Report: Global Precision Agriculture Market Will Boom Through 2019

Technavio analysts forecast the global precision agriculture market to post a CAGR of more than 14% by 2019, according to their latest report.

The research study covers the present scenario and growth prospects of the global precision agriculture market for 2015-2019. To calculate the market size, the report considers the revenue generated from sales of the following precision farming products: automation and control systems, sensing and monitoring devices, and farm management systems.

Technavio analysts highlight the following four factors that are contributing to the growth of the global precision agriculture market:

  • Growing awareness and acceptance
  • Need to maximize food production
  • Optimization of inputs
  • Control over farm data

Growing Awareness And Acceptance

According to the report the acceptance and adoption of any technology is influenced by return on investment (ROI) and the farmer’s ability to bear risk. Despite the fact that precision farming technologies have been available commercially since the 1990s, their awareness and uptake has been relatively slow. However, with advances in socio-demographic factors like improved education and computer literacy among farmers, the adoption rate has increased in modern times.

“Awareness of the benefits of precision farming technologies, revealed in the form of improved yields and profitability, have provided the biggest incentive for their acceptance and adoption, driving growth in the market,” says Faizan Akhtar, a research expert from Technavio’s agricultural equipment research team.

Need To Maximize Food Production

With the growing global population, demand for food is rising but the size of arable land is decreasing. Farmers are thus facing the pressure of maximizing production within these limitations and are seeking out progressive techniques to make their farmlands more efficient. These factors combined are expected to drive the popularity of precision farming technologies in the market because they allow more effective management of farmland and thus increase production in a sustainable manner.

Optimization Of Inputs

Agricultural inputs like seeds, irrigation, and fertilizers account for a major cost to farmers and are witnessing a rise in prices. Farmers have strived to mitigate the costs associated with inputs and simultaneously increase yields. Precision farming technologies such as variable-rate technology (VRT) provide this benefit as they facilitate control of the timing, quantity, and placement of inputs for any given area on the farm. This allows for better efficiency of planting because it allows farmers to optimize and customize inputs and reduce the misapplication of products.

“The VRT tools can be used to evaluate the natural soil variability of a field and reduce irrigation in areas where soil is detected to better retain water. Precision farming can thus translate into major cost and energy savings through efficient use of resources. This is expected to drive demand in the market over the next five years,” says Faizan.

Control Over Farm Data

Farm data security and privacy is a major concern of the precision farming market. This farm data is related to planting, production and harvesting practices and can be sent by farmers to ATPs (agricultural technology providers). Vendors in the market including Deere and Company and Monsanto have developed services that make use of these data, analyze them, and offer field prescriptions and benchmarks to aid farmers in decision-making. While some farmers are open to this, others refrain from allowing ATPs to use them.

Certain farm data tools such as FARMServer have facilitated the sharing of data, vesting its privacy and security in the hands of the farmer. This could help accelerate the advances in the precision farming field through collaborative efforts between the farmers and agribusinesses.

Leave a Reply

Business Management Stories
Terry Griffin
Business ManagementUsing High Tech To Make Farm Decisions
January 17, 2017
Raj Khosla, professor of precision agriculture at Colorado State University, challenged farmers to think about how far the technology of Read More
Business ManagementCNH Names Danford Industry Relations Manager
January 17, 2017
Dan Danford has been named Industry Relations Manager, Precision Solutions and Telematics (PS&T), for CNH Industrial, parent company of agricultural Read More
Business ManagementBREAKING: FAA Considering Less Restrictive Commercial Drone Regulations
January 11, 2017
FAA is working toward allowing more freedom for drone operators, and at the same time is working with NASA on Read More
Topcon X30 Console in cab
Business ManagementA New Precision Vision
December 29, 2016
It’s been an incredible year for the team here at Preci­sionAg Media. We have more than two decades in as Read More
Trending Articles
PrecisionAg.com featured image
ProfessionalsWelcome to the Newly Enhanced PrecisionAg.com
December 29, 2016
Talk a quick look around our website and we hope you’ll notice it’s significantly different as we head into 2017 Read More
Ryan Raguse and Matthew Grassi
ProfessionalsIndustry Executives Talk New PrecisionAg Professional Brand
December 19, 2016
EFC Systems President and CEO Ernie Chappell Myriad Mobile Cofounder and Chairman Ryan Raguse Read More
PrecisionAg Professional logo
Industry NewsMeister Media Debuts PrecisionAg Professional
December 13, 2016
Agricultural technology is accelerating, and precision agriculture is gaining renewed interest across cropping systems. At the same time, growers are Read More
NDSU IoT
Sensors/IoTNew Farming Focused IoT Partnership Announced
December 13, 2016
Infiswift, an enterprise Internet of Things (IoT) platform developer, announces a partnership to develop IoT solutions with Acuitus Ag, an Read More
GVM E-Series cab
Ag Tech GlobalGlobalization And Precision Agriculture
December 7, 2016
Globalization has taken on a negative connotation in some circles in the U.S. in recent months. The lightning rod for Read More
Farmers Edge Truck
Data ManagementFarmers Edge, Trotter Fertilizer Form Partnership To Enhance VRT Programs
November 29, 2016
Farmers Edge, a global leader in precision agriculture and independent data management solutions, has partnered with Trotter Fertilizer, Nebraska’s foremost Read More
Latest News
Data ManagementNew Partnerhship Between AgIntegrated, CDMS, SeediQ Wil…
January 18, 2017
AgIntegrated, Inc. (AGI), CDMS, Inc. and SeediQ announce a partnership to develop, promote, and sell a single-source crop input reference Read More
Corn Field Sunset
Ag Tech GlobalAg Technology Among Focus Areas For Kohli Impact Invest…
January 18, 2017
Tej Kohli, a serial entrepreneur, global businessman and philanthropist, has announced he has earmarked an initial $25 million USD, through his Read More
Terry Griffin
Business ManagementUsing High Tech To Make Farm Decisions
January 17, 2017
Raj Khosla, professor of precision agriculture at Colorado State University, challenged farmers to think about how far the technology of Read More
Decisive Farming My Farm Manager mobile app
Ag Tech GlobalLeading Canadian Farming Co-op Brings In New Tech To Bo…
January 17, 2017
Co-op, one of the largest agricultural retailers in Western Canada, is partnering with farm management company Decisive Farming to provide Read More
Business ManagementCNH Names Danford Industry Relations Manager
January 17, 2017
Dan Danford has been named Industry Relations Manager, Precision Solutions and Telematics (PS&T), for CNH Industrial, parent company of agricultural Read More
Australian Harvest
Ag Tech GlobalAustralian Precision Agriculture Market, Forecast To 20…
January 13, 2017
Research and Markets has announced the addition of the “Australian Precision Agriculture Market, Forecast to 2020” report to their offering. Read More
Norris planter
Innovation SeriesCompelling Consultant Panel Kicks Off Next Month’s Prec…
January 12, 2017
Jeremy Wilson, Technology Specialist at CropIMS and renowned precision expert, leads a panel of top precision consultants to kick off Read More
Data ManagementProspera Selected for Top 100 Artificial Intelligence R…
January 11, 2017
CB Insights today selected Prospera to the prestigious Artificial Intelligence 100 list (“AI 100”), a select group of emerging private Read More
Business ManagementBREAKING: FAA Considering Less Restrictive Commercial D…
January 11, 2017
FAA is working toward allowing more freedom for drone operators, and at the same time is working with NASA on Read More
DronessenseFly, Agribotix Combine eBee SQ and FarmLens Offeri…
January 11, 2017
Agribotix has partnered with senseFly to offer a new combined solution for professional users. This technology solution combines the top Read More
Sentera software
DronesSentera Announces NDVI Livestream Capabilities for Doub…
January 10, 2017
Sentera today announced the upcoming release of LiveNDVI Video: livestreamed NDVI video via Sentera’s Double 4K sensor. This breakthrough technology Read More
Young Corn Field
Ag Tech GlobalEurocontrol To Commercialize Precision Agricultural Ini…
January 9, 2017
Eurocontrol Technics Group Inc., a Canadian public company specializing in the acquisition, development and commercialization of innovative test and measurement Read More
Corn Field
Data ManagementWaypoint Analytical, Highland Precision Ag Announce Str…
January 9, 2017
Waypoint Analytical (WP), based in Memphis, TN, and Highland Precision Ag (HPA), based in Mulberry, FL, are pleased to announce Read More
Western Canada Wheat field
EventsSixth Annual Precision Ag Summit Set for January 16-17 …
January 4, 2017
The 6th annual Precision Ag Summit will be held Jan. 16-17, at the North Dakota Farmers Union Conference Center in Read More
University of California Merced Professor Stefano Carpin
Hort TechRobots, People Working Together To Save Water, Enhance …
January 3, 2017
A nearly $1 million grant from the USDA is helping University of California researchers refine collaborative robotic technology that could Read More
Wade Barnes Farmers Edge using FarmCommand
Data ManagementFarmers Edge Makes Precision Ag Simple
January 3, 2017
Jon Labine of Argyle, MN, is a regional sales representative for Farmers Edge Inc., one of the latest entries in Read More
DV Wing Drone Volt
DronesDV WING: A Drone Dedicated To Precision Agriculture
January 3, 2017
DRONE VOLT is launching its new fixed-wing unit, a light and compact UAV dedicated to precision agriculture and construction work, Read More
PrecisionAg.com featured image
ProfessionalsWelcome to the Newly Enhanced PrecisionAg.com
December 29, 2016
Talk a quick look around our website and we hope you’ll notice it’s significantly different as we head into 2017 Read More