Precision Farming Market: Industry Potential, Trends and forecast 2017 – 2024 - PowerPoint PPT Presentation

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Precision Farming Market: Industry Potential, Trends and forecast 2017 – 2024


More Information @ The high precision positioning systems led the precision farming market in 2016 due to the primary application of GPS and GNSS systems in precision farming solutions. These technologies serve as a basis for the functioning of precision farm systems and devices to determine and process location-based data. – PowerPoint PPT presentation

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Title: Precision Farming Market: Industry Potential, Trends and forecast 2017 – 2024

Precision Farming Market to grow at 14 CAGR from
Key Insights of System Integration Market
  • The Precision Farming Market is set to grow from
    its current market value of more than 3.4
    billion to over 10 billion by 2024 driven by
    rising demand for food due to rapidly increasing
    population and increasing investment in
    agriculture technology.
  • The meteoric rise of the global precision farming
    market can be rightly accredited to the rapidly
    evolving automated solutions that have enhanced
    agricultural practices followed across the world.
    These innovative solutions have ensured a marked
    increase in farm efficiency, higher waste
    reduction, and have further acted as pivotal
    proponents to ramp up the overall agricultural
    productivity. It would be prudent to mention that
    the rise of numerous start-ups has provided a new
    ray of hope to the farming sector, whose growth
    has been perpetually marred by innumerable
    challenges in the recent times. While observing
    the transforming landscape of the farming sector,
    it is quite undeniable that the launch of
    innovative precision tools by these next-gen
    start-ups has, in turn, boosted the growth
    trajectory of the overall precision farming
    industry. In fact, as per a research report
    compiled by Global Market Insights, Inc., the
    estimated y-o-y growth rate of the precision
    farming market has been cited to stand at an
    outstanding 14 over the timeframe of 2017-2024.

  • While the competitive spectrum of the precision
    farming industry consists of numerous top-notch
    companies, a sizeable portion of the growth of
    this business space can be attributed to the
    emergence of start-ups. Following is a brief
    outline of the contributions of a few major
    start-ups which have generated waves of
    anticipation in the precision farming market over
    the recent years
  • After establishing a rather formidable reputation
    in the epicenter of the global precision
    agriculture arena i.e. Israel, CropX has now
    built advanced software systems for adaptive
    irrigation which has been receiving massive
    applause across the U.S. Reportedly, the Tel Aviv
    based agro-analytics firm places high-tech sensor
    stations on large farms as per the directives
    given by a GPS-enabled smartphone app which
    further transmits data regarding soil condition.
    Moreover, the system not only informs farmers
    about the amount of fertilizer, pesticide, and
    water required by each patch on the farm at
    precise times but can regulate the whole
    irrigation setup as well.


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Farming Market _at_ https//
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U.S. Precision Farming Market Size, By Component,
2016 2024 (Mn)

Precision Farming Industry Background
  • A Berlin-headquartered start-up, Infarm is known
    to build in-store farming units to manage the
    growth of crops in the vertical farming domain.
    The farms are apparently operated by the firms
    robust precision farming platform which monitors
    thousands of distinct data points and
    personalizes the farm to suit the needs of that
    particular unit. Each module is further equipped
    with a customized ecosystem that tailors the
    temperature, nutrients, light spectrums, and pH
    which ensures the agricultural produce is being
    grown as perfectly as possible. Apparently, the
    innovative products of upcoming precision farming
    market firms like Infarm are likely to reshape
    the agricultural landscape of cities, re-empower
    people to take ownership of their food, and
    re-introduce forgotten or rare varieties of crops
    over the ensuing years.
  • Based on the research conducted at Israels
    Ministry of Agricultures Volcani Institute, an
    emerging precision farming industry player
    Tevatronic has developed an irrigation technology
    that collects precise soil-related data from
    specific zones of the farmland. A smart
    controller converts this data in real time to
    release predefined amounts of fertilizer and
    water with zero human interference. The latest
    system has been praised extensively across the
    precision farming industry as it accentuates the
    agricultural productivity from 15 to 31 and
    further saves up to 75 on fertilizer and water.

  • In a bid to tackle various impediments such as
    rising cost of production, fragmented land
    holdings, restricted employment opportunities,
    and diminishing natural resources, the farming
    community across the globe appears keen to
    readily embrace advanced precision tools which
    would accelerate the growth prospects of the
    precision farming industry. In addition to this,
    numerous regional governments have been
    undertaking commendable initiatives to combat
    declining agricultural productivity and augment
    the rapidly lowering incomes of farmers.
    Furthermore, a large number of precision farming
    market participants have been concentrating on
    releasing novel products to accomplish greater
    sustainability, reduce environmental loss, and
    assist the farming fraternity to realize higher
    financial benefits. Considering the
    aforementioned statements, the growth potential
    of the precision farming industry looks promising
    with the overall business space forecast to
    surpass USD 10 billion by 2024, as per reliable

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