications, field mapping and others.  By technology, the precision farming market has been segmented into guidance systems, remote sensing and control systems, and variable rate technology.

The major market players in the Global Precision Farming Market are:

• Agco Corp
• Basf Se
• Deere & Co
• Dupont
• Trimble Navigation Limited
• Others

Company Profiles covers analysis of important players

These companies are using organic and inorganic strategies for growth. For instance, on 25th April 2017, BASF signed an agreement to acquire ZedX, a US-based company that is a leader in the development of digital agricultural intelligence. ZedX’s expertise lies in the development of agronomic weather, crop, and pest models that can rapidly translate data into insights for more efficient agricultural production. With such planned acquisition, BASF strengthens its digital farming footprint and further invests in helping growers take advantage of the increasing amount of big data generated in farming and beyond. On 23rd April 2018, Trimble announced it has entered into a definitive agreement to acquire privately-held Viewpoint from Bain Capital in an all-cash transaction valued at $1.2 billion. Viewpoint is highly complementary to Trimble’s e-Builder business and will extend Trimble’s ability to provide a more complete and integrated project, job site and business workflows across the construction lifecycle.

Key Findings of the Global Precision Farming Market.

• Focus on sustainable agriculture and need to maximize food production is fueling growth in the Global Precision Farming Market.
• North America accounted for the largest revenue share in 2017.
• Guidance system technologies are dominating the market
• Increasing government support
• Product launch is the key strategy adopted by the various market players of the Global Precision farming market.
• Soil monitoring is a major application segment.