The market for precision farming software and services will reach a value of $1.77 billion by 2020, according to a report by the research group MarketsandMarkets (M&M), based on a calculated annual growth rate of 15.1% between 2014 and 2020.
The projections were issued by the company in a press releast today that announces the availability of a 177-page data report covering the market.
“This report is based on an in-depth research study on the precision farming software and services market across various applications, such as crop management, farm inventory management, financial management, personnel management, weather tracking and forecasting and other agriculture applications which consist of demand forecasting, customer management, profit center analysis, and tax management,” the release noted.
The Americas and Europe were the largest regions in terms of the market value in 2014 according to M&M. The Ascian-Pacific market shows potential for fast growth, “with India leading the way.”
“The competitive landscape of the market presents a very interesting picture, wherein the market players from different blocks of the Precision Farming Software and Services Market value chain have come together to become a force to reckon with,” according to the release.
A single license for the report is $465. Details here.