[Source: MarketsandMarkets, 05.2017 | Keywords: Precision Farming]
It’s no secret that precision technology has risen in the ranks as one of the most essential tools within the industry, but just as this technology has continued to evolve, so has the use of the data gathered by its many users. A recent study conducted by Meredith Agrimedia surveyed 444 members of its agriculture market research panel to take the temperature of the current precision tech users and their expectations., Insights analyzed the report and highlighted some of the intriguing findings.
Precision Farming: A Technological Solution to Global Agriculture
The precision farming market was valued at $3.68 billion in 2016 and is expected to
grow at an annual rate of 13.5% to reach $7.87 billion by 2022.
Yield monitoring application held the
largest market share of 30% in 2016 as it helps understanding field variability and
Variable Rate Technology (VRT) is poised to grow at the highest annual rate of 19%
through 2022, as it allows the input
application rates to be varied across fields
for site-specific management.
Automation and Control System devices account for the largest share and are projected to grow at the highest annual rate of 12.3%, as these devices are the integral components to control the precision farming equipment.
The increasing adoption of new technologies and advanced devices, such as drones and unmanned aerial vehicles in monitoring, mapping and variable rate application is expected to drive the growth of the hardware category.
Connectivity services are expected to grow at the highest annual rate of 18.8% through 2022, owing to the increasing land area for precision farming across the globe.
The growing demand for high growth services such as connectivity, system integration & consulting, assisted professional services and managed services, is fueling the growth of the services category.