About Precision Farming
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.
Attributes | Details |
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Study Period | 2020-2032 |
Base Year | 2024 |
Unit | Value (USD Million) |
Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Precision Farming market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
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) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Teejet Technologies Illinois LLC (United States), Monsanto Company (United States), Valmont Industries Inc. (United States), Topcon (United States) and Trimble Navigation Limited (United States).
Segmentation Overview
AMA Research has segmented the market of Global Precision Farming market by , Application (Yield Monitoring, Field Mapping and Crop Scouting) and Region.
On the basis of geography, the market of Precision Farming has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Norway, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Technology, the sub-segment i.e. Geographic Information System will boost the Precision Farming market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Hardware will boost the Precision Farming market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Trend of Maximizing Farming Resources in a Sustainable Manner and Lucrative Farming Solutions
Market Growth Drivers:
Increasing Awareness Regarding IoT Devices and Advanced Analytics Among Farmers, Growing Concerns over Global Food Insecurity and Favorable Government Investments and Initiatives
Challenges:
Concerns Regarding Privacy and Protection
Restraints:
Initial Investment Is High and Lack of Awareness and Infrastructure in Developing Countries
Opportunities:
Introduction of Agricultural Drones and Usage of Big Data Analytics for Farm Data Management
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.
Key Target Audience
Manufacturers of Precision Farming Equipments, Suppliers of Precision Farming Equipments Parts, Precision Farming Software Providers, Service Providers, Governmental Bodies and Research Firms
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.