Asia Pacific precision farming market is expected to exhibit fastest growth over the forecast period with a CAGR of over 19% between 2017 and 2024.

Sellbyville, DE -- (SBWire) -- 10/22/2018 --The hardware segment is expected to hold a majority share of the precision farming market by 2024 owing to large scale installation of different precision farming devices such as sensors, GNSS antennas & receivers, and increasing adoption of mobile devices for running precision farming apps. Moreover, growing popularity of drones for aerial observations and field mapping applications is also expected to drive the hardware market growth between 2017 and 2024.

Precision farming market is projected to surpass USD 10 billion by 2024. The technology is an integrated and production-oriented agricultural system developed for improving site-specific, long-term farm production efficiency. It helps in minimizing the impact of unfavorable environmental conditions or phenomena by facilitating effective weather monitoring. Precision agriculture enables farmers to identify, analyze, and manage temporal and spatial variability in the fields to ensure optimum product quality and profitability. By minimizing production costs, sustainability and protection of the land resources can be achieved using precision agriculture.

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Factors such as degrading and diminishing natural resources, decline in overall productivity, fragmented land holdings, and stagnating farm incomes have become critical concerns for agricultural growth and development. Moreover, increasing demand for food to support the rapidly growing population around the world is also a major concern contributing to the increasing adoption and research and development related to advanced farming technology.

Technological advancements such as the GPS modernization program to strengthen the GPS infrastructure are expected to provide traction to the precision farming market growth over the forecast period. Also, advancements in IoT and its adoption for precision agriculture systems to connect office-based farm management systems with field-based machinery are likely to contribute to the market growth during the forecast timeline.

North America held a major share of the global precision agriculture market in 2016 and is expected to maintain this dominance over the forecast timeline between 2017 and 2024. Large scale adoption of advanced farming solutions such as soil mapping, yield mapping, Variable Rate Technologies (VRT) and guidance and steering systems by U.S. based farmers is driving the growth of North America advanced farming market.

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Asia Pacific precision farming market is expected to exhibit fastest growth over the forecast period with a CAGR of over 19% between 2017 and 2024. Adoption of digital farming technology to improve farm productivity in resource-poor regions struggling with low per capita productivity is resulting in significant increase in the yield.

In countries such as India where most of the farms are rain fed and are inadequately irrigated, precision agriculture solutions are proving extremely useful for improving and maintaining overall farm production with increased per capita productivity.

Some of the key players operating in the precision farming market are, Agribotix, LLC, CropX Inc., Trimble Navigation Limited, AGCO Corporation, AgSmarts Inc, Boumatic LLC., Deere & Company, AgSense LLC, CropMetrics LLC, Dickey-John Corporation, Farmers Edge Inc., Monsanto Company, Delaval Corporation, GEA Group AG, Precision Planting, Topcon Positioning Systems Inc. and Raven Industries Inc.

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