WASHINGTON, March 23, 2022 (GLOBE NEWSWIRE) -- According to a new market research report " Precision Farming Market Size, Share & Trends Analysis Report by Delivery model (Local/Web Based, Cloud Based), by Application (Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking and Forecasting), by Service Provider (System Integrators, Managed Services Providers, Assisted Professional Services Providers, Connectivity Services Providers), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)", published by Vantage Market Research, the global post COVID-19 market size of the Precision Farming Market is expected to grow from USD 7,783.10 Million in 2021 to USD 15,444.94 Million by 2028 at a CAGR of 12.10% during the forecast period.
Synopsis:
The increasing adoption of smartphones, growth in the utilization of advanced technology, and continuous growth in the population are the major factors driving the growth of the Precision Farming Market during the forecast period. An increase in the investments in technologies like guidance systems, GPS sensing systems, driverless tractors, and the support of the government for promoting the use of Precision Farming Market techniques is further creating an opportunity for the precision agriculture market during the forecast period. Increasing farm automation in the developing countries, growth in the labor cost owing to shortage of skilled laborers, considerable cost saving related to smart farming techniques, and increasing strain on the global food supply due to increasing population are the other major factors increasing the demand for the Precision Farming Market in the upcoming years. Furthermore, Precision Farming Market is obtaining huge popularity with the limited available resources. Moreover, the changing weather due to an increase in global warming has increased the adoption of advanced farming technology in order to increase farm productivity which is predicted to enhance the growth of Precision Farming Market in the upcoming years. Precision Farming Market has the ability to modify the agricultural sector by making traditional farming active, more efficiently and predictable which will increase the demand for Precision Farming Market during the forecast period.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Precision Farming market is predicted to grow at a CAGR of roughly 12.10% during the forecast period.
- The Precision Farming market was estimated to be worth roughly USD 7,783.10 Million in 2021 and is expected to reach USD 15,444.94 Million by 2028; based on primary research.
- On the basis of region, Asia-Pacific is projected to dominate the worldwide Precision Farming market.
List of prominent players in the Precision Farming Market
- Deere & Company (U.S.)
- Trimble, Inc. (U.S.)
- Raven Industries Inc. (U.S.)
- AgJunction, Inc. (U.S.)
- AGCO Corporation (U.S.)
- Farmeron, Inc. (U.S.)
- Airinov (France)
- Microdrones GmbH (Germany)
- On Farm Systems (U.S.)
- and Precision Hawk (U.S.)
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Market Dynamics
Drivers:
Integration of smartphones with hardware devices and software applications is making farming easier and more comfortable which is the major factor driving the growth of Precision Farming Market during the forecast period. Adoption of technologies such as remote sensing, VRT, GPS, and guidance technology in Precision Farming Market has given rise to an increase in productivity and decrease in labor charges is the other important factor having a positive impact on the Precision Farming Market and boosting the growth of market in the upcoming years. The rising demand for food owing to the rapid increase in population, and increasing investments in information and communication technology are growing the demand for Precision Farming Market during the forecast period. The adoption of IoT in farming, and growing uptakes of drones for Precision Farming Market are increasing the demand for Precision Farming Market in the years to come.
Challenges:
Lack of awareness about precision agriculture/farming products and huge investments among farmers/growers are the major challenge in the Precision Farming Market. Likewise, the management of data for productive decision-making and lack of standardization in the Precision Farming Market industry is the other important challenges in the Precision Farming Market. Insufficient technical knowledge about farming among farmers in developing countries like China, Brazil, and India hinders the growth of the Precision Farming Market during the forecast period.
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Regional Trends:
The North America region account for the largest market in 2021. The developed countries such as United States and Canada in the Americas have adopted Precision Farming Market technology earlier which is the major factor for acquiring the highest share in this region in the Precision Farming Market. Farmers in this region are gradually adopting advanced farming technology and adopting improved equipment such as sensors, display devices, guidance systems, and farm management software applications which is the main reason for the growth of Precision Farming Market in the American region in the upcoming years. Reduction in the number of laborers, rising adoption of advanced technologies in various agricultural apps, and increasing demand for high productivity from the existing farm are some of the other factors fueling the growth of the Precision Farming Market in the Americas during the forecast period.
Recent Developments:
- In January 2022, John Deere & Co. introduced its line of autonomous tractors at the Customers Electronics Show launched in the first week of the month, to expand its footprint in the precision agriculture domain.
- In January 2020, AGCO launched the latest Fendt Momentum planter for row crop farmers in North America to establish a new standard for speed placement accuracy and offer technologies to assist farmers in overcoming planting conditions.
The report on the Precision Farming Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Browse market data Tables and Figures spread through 134 Pages and in-depth TOC on "Precision Farming Market Size, Share & Trends Analysis Report by Delivery model (Local/Web Based, Cloud Based), by Application (Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking and Forecasting), by Service Provider (System Integrators, Managed Services Providers, Assisted Professional Services Providers, Connectivity Services Providers), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/precision-farming--market-market-265489
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Precision Farming Market?
- How will the Precision Farming Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Precision Farming Market?
- What is the Precision Farming market drivers and restrictions?
- What will be the CAGR and size of the Precision Farming Market throughout the forecast period?
This market titled “Precision Farming Market” will cover exclusive information in terms of Geographic Segmentation, Forecast, Regional Analysis, Key Market Trends, and various others as mentioned below
| Parameter | Details |
| Market Size in 2021 | USD 7,783.10 Million |
| Projected Market Size in 2028 | USD 15,444.94 Million |
| CAGR Growth Rate | CAGR of 12.10% From 2022 – 2028 |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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