Precision Farming is normally defined as an information and technology based farm management system to identify, analyze and manage variability within fields for optimum profitability, sustainability and protection of the land resource. In this method of farming, new information technologies can be used to make better decisions about many aspects of crop production. The precision farming includes looking at the increased efficiencies that can be realized by understanding and dealing with the natural variability found within a field. The main aim is not to obtain the same yield everywhere, but rather to manage and distribute inputs on a site specific basis to maximize long term cost or benefits. This approach of farming is helping many farmers worldwide to maximize the effectiveness of crop inputs.This growth is primarily driven by Increasing Awareness Regarding IoT Devices and Advanced Analytics Among Farmers, Growing Concerns over Global Food Insecurity and Favorable Government Investments and Initiatives.
Globally, a noticeable market trend is evident Rising Trend of Maximizing Farming Resources in a Sustainable Manner
. Major Players, such as BASF SE (Germany), AGCO Corporation (United States), AG Junction Inc. (United States), Syngenta AG (Switzerland), John Deere Co. (United States), Dickey-john Corporation (United States), Yara International ASA (Norway), E. I. Du Pont De Nemours and Company (United States), Land O'lakes Inc. (United States) and Raven Industries Inc. (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
On February 26, 2019 - BASF has expanded its pipeline of solutions for agriculture significantly and by 2028, will launch innovations with projected peak sales of more than €6 billion. The pipeline contains a wealth of chemical and biological crop protection products, seeds and traits, as well as digital solutions. This will further strengthen the company’s leading position in innovative and sustainable agriculture. and On December 12, 2018 – Planet, an integrated aerospace and data analytics company, and BASF today announced a commercial deal to deliver timely satellite imagery and data to European farmers to enable more effective agronomic decision making. BASF will use Planet’s daily, global satellite imaging to develop analytics to power field zone metrics and insights for its digital farming platform, marketed under the xarvioTM brand.
- Increasing Awareness Regarding IoT Devices and Advanced Analytics Among Farmers
- Growing Concerns over Global Food Insecurity
- Favorable Government Investments and Initiatives
- Rising Trend of Maximizing Farming Resources in a Sustainable Manner
- Lucrative Farming Solutions
- Initial Investment Is High
- Lack of Awareness and Infrastructure in Developing Countries
Introduction of Agricultural Drones and Usage of Big Data Analytics for Farm Data Management
Concerns Regarding Privacy and Protection
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