The global market for precision-farming technology is forecast to reach $4.8 billion by 2020, with an 11.7 percent annual growth rate between now and 2020, according to a new market research report by marketsandmarkets.
Driving the precision-farming market are increased global food demand and increased profitability and production through precision-farming techniques, according to “Precision Farming Market by Technology (Guidance Systems, Variable Rate Application, Remote Sensing), Hardware Devices and Software & Services, Application, and Geography – Global Forecast to 2020.”
In terms of value, guidance systems are expected to hold the largest share of the market. Global positioning system technology helps to minimize overlapping and spraying gaps, reduce fertilizer and chemical costs, monitor field activities and mark the field ready for effective and efficient crop production. Precision-farming software allows growers to use accumulated data over production years to analyze average yield data, create crop-input prescriptions, import soil-test results and generate maps.
Major players in the development of precision-farming technologies include Ag Junction, Deere and Company, Raven Industries Inc., Trimble Navigation Ltd., AGCO Corporation, Precision Planting Inc., SST Development Group Inc., AG Leader Technology, TeeJet Technologies and Topcon Precision Agriculture. China’s government has also been working to promote precision-farming research and has funded several projects.
(Source – http://www.agriview.com/briefs/regional/precision-farming-market-growing-fast/article_d881b946-6643-536a-9a04-637ded1249d7.html)