The global precision farming market is expected to grow at an estimated CAGR of over 13% over the forecast period. Precision farming is a type of farming management system grounded on the base of observing, responding and measuring to intra and inter-field crops variability. It is the system for managing farms based on information technology. It is also called as satellite farming or site-specific crop management. As the data management systems were developed, the precision farming system had an enormous effect on the old-style farming techniques. Evolution of the latest technologies such as geo-location tracking along with development in data management assists the Global precision farming market in identifying operating competencies and enhancing produce. This technique helps in cutting down the labor and input cost and also in reducing fuel usage.

Farmers and agriculturists worldwide are progressively implementing services and software for the global precision farming market. These systems aid farmers to adequately maintain and plan databases that, consecutively, enhance their productivity and efficiency. Using the most recent technological systems, such as GPS/GNSS technology, sensing technology, and display devices benefits in restructuring the working competencies of farmers and agriculturists. The global precision farming market owes its huge growth to agricultural research associations and organizations.

The effect of precision farming system market is expected to be majorly on the software designers, agriculturists, end-use industries, mechanical & electronic component manufacturers, system integrators, and distributors. The governmental organizations of various countries have curiosity in formulating the regulations and standards for the global precision farming market.

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The global precision farming system helps the farmer to gain proper knowledge regarding planting and harvesting. It additionally recommends suitable amount of fertilizers and pesticides required for enhanced production of yield. On account of several innovation precision farming practices, farmers gain advantage from all over the world. Major factors driving the global precision farming market include profitability and better yield. Various other factors contributing to the growth of the precision farming market include governmental assistance along with cost & energy savings. However, lack of awareness, its effect, and huge initial capital investment may negatively impact the overall growth of the market.

The market is segmented by technology into three kinds including guidance systems, variable rate technologies, and remote sensing. The market is further segmented by its component into monitoring & sensing devices, farm management systems (FMS) and control & automation systems.

The demand in North America accounted for the largest market share of over 65% for the Global precision farming market. The U.S. is witnessed to be a matured market and is projected to experience several advancements over the next eight years. The precision farming system has previously succeeded well in the developed nations and is also anticipated to grow better in the emerging economies on account of the constantly increasing food demands. The labor cost is very high in North America, which is estimated to fuel the growth of the Global precision farming market.

The various key agencies benefitting the revolution of the large-scale agriculture in precision farming of this region include NASA, National Oceanic and Atmospheric Administration (NOAA) and The United States Department of Agriculture (USDA).

Asia Pacific and Europe market are expected to witness the fastest growth from 2016 to 2024. The highest share of the market is held by India and China in Asia Pacific. The rise in these regions is sustained by the advancements in several farming operations. The scientists and researchers in China from varied backgrounds including agro-engineering, geography, agronomy, and information technology are working intensely towards the research and innovations in the global precision farming field. The Chinese government has dedicated enormous efforts to stimulate research in precision farming and has also sponsored various projects.

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