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Field Mapping Application Expected to Witness High Y-o-Y Growth in
the Global Precision Farming Market
In a new report titled ‘Precision Farming Market: Global Industry Analysis 20122016 and Forecast 2017-2025,’ Persistence Market Research presents vital insights
into the global precision farming market along with forecasts for an eight year period
2017 – 2025. The report is a structured analysis of the global precision farming
market on the basis of the market segmentation – by region, by application, and by
components.
The North America Precision Farming Market is expected to be worth approx. US$
7.8 Bn by end 2025 making it larger than Europe, Latin America and the MEA
market combined. The market share of North America is likely to be almost 45% by
that time in the global precision farming market.
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The variable rate application and farm labor management systems segments are
poised to record a CAGR of 11.9% and 12.4% respectively in the precision farming
market from 2017-2025. In terms of market attractiveness index though, they are
some way behind field mapping and key stakeholders in the precision farming market
would do well to take this into account.
In terms of value, the yield monitoring and field mapping segments should grow by
3x and 3.5x respectively between the years 2017 and 2025 and they are unlikely to
cede their top spots anytime soon in the precision farming market. Field mapping
alone should push past US$ 4.3 Bn by end 2025 and companies are highly advised to
target this application segment in the precision farming market.
The hardware segment is estimated to hold a market share of more than half the
global precision farming market by component at the end of the forecast period.
Sensing and monitoring devices are predicted to be particularly important and reach a
value of just under US$ 5.4 Bn by end 2025. Within sensing and monitoring devices,
there is a close contest between yield monitors and drones with multispectral cameras
as both are projected to have a similar market value by the end of the eight-year
study. However, the CAGR is higher in the drones with multispectral cameras
segment.
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The on-premise precision farming software is larger than the cloud-based precision
farming software at present and is anticipated to retain a slim lead during the forecast
period. Nonetheless, the rise of IoT and the importance of the cloud will grow by
leaps and bounds in the 21st century and key stakeholders in the precision farming
market will do well to focus on cloud-based precision farming.
Even though consulting and maintenance services are smaller than the installation
and integrations services in the precision farming market, they should witness a
higher CAGR during the forecast period. The maintenance service segment is on
track to be valued at over US$ 1.7 Bn by the end of 2025 while consulting services is
estimated to be valued at just under US$ 1.2 Bn in the same year.
Persistence Market Research has profiled some of the most prominent companies
active in the global precision farming market such as AgJunction, Raven Industries
Inc., CNH Industrial N.V., Deere & Company, Trimble, Iteris, Topcon Corporation,
PrecisionHawk, senseFly, DICKEY-john, SST Development Group, Agribotix LLC,
and Ag Leader Technology.
Precision farming market solution providers can try to focus their attention on
emerging economies in the fast-growing APAC region as government initiatives in
countries such as China and India are facilitating ample investment opportunities. In
addition, changing weather conditions due to climate change and global warming
have begun to adversely impact agricultural production, compelling farmers to adopt
precision farming agriculture solutions in the medium term.
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