Precision farming, better known as satellite farming, measures and manages the variability of the crops. This is a rapidly emerging agriculture management technique that measure and responds to the intra-field crop variability for both temporal and spatial components. This technique plays a major role in the development of agriculture and overall yield efficiency. Precision farming has made great advancements around the world over the past few years. Strong growth in the adoption of this concept is often credited for the strong business models and investment opportunities in the precision farming market. As per the latest news about the industry, the key players in this market are expected to come across important development activities from the emerging parts of the world.
What Drives the Precision Agriculture Industry?
As per the latest research reports by MarketsandMarkets, growing demand for yield and concerns about crop health are expected to drive the demand in the industry. Rapid growth of the global agro industry and essential developments across the emerging countries of the world are also set to provide major traction to the precision farming market. Improved government funding, organizational assistance and advancing technologies are also expected to drive this industry over the next few years. Despite the restraining factors like lack of technical expertise and requirement of higher initial investments, the global industry for precision agriculture is said to witness steady growth over the next few years. According to the reports, environmental concerns and data management challenges are expected to be the major issues for the industry.
Future of the Industry – An Overview
According to the latest reports, the global precision farming market is expected to witness growth at an impressive CAGR of around 12% from 2014 to reach $4.55 billion by 2020. Experts suggest big data and rising use of mobile and broadband technologies around the world to be the vital drivers for this industry, as far as its future is concerned. Growth in the applications of unmanned aerial vehicles or drones is also expected to provide potential growth opportunities for the industry. Amongst various geographic segments of the market, including the Americas, Europe, Asia Pacific, Middle East and Africa, North America region is expected to dominate the global market. According to MarketsandMarkets, rising demand and advantages of this form of agriculture are some of the vital market drivers.
Emerging markets like Asia Pacific, Latin America and Middle East and Africa are also expected to witness rapid growth in the precision farming market. According to the reports, this growth in the emerging markets is mainly driven by the demand for healthy crops and advancements in the agro industry.