Precision Farming: A Technological Solution to Global Agriculture


The precision farming market was valued at $3.68 billion in 2016 and is expected to grow at an annual rate of 13.5% to reach $7.87 billion by 2022.


Yield monitoring application held the largest market share of 30% in 2016 as it helps understanding field variability and maximizing yields.


Variable Rate Technology (VRT) is poised to grow at the highest annual rate of 19% through 2022, as it allows the input application rates to be varied across fields for site-specific management.


Here to Stay!


Market Segments HARDWARE


Automation and Control System devices ac- count for the largest share and are projected to grow at the highest annual rate of 12.3%, as these devices are the integral components to control the precision farming equipment.


The increasing adoption of new technologies and advanced devices, such as drones and un- manned aerial vehicles in monitoring, mapping and variable rate application is expected to drive the growth of the hardware category.


SERVICES


Connectivity services are expected to grow at the highest annual rate of 18.8% through 2022, owing to the increasing land area for precision farming across the globe.


The growing demand for high growth services such as connectivity, system integration & consulting, assisted professional services and managed services, is fueling the growth of the services category.


Source: MarketsandMarkets


HERE IS WHAT I WANT FROM MY PRECISION DEALER:


• KNOWLEDGEABLE PEOPLE. Employees who understand technology and what products are available in the market.


• HELP MAKE IT EASY. This stuff is complicated. Anything you can do to make it simpler helps. Wireless data transfer, prepopulating existing da- tabases, and good software and web design are all part of easy.


• TO BE IMPRESSED. Tell me something I do not know about my farm in a way that I understand. Tell me something I can do better.


• VALUE. I understand what you do costs money. I just need a return on my investment in your services.


• COMMITMENT TO LEARNING AND CHANGE. Technology and knowledge change rapidly; you need to partner with me to manage that evolution.


• COLLABORATION... not just with me, but with all the other parties I need to work with.


Precision farming has been with us for more than 20 years. This technology is a great opportunity for retailers to add real value to the farmers they serve.


Source: Precision Ag


Mar/Apr | The Retailer Magazine | 23


* Here is what the farmer wants...


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