Home Videos GeoBytes - Geospatial News Precision agriculture market set to cross $ 5.5 bn

Precision agriculture market set to cross $ 5.5 bn

KEY POINTS

  • To grow at CAGR 12.64% over 2014-20
  • Need for increased productivity, cost effectiveness are driving factors
  • Opens the door for application of drones and GNSS in farming practices
  • APAC has been identified as a region that is yet to reach its maximum potential

 

The global precision agriculture market is projected to cross $ 5.5 billion in total market value by 2020 after registering a Compound Annual Growth Rate of 12.64% over the period 2014 to 2020. The report, published by research firm Mordor Intelligence LLP, predicts that the high growth in this sector due to growth in the agricultural industry, government incentives and subsidies. The need for increased productivity due to population growth and cost effectiveness are some of reasons for the recent integration of IT and Big Data Analytics into agriculture.

The precision market involves technologies like GNSS/GPS Systems, GIS, remote sensing, automation and system control: communication and monitoring devices, software and services for farm management systems among others. The APAC has been identified as a region which is yet to reach its maximum potential in the precise farming domain.

Precision Agriculture not only ensures efficient use of resources, maximizes output and profitability, but also provides a sustainable solution to farm management practices.