SELBYVILLE, Delaware, April 15, 2019 /PRNewswire/ -- The software segment of the precision farming market is expected to hold over 38% industry share by 2025. An extensive use of farm management system software and mobile apps for enabling precision farming applications will lead to the market growth. Farmers and researchers are using these platforms for data visualization and analytics, which will enable them in developing effective farming strategies to improve crop yield.
The remote sensing technology in the precision farming market is expected to witness a growth rate of over 17% over the forecast timeline. The market growth is attributed to use of remote-sensed images acquired by sensors mounted on different agricultural machinery and vehicles. As remote sensing devices capture critical information related to crops, their utility in the precision agriculture is increasing consistently for aiding the real-time decision-making applications.
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Weather monitoring applications in the precision farming market will grow at a CAGR of over 16% from 2019 to 2025. As the agricultural sector is vulnerable to disruptive weather events, the demand for actionable & timely information increases. The real-time data regarding weather conditions help farmers to increase their yield and reduce costs while minimizing crop damage risks.
The precision farming services market is projected to exhibit an accelerated growth of over 19% from 2019 to 2025 due to the large-scale adoption of integration, training, and maintenance services by users for efficiently managing precision farming functions. The demand for these services is expected to rise due to the lack of technical expertise of users to deploy, integrate, and maintain these solutions.
The Latin America precision agriculture market is estimated to grow at a CAGR of over 18% between 2019 and 2025. The market growth is attributed to the rising popularity of drones for precision farming applications and favorable government initiatives for brining innovation in the sector.
Browse key industry insights spread across 375 pages with 400 market data tables & 31 figures & charts from the report, "Precision Farming Market Size By Component (Hardware [Automated Steering System, Drones, UAVs & Camera, Mobile Device, Global Positioning System (GPS) & Global Navigation Satellite System (GNSS)], Software, Services [Consulting & Training, Maintenance & Updates, Managed Services, Integration]), By Technology (High Precision Positioning System, Geomapping, Remote Sensing, Integrated Electronic Communication, Variable Rate Technology (VRT)), By Application (Weather Monitoring, Yield Monitoring, Field Monitoring, Irrigation Management, Waste Management, Financial Management), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Italy, Netherlands, Turkey, Poland, Russia, Australia & New Zealand (ANZ), China, India, Japan, South Korea, South East Asia, Brazil, Mexico, Argentina, Colombia, Peru, South Africa, Saudi Arabia, Egypt), Growth Potential, Competitive Market Share & Forecast, 2019 - 2025" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/precision-farming-market
As far as the global revenue is concerned, according to a 2019 Global Market Insights, Inc. report., the precision farming market is poised to rise from USD 4 billion in 2018 to over USD 12 billion by 2025. The market growth is due to a huge support from governments for the adoption of advanced technologies such as AI and the IoT. These technologies help farmers in managing their resources and give access to real-time information through their smartphones, offering mobility and ease of use. Various government initiatives & subsidies and investments by private entities in the agriculture sector to improve farm productivity will result in the precision farming market growth.
Another factor contributing to the precision farming market growth is the huge use of drones and aircrafts for precision farming operations. Drones have emerged as an excellent alternative to the traditional surveying & data gathering methods in agricultural operations. By using drones for crop monitoring, farm owners can significantly lower their production costs and reduce required the man-hours and work-load. The players operating in the market are developing modern agriculture-focused drones with sophisticated precision & accuracy to increase productivity.
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