LONDON--(BUSINESS WIRE)--The global precision agriculture market 2018-2022 is expected to post a CAGR of close to 14% during the forecast period, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the focus on increasing agricultural output. Precision agriculture technologies like VRT provide farmers with detailed information on qualitative and quantitative inputs required for an agricultural area. This allows a farmer to plan farm activities in accordance with the expected yield and optimize on both time and resources. Similarly, precision agriculture uses GPS/GNSS and wide area augmentation system (WAAS) to obtain real-time location service that allows the use of a right amount of resources such as fertilizer, water, and other nutrients.
This market research report on the global precision agriculture market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the technological advances in precision agriculture as one of the key emerging trends in the global precision agriculture market:
Global precision agriculture market: Technological advances in precision agriculture
Technologies like telematics, robotics, and nanotechnology are groundbreaking technologies in the global agricultural sector, and enable better decision making among farmers. Advanced technologies are being used to reduce input and increase the yield from an agricultural field. The benefits of using advanced technology include soil management, site management, fertilizer application, crop protection and pet management, and microbial safety.
“Among these advanced technologies, one such technology is nanotechnology. Nanotechnology provides various benefits to agriculture. Nanocapsules can be used to deliver pesticides, fertilizers, growth hormones, and other enzymes. Nanosensors are used to monitor soil conditions, crop growth, and to detect animal and plant pathogens. In addition, Nano chips and Nanoparticles are also being used in the agricultural industry,” says a senior analyst at Technavio for research on agricultural equipment.
Global precision agriculture market: Segmentation analysis
This market research report segments the global precision agriculture market by technology (GIS, telematics, GPS, VRT, and remote sensing), by product (hardware and software & services), and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2017 with a market share of close to 48%, followed by APAC and EMEA respectively. However, during the forecast period, the market share of APAC is expected to grow significantly due to the increasing adoption of precision agriculture in countries like India, China, and Japan. These countries have undertaken various initiatives to improve agricultural productivity and thereby food security.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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