DUBLIN, Jan. 27, 2016 /PRNewswire/ --

Research and Markets (http://www.researchandmarkets.com/research/q8skbm/precision_farming) has announced the addition of the "Precision Farming Market - Global Forecast to 2020" report to their offering.

The precision farming market is estimated to exhibit high growth potential till 2020. The total market is expected to reach $4.80 Billion by 2020 from $2.76 Billion in 2015, at a CAGR of 11.7% between 2015 and 2020. Cost reduction and advancement in the agricultural industry are acting as the drivers for the market.

Precision farming helps in reducing the cost of farming such as fertilizers, chemical applications, pollution, and others by applying the right amount of inputs at the right place. For instance, satellite guidance steering, such as GPS or GIS steering, helps in reducing energy, fuel bill, and it enhances driving accuracy.

The largest market in the technology segment is the guidance system owing to use of GPS and GIS technology on the field. GPS technology helps farmers and agriculture service providers to automatically record the field data and apply variable rate of inputs to smaller areas within larger fields. Farmers use GPS for major applications such as guidance and automatic steering, yield monitoring, field mapping, and variable rate application, parallel swathing, utilization of fertilizers, and others.

The Americas is expected to hold the largest market share in 2020, and APAC is expected to grow at the highest CAGR during the forecast period. The continuous increase in adoption rate of technology, limited land availability, rising commodity prices, increasing food demand, and government initiatives are driving the growth of the precision farming market in these regions.

Companies Mentioned:

• AG Leader Technology
• AGCO Corporation
• Agjunction Inc.
• Deere & Company
• Precision Planting Inc.
• Raven Industries Inc.
• SST Development Group, Inc.
• Teejet Technologies
• Topcon Precision Agriculture
• Trimble Navigation Limited

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Trends

7 Market, By Technology

8 Market, By Hardware Device and Software & Services

9 Market, By Application

10 Geographic Analysis

11 Competitive Landscape

12 Company Profiles

For more information visit http://www.researchandmarkets.com/research/q8skbm/precision_farming

Media Contact:

Laura Wood, +353-1-481-1716, press@researchandmarkets.net

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SOURCE Research and Markets