Precision farming is an administrative concept based on measuring, responding, and observing unevenness in inter and intra-field crops. The goal of precision farming is to increase the production with the assistance of decision support system (DSS) and preserving resources. Precision farming uses advanced technology to optimize crop production with the help of GIS, remote sensing, and GPS over the long period. Precision farming is also known as site-specific crop management (SSCM) and satellite farming. The major advantage of the precision farming is to reduce labor & material cost in order to increase the cost of the production with the application of crucial automation processes. Further, the remote sensing technique is used in the entire field in order to measure the humidity of the soil, temperature, and nutrition level.
Increasing awareness concerning environmental impact over farming is expected to drive the market in the coming future. Other factors such as improvement in data management in farming are impacting the global precision farming market positively. The use of elegant technologies in tracking geo-location to increase the efficiency may also boost the market in future. Additionally, it also safeguards fuel usage in precision farming. Government initiation on the R&D in precision farming technology may propel the market in near future.
On the basis of technology, the global precision farming market is segmented as guidance systems, GPS, variable rate technologies, telematics, and remote sensing. GPS is the leading technology segment among all in the market. Furthermore, the global market is divided based on hardware as radar, ASS, sensors, GPS, drones, and others. While on the basis of software, it is further bifurcated as crop management, GIS, inventory management, financial management, forecasting, people management, and others.
North America is the leading regional segment in the global precision farming market. However, it shows considerable growth in the market mainly owing to technological upgrades. The US is also trying to gain the significant position in the global market. Asia Pacific is also anticipated to witness the high growth due to increased double income and population in this region. Rising food demand in Europe positively impacts the global market. Emerging economies such as India and China hold the highest market share in the precision farming market.
Some of the major players dominating the precision farming market are AG Leader Technology, Deere & Company, Trimble Navigation System, Dickey-John Corporation, AgJunction Inc., Teejet Technologies, AG Business & Crop Inc., and Case IH. Other key players influencing the global market include ACGO Corporation, SOYL Precision Farming, Precision Planting Inc., Echelon AG Inc, Raven Industries Inc., Topcon Precision Agriculture, Jain Irrigation Systems Ltd., AG Nav Inc., The Toro Company, and American Sensor Technologies Inc.
Precision Farming Market: Regional Segment Analysis