US, October 22, 2014: According to a new market research report published by MarketsandMarkets, the total value of precision farming market is expected to reach $4.55 billion by 2020, growing at a CAGR of 12.2% from 2014 to 2020.
The precision farming market is expected to benefit from emerging market investments that are lifting the standards of agriculture, while the developed markets are expected to continue investing in more efficient precision farming techniques, systems, and procedures, which offer high yields and profits.
Precision agriculture techniques find its major applications in yield monitoring, variable rate application (VRA), mapping, soil monitoring, and crop scouting. The report found that increasing demand for food is pushing the growers to adopt precision farming techniques and optimise their resources efficiently with minimum wastages.
The report noted APAC is the leading region in this market in terms of the growth rate, due to conducive government policies, increasing demand for food due to growing population, and the developing economies. North America, which is another vital precision farming market, is expected to exhibit a significant growth in coming years due to revised government policies and the push to adopt the variable rate technology in precision farming.
While the US market is expected to see growth stemming from the need to upgrade the existing systems, South America, APAC, and Europe; particularly, Brazil, Argentina, Eastern Europe, and China are fuelling a strong double-digit growth as they are in early stages in the adoption life cycle, the report stated.