Global Precision Farming Market Size, Share, Development, Growth and Demand Forecast to 2020 By P&S Market Research

The precision farming market is growing with a considerable rate due to augmented yield and profitability of the agriculture industry. The growing population and government assistance to farmers are other factors responsible for the growth of the global precision farming market. Penetration of broadband and mobile technologies and unmanned aerial vehicles (UAV) applications are some of the factors providing ample opportunities to the precision farming market to grow in the coming years.
Precision farming is used to make farming more effective and informative by enabling enhanced decisions about several outlooks of crop production. Precision farming helps the farmers in evaluating the right amount of pesticides and fertilizers needed for enhanced yield production, and the right time to plant and harvest their crops through informative measures. The information assists in cutting down fuel usage, input costs and labor, and removes the environmental impact. The recent innovations in precision farming have further helped the farmers to increase their farming efficiency.  .
On the basis of technology, the precision farming market can be categorized as variable rate technology (VRT), remote sensing, and guidance systems. Variable rate technology includes variable rate pesticide, variable rate fertilizer, and variable rate seeding. Remote sensing includes satellite and handheld; and guidance systems include geographic information system, global positioning system, global navigation satellite system (GNSS), and geographic information system (GIS).
On the basis of hardware the global precision farming market can be categorized as sensing and monitoring devices, automation and control system, climate sensor, and water sensor. Sensing and monitoring devices include soil sensors and yield monitors. Automation and control system include mobile devices, guidance and steering, flow and application control devices, display, and global navigation satellite system or global positioning system. On the basis of farm management systems, the precision farming market can be categorized as consulting and services, and software.
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