With the exponential growth of the world population, the subsequent rise in the global demand for food, shrinking agricultural lands, and the depletion of finite natural resources, the need to enhance farm yield has become critical. Limited availability of natural resources, such as fresh water and arable land, along with slowing yield trends in several staple crops, have further aggravated the problem. Another looming concern over the farming industry is the shifting structure of the agricultural workforce. Moreover, the agricultural labor in most of the countries has declined. As a result of the declining agricultural workforce, the adoption of automated solutions in farming practices has been triggered to reduce the need for manual labor.
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To address the escalating demand for food from the limited farmlands and labor, established agriculture machinery developers and technology vendors are introducing innovative solutions in the farming arena. These solutions are focused on helping farmers to fill the supply-demand gap by ensuring high yield, increased profit, and protection of the environment. The approach of using information technology (IT) to ensure optimum utilization of resources to achieve high crop yields and reduced operational costs is called precision agriculture. Precision agriculture technologies comprise specialized equipment, software, and IT services.
New technologies trigger higher yields and reductions in costs. Climate change is one of the most severe environmental threats to the productivity of agriculture processes. Crop yields are affected due to natural calamities such as droughts and floods. Varying weather circumstances influence soil quality and crop yields. Therefore, it is essential to adopt precision farming technologies and practices which will lead to a potential crop yield.
One major limitation is the poor coverage of networks in rural areas. Farmers have a constant fear that their farms’ data will be handed over to the public or the competitors. Due to this reason, the farmers find it skeptical for use. Lack of clear laws and regulations to avoid misuse by third parties also restraints the further growth of precision agriculture market. Precision agriculture generates a huge amount of data, and there are chances of security issues. There are concerns over the ownership, use of the data, and how the companies will store it. While many farmers are using the digital mode to process the information, there is a considerable number of farmers who are reluctant to share their information with the companies that provide precision agriculture solutions.
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Supported by governmental policies and low-cost technological developments, farmers across the globe are expected to increase the implementation of sustainable farming technologies. The application of precision agriculture technologies in farming operations is likely to be facilitated by a broader participatory approach involving a variety of stakeholders, including farmers, agri-food giants, agricultural original equipment manufacturers (OEMs), consumer groups, investors, as well as government and non-government organizations. Moreover, the precision agriculture market is witnessing several trends and opportunities, which are propelling growth in the industry. The advent of agricultural drones and big data analytics in the farming sector is expected to drive the market during the forecast period between 2021 to 2026.
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