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Precision agriculture market worth $5.2 billion at the end of 2019

Author: Srujan Kumar
by Srujan Kumar
Posted: Mar 05, 2020

The precision agriculture market has gained tremendous impetus from the increased commercial viability of drone technologies. Drones will be supporting the farmers in a wide range of tasks from forecasting and planning to the actual cultivation of the crops in the forthcoming years. This will subsequently aid in supervising the fields to make sure that the crops grown are healthy. Additionally, the concepts of Agriculture 4.0 and advancements in the GPS technologies are poised to revolutionize the global precision farming market, which was worth $5.2 billion at the end of 2018 and the revenue avenues are estimated to increment at a notable CAGR of 14% during the forecast period of 2019 to 2025.

The world’s population is anticipated to grow to almost 10 billion in 2050. The elevation of the demographics will lead to an increase in the production of 70% more crops by 2050. The high growth can be attributed to the escalation of the use of advanced analytics and the Internet of things (IoT) by farmers. Advanced analytics is a part of data science that uses tools and methods to ensure that the soil and crop receives an adequate amount of nutrition and predicts data, which helps the farmers to design their plan of action accordingly.Download sample report @ https://www.industryarc.com/pdfdownload.php?id=7444

North America Leading the Precision Agriculture Market

In 2018, North America led the global precision agriculture market revenue with a regional share of 33.6%. Numerous government initiatives are being taken by the government for the development of infrastructure and the adoption of modern agriculture technologies. The Canadian government took an initiative to help its farmers in November 2016. The government invested $42 million in the Clean Seed Capital Group Ltd. to commercialize and enhance the precision agriculture technology. The objective behind the investment was to decrease the use of the excessive amount of pesticides and fertilizers. This investment led to the development of CX-6 SMART Seeder equipment for the farmers, due to this farming became an easy process for them. Similar initiatives by the government and the major players are persuading the growth of the precision agriculture market.

Variable Rate and Soil Monitoring Applications Gaining Tremendous Traction

Variable rate and soil monitoring are the fast-growing and the most developing segments of the precision agriculture market. Variable rate application (VRA) is a range of technology that in a given landscape it only focuses on the automated application of materials. These materials such as fertilizers, seeds, and chemicals are used based on the data collected by GPS, maps, and sensors. Furthermore, soil monitoring application is the crux of the precision farming revolution in this era. These monitoring sensors are cost-effective, smaller in size, and easier to use. Because of this, farmers have begun deploying them in greater numbers to acquire more dynamic and precise picture to understand what is happening in the land. Moreover, the increasing demand for the key segments is poised to grow at a profitable CAGR of 15.4% through to 2025.

About the Author

Mr. Venkat Reddy Sales Manager Email: sales@industryarc.com Contact Sales: +1-614-588-8538 (Ext-101)

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Author: Srujan Kumar

Srujan Kumar

Member since: Feb 12, 2020
Published articles: 10

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