The report titled 'Precision Farming Market by Technology (GPS/GNSS, GIS, Remote Sensing & VRT), Components (Automation & Control, Sensors, FMS), Applications (Yield Monitoring, VRA, Mapping, Soil Monitoring, Scouting) – Global Forecast & Analysis (2013 – 2018)' estimates that market growth will touch $3721.27 million by 2018.
According to the report, North America presently holds the largest market share for precision farming due to maximum adoption. APAC is listed as emerging market for precision framing with highest reported growth rate among all the geographic regions. It is estimated to grow at a CAGR of 25.16% from 2013 to 2018.
Variable rate technologies, GPS, yield monitoring and field mapping are cited as some of the main applications driving the market.
While the world population is expected to be 7.5 billion by 2020 leading to higher demand for food, the shift to precision farming is likely to boost crop productivity.