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
Univ.-of-Illlinois-Palmer-in-soybean1
Business ManagementOpinion: How to Leverage Precision Agriculture to Launch Your Aggressive, High-Pressure Telemarketing Business
August 14, 2017
To continue where my last article left off (which you can check out here), a precision ag company that specializes Read More
Corn
Business ManagementCrop Pro Insurance Closes $8 Million in Series A Funding
August 8, 2017
Crop Pro Insurance today announced the close of an $8 million Series A round of financing co-led by top agriculture Read More
Agri-AFC-cotton-baler
Business ManagementBringing a Southern Sensibility to Precision Agriculture
August 7, 2017
Amy Winstead considers herself blessed to have gotten in on the ground floor of precision ag adoption in the Southeast. Read More
Field-sunset
Business ManagementOpinion: Are We in a Precision L-Ag Moment?
August 1, 2017
Yes, you read that headline right. I said Precision Lag, as in I have this feeling we are in the Read More
Trending Articles
Agri-AFC-cotton-baler
Business ManagementBringing a Southern Sensibility to Precision Agriculture
August 7, 2017
Amy Winstead considers herself blessed to have gotten in on the ground floor of precision ag adoption in the Southeast. Read More
Sensors/IoT2017 Yield Monitor Calibration Checklist — Part I
August 4, 2017
With fall harvest a few weeks away for most of the country, ag service providers from every walk of life Read More
Wade-Barnes
Excellence AwardsBuilt By Agronomists: 2017 Award Of Excellence Winner Wade Barnes on the Making of Farmers Edge
August 2, 2017
Farmers Edge President And CEO Wade Barnes reflects on the process of building his company, shortly after receiving the Crop Adviser/Entrepreneur Award during the InfoAg Conference in July. Read More
Data ManagementInfoAg 2017 Recap: Service Providers Take Center Stage
July 28, 2017
As I sit here and ponder just what it was that we all experienced last week, off the top of Read More
Resistant-weeds-in-Brazil
InternationalUsing Precision Agriculture to Control Herbicide-Resistant Weeds in Brazil
July 24, 2017
The occurrence of weeds in agricultural fields of grain and fiber production has caused losses to farmers for a long Read More
Yield Data Image
Data ManagementYield Data: More Than a Pretty Picture
July 13, 2017
It is mid-July, which, for the Australian cotton industry, means that picking is still going on for some growers. A Read More
Latest News
Data ManagementBeck’s Builds Out ‘Freemium’ FMIS Off…
August 17, 2017
Beck’s today announced the release of several new tools available in their precision farming service, FARMserver, which enhances farmers’ ability Read More
Israel-Irrigation-system-featured-image
InternationalIsraeli Precision Ag Companies Lead in Water Use Effici…
August 16, 2017
In the last week, AgriHub, formed by farmers and consultants from Brazil, visited 10 Israeli agribusiness companies, including the Ministry Read More
Gregoire-tractor
ProfessionalsMechanization Key to the Future of Vineyard Management
August 15, 2017
Precision technology moves at different speeds across different segments of agriculture. For example, technologies like curve compensation, precision spraying, and Read More
Area-of-Interest-Web-Soil-Survey-screenshot
Data ManagementSignificant Updates Made to SoilWeb, Web Soil Survey Pr…
August 15, 2017
Agronomic professionals and technicians dealing with precision farming must understand the soils within the field before writing effective prescriptions.  A Read More
Univ.-of-Illlinois-Palmer-in-soybean1
Business ManagementOpinion: How to Leverage Precision Agriculture to Launc…
August 14, 2017
To continue where my last article left off (which you can check out here), a precision ag company that specializes Read More
Industry NewsFarm Dog Inks Non-Funded Cooperative Agreement with USD…
August 14, 2017
Farm Dog, a pest and disease management platform for growers and agronomists, has entered into a Non-Funded Cooperative Agreement (NFCA) Read More
Lisa-Prassack-Photo-Credit-Weekly-Times-Now
InternationalAgtech: What the Umbrella Term Really Means
August 10, 2017
Acclerator, incubator, start-up, connectivity — the buzzwords of the digital age can be clear as, well, mud, writes Alex Sampson Read More
Spray Drift
Data ManagementJanzen: Data to Play Key Role in Sorting Out Dicamba Di…
August 10, 2017
You would have to live under a rock to not have heard about farmers’ issues with dicamba this growing season. Read More
New-Zealand-Precision-Ag-Tour
InternationalNew Zealand Study Tour to Demonstrate Recent Advances i…
August 10, 2017
If you’re interested in an intense, week-long immersion in the use of high-tech products and practices in New Zealand agriculture, Read More
Data ManagementDuPont Acquires Ag Tech Startup Granular for $300 Milli…
August 9, 2017
DuPont announced that it has signed a definitive agreement to acquire San Francisco-based Granular, Inc., a provider of software and Read More
EventsSDSU Prof to lead Profit-Focused Panel at Upcoming Inno…
August 9, 2017
Convening a day prior to this summer’s Farm Progress Show at the I Hotel in Champaign, IL (about an hour’s Read More
AGCO White planter 9800VE
ProfessionalsAGCO Crop Tour 2017 Features Precision Planting Add-Ons
August 8, 2017
Higher yields and greater returns are the ultimate goals for crop producers. To help corn growers better understand the role Read More
Corn
Business ManagementCrop Pro Insurance Closes $8 Million in Series A Fundin…
August 8, 2017
Crop Pro Insurance today announced the close of an $8 million Series A round of financing co-led by top agriculture Read More
Agri-AFC-cotton-baler
Business ManagementBringing a Southern Sensibility to Precision Agricultur…
August 7, 2017
Amy Winstead considers herself blessed to have gotten in on the ground floor of precision ag adoption in the Southeast. Read More
Satshot imagery
Imagery/SensingImagery in Agriculture: Some Sage Advice
August 6, 2017
SatShot President Lanny Faleide has been a fixture on the remote imagery scene for as long as about anyone still Read More
Blue-River-See-Spray-technology
ProfessionalsHow Blue River’s See & Spray Technology Could Chang…
August 5, 2017
The blistering West Texas heat rocketing towards triple digits, the affable cotton grower trudged across his dusty field and approached Read More
Grower Services & Solutions2017 Yield Monitor Calibration Checklist — Part II
August 4, 2017
(EDITOR’S NOTE: This is Part II of Tim Norris’ Yield Monitor Calibration checklist, Part I of which was published in Read More
Sensors/IoT2017 Yield Monitor Calibration Checklist — Part I
August 4, 2017
With fall harvest a few weeks away for most of the country, ag service providers from every walk of life Read More