Precision Farming Market – Overview
The dearth of farming land has increased the reliance on precision farming market techniques. Reports that inspect the semiconductor and electronics industry have been offered by Market Research Future, which delivers reports on industry verticals that evaluate the market development and scenarios. The precision farming market is geared to earn USD 7 billion while developing at a CAGR of 12 % in the forecast period.
The need to monitor variability in factors such as soil, weather, and water is expected to raise the demand for precision farming methods. The increasing focus on crop development and farming success is expected to further spur inventions in the precision farming market around the world. The benefits of precision farming, such as higher efficiency, economic profits, and environmental fortification, are projected to broaden the demand base for the market in the upcoming period.
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The need to stabilize the market conditions is expected to be a primary concern in the period of the forecast. The market’s development is dictated by the influence of market forces at play. The geopolitical conflicts and strategies are further intensified by the power tussles in international governments. The developments in the manufacturing sector in terms of equipment and facility space are expected to bolster the market’s development in the forecast period. The market is right now experiencing a chapter of dramatic developments. The formation of beneficial commerce strategies by quite a few countries is anticipated to amend the market’s growth perspective. The revolution noticed in the economies of numerous emerging nations is anticipated to push the market’s development in the forecast period. Also, the consumer trends are anticipated to boost the market expansion in the coming years.
The important players recognized in the precision farming market are Deere & Company (U.S.), AG Leader Technology (U.S.), AGCO Corporation (U.S.), AgEagle Aerial Systems (U.S.), AgJunction Inc. (U.S.), Aglytix Inc. (U.S.), Precision Planting (U.S.), Agribotix (U.S.), AgGateway (U.S.) and Dickey-John Corporation (U.S.) among others.
The segmentation of the precision farming market has been conducted on the basis of components, regions, and applications. On the basis of components, the precision farming market is segmented into hardware, software, and service. The hardware segment comprises of sensors, displays, drones, mobile devices, GPS systems, among others. The software segment is divided into on-premise and on cloud. The service segment consists of professional services and managed services. The application basis of segmenting the market consists of quality mapping, yield mapping, labor management, soil properties analysis, inventory management, crop scouting among others. The regions considered in the precision farming market are Europe, North America, APAC and others.
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Detailed Regional Analysis
The regional assessment of the precision farming market includes regions such as Europe, North America, APAC and others. The North American region is governing the market for precision farming. The high technology implementation and expansion in the field of agriculture is the foremost factor serving market growth. Also, the incidence of the biggest global players in U.S. and Canada is providing a competitive advantage to the North American region. The European region is the subsequent major market with regard to revenue generation. The countries such as U.K., Germany, and France are some of the chief nations in the Europe region. Also, the government bodies of these countries are backing the adoption of technology in agriculture, improving the market share of precision farming to grow. The Asia Pacific region has arisen as the fastest rising market. The countries such as China and India are populous nations in the region that are dependent on agriculture, and thus, they are open to accepting new technologies in their farming process leading to elevated demand level for the precision farming equipment.
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