Frost & Sullivan: Significant opportunities for Big Data, remote monitoring and predictive analytics providers in Australian AgriTech Market
The global precision agriculture market is currently at a nascent stage of growth. With the rise of tech savvy Gen Y and millennial farmers as well as the need for increased cost efficiencies associated with climate change, including water management and pollution control, Frost & Sullivan anticipates a substantial increase in precision agriculture over the next 5 years, especially in markets such as North America and Australia.
The Australian precision agriculture market accounted for approximately 7.2 percent of the global market share in 2015 and is forecast to increase its share over the next 5 years. Adoption of remote monitoring, Big Data, variable rate technology and farm management software will also drive the precision agriculture market.
Frost & Sullivan's latest study, Australian Precision Agriculture Market – Forecast to 2020 finds that the market will reach A$508M by 2020. While growth will be moderate in 2016 and 2017, there will be steady increases through to 2020.