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

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Precision Farming Market to grow at 14 CAGR from
2017-2024 Fractovia.org
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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.

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Continued

• 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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U.S. Precision Farming Market Size, By Component,
2016 2024 (Mn)

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Precision Farming Industry Background
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Continued.

• 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.

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Continued.

• 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
  estimates.

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