GLOBAL PRECISION FARMING MARKET was valued at USD 3.69 Billion in the year 2017. The Global Precision Farming Market is further estimated to grow at a CAGR of 13.63% from 2018 to reach USD 7.95 Billion by the year 2023. The North America region holds the highest market share in 2017 and the Asia Pacific region is considered as the fastest growing market in the forecasted period due to growing demand of Precision Farming and developing agriculture sector in the region. At a country level, the U.S. and Canada in North America and China, India, and Japan in Asia-Pacific holds the notable market share and is projected to grow strongly in the coming.
Deere & Company (U.S.), AJ Junction, Inc. (U.S.) AGCO Corporation (U.S.), Raven Industries (U.S.) and Trimble, Inc. (U.S.) are some of the key players in the Global Precision Farming market. Better global reach at an operational level is the main reason the key players are holding substantial market share. Rising research and development expenses to satisfy the changing demands of end users, new product launches and organic growth strategies were few techniques adopted by various manufacturers in last 5 years.
Advancing agricultural techniques
Various Government initiative for the agriculture sector
Growing awareness of precision farming
High initial investments
Growing usage of a smartphone in farming
Lack of technology acceptance
Lack of standardization
The segmentation is done on the basis of offerings, by technology, by application, and by region. On the basis of offerings, the global Precision Farming market is sub-segmented as hardware, software & services of which the service segment is expected to hold the highest market share during the forecast.
The segmentation done on the basis of technology includes remote sensing, guidance system and variable rate technology of which Variable Rate Technology segment is expected to hold the highest market share due to high demand and various benefits. On the basis of Application the market is segmented as yield monitoring, crop scouting, field mapping, weather tracking & forecasting, inventory management, farm labor management and irrigation management of which yield monitoring application type holds the highest market share and is expected to grow at the highest CAGR during the forecasted period due to rise in consumption.
Key Benefits for Stakeholders
Precision Farming Manufacturers, Distributors and Retailers
Research and Consulting Organization
Technology Standards Organizations, Forums, Alliances and Associations
Regulatory bodies, policy actors, and consumers.
Automation & Control System
Sensing and Monitoring Devices
Variable Rate Technology
Weather tracking & forecasting
Farm labor management
Key Market Players
Deere & Company
Ag Leader Technology
Ag Leader Technology
SST Development Group, Inc.
Farmers Edge Inc.
(A brief overview of 13 companies is also provided)
Genesis Market Insights follows in-depth Research Methodology focused on reducing deviation in the collected data. GMI offers the most precise evaluations and projection for the market numbers. GMI engages following Market Engineering techniques –
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1.1 Market Vision
1.1.1 Market Definition
1.1.2 Market Scope
2. Research Methodology
2.1. Research Process
2.1.1. Secondary Research
22.214.171.124. Key Data from Secondary Research
2.1.2. Primary Research
126.96.36.199. Key Data from Primary Research
188.8.131.52. Breakdowns of Primary Interviews
2.2. Market Size Estimation
2.2.1. Bottoms-Up Approach
2.2.2. Top-Down Approach
2.2.3. Annual Revenue Process
2.3. Data Triangulation
2.4. Research Assumptions
3. Executive Summary
4. Market Overview
4.7. Supply Chain/Value Chain Analysis
4.8. Patent & Standards
5. Industry Trends
5.2. Porter’s Five Forces Analysis
5.2.1. Threat of New Entrants
5.2.2. Threat of Substitutes
5.2.3. Bargaining Power of Buyers
5.2.4. Bargaining Power of Suppliers
5.2.5. Intensity of Competitive Rivalry
6. Precision Farming Market, by offerings
6.1.1 Automation & Control System
6.1.2 Sensing and Monitoring Devices
6.2.2 Local/Web Based
7. Precision Farming Market, By Technology
7.1 Remote Sensing
7.2 Guidance System
7.3 Variable Rate Technology
8. Precision Farming Market, By Application
8.1 Yield monitoring
8.2 Crop scouting
8.3 Field mapping
8.4 Weather tracking & forecasting
8.5 Inventory management
8.6 Farm labor management
8.7 Irrigation management
9. Geographical Analysis
9.2. North America
9.4. Asia Pacific
9.4.1. South Korea
9.5.1. Latin America
9.5.2. Middle East and Africa
10. Company Profiles
(Business Overview, Financial Overview, Product write Up, Recent Developments)
10.1 Deere & Company
10.2 AGCO Corporation
10.3 AgSmarts Inc.
10.4 Monsanto Company
10.5 Ag Leader Technology
10.6 Ag Leader Technology
10.7 Agribotix LLC
10.8 Raven Industries
10.9 Trimble, Inc.
10.10 AgJunction, Inc.
10.11. SST Development Group, Inc.
10.12 Farmers Edge Inc.
(A brief overview of 15 companies is also provided.)
11. Competitive Analysis
11.2. Market Positioning of Key Players
11.3 Competitive Strategies Adopted by Leading Players
11.3.1. Investments & Expansions
11.3.2. New Product Launches
11.3.3. Mergers & Acquisitions
11.3.4. Agreements, Joint Ventures, and Partnerships
12.2. Available Customizations
12.3. Upcoming Events (Trade Fair, Exhibitions, Conferences)
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