Precision Farming Market Estimate and Forecast 2017 - 2026|Polaris Market Research

BROOKLYN, N.Y. - Dec. 12, 2017 - PRLog -- According to a new study published by Polaris Market Research the worldwide Precision Farming market is anticipated to reach over USD 13,016 million by 2026. In 2017, the yield monitoring application dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.

Polaris Market Research's report on Precision Farming spans more than 130 pages and includes more than 100 tables and figures. Browse the detailed table of contents for, "Precision Farming Market [By Hardware (Automation & Control System, Sensing Devices, Access Points) By Deployment (Web-based/Local, Cloud Based) By Service (System Integration, Managed Services, Maintenance & Support, Consulting) By Application (Irrigation Management, Crop Scouting, Yield Monitoring, Weather Tracking and Forecasting, Field Mapping, Inventory Management, and Farm Labor Management) By Regions (North America - U.S., Canada, Mexico; Europe - Germany, UK, France, Italy, Russia; Asia-Pacific - China, India, Japan, Australia; Latin America - Brazil; Middle East & Africa)]: Market size & Forecast, 2017 – 2026" on

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There has been an increasing adoption of precision farming across the world owing to growing agricultural industry, and high-demand for food crops. The global precision farming market is driven by the increasing need to improve the quality of crops produced, maximizing crop production, and enhanced crop monitoring. Technological advancement along with government subsidies further boosts the market growth. However, high initial investment and lack of awareness limit the precision farming market growth.

Various applications of precision farming include irrigation management, crop scouting, yield monitoring, weather tracking and forecasting, field mapping, inventory management, and farm labor management. In 2017, yield monitoring accounted for the largest share in the global market, and was estimated at USD 1,974 million in 2017, registering a CAGR of 13.2% during the forecast period. This is attributable to the benefits offered by yield monitoring such as reduced cost, improved yields, and enhanced decision making. Yield monitoring is further divided into on-farm yield monitoring, and off-farm yield monitoring.

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Key findings of the study suggest that North America generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. This is due to high cost of labor, and presence of large farmlands in the North American region. Increasing investments and subsidies in the agriculture sector by governments boost the precision farming market growth during the forecast period in the region. Increasing need to improve food quality and productivity along with adoption of modernized agricultural techniques and advanced farming equipment further supplements the market growth.

Major companies profiled in the report include Ag Leader Technology, AGCO Corporation, Deere and Company, Topcon Corporation, Trimble, Inc., The Climate Corporation, Farmers Edge Inc., and AgJunction, Inc. among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.