Global Precision Farming Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027

The Precision Farming Market report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2031.

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The Precision Farming Market report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.

The global precision farming market report has been segmented on the basis of component, application, and region.

Precision Farming Market Overview:

“The Precision Farming Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

Precision farming is also known as precision agriculture or site-specific crop management (SSCM) is a farm management technique that uses information technology to observe, measure, and respond to intra and inter-field variability in crops and soil.

Rising global food demand and increasing focus on-farm productivity and efficiency are major factors driving the growth of the global precision farming market.

In addition, increasing government investments in modern farming techniques coupled with increasing adoption of cloud-based services are other factors fueling the growth of the global market.

Moreover, the increasing adoption of big data and real-time monitoring techniques by the agriculture sector is another factor further propelling the growth of the target market.

The high initial investment is a major factor restraining the growth of the global precision farming market.

In addition, lack of awareness and lack of technical expertise in developing and underdeveloped countries regarding precision farming are other factors hampering the growth of the global market.

Technological advancements towards product development in terms of efficiency, capabilities, and cost coupled with mergers and acquisitions to expand market presence are factors expected to create lucrative business opportunities for major vendors in the global market over the next 10 years.

The North American market accounts for the highest revenue share in the global precision farming market and is expected to maintain its position over the forecast period.

The presence of major vendors, increasing adoption of precision farming technology, and government investments toward commercializing precision farming are major factors driving the growth of the North American precision farming market.

The Europe precision farming market is expected to witness considerable growth over the forecast period.

The Asia Pacific precision farming market is expected to witness the highest growth and is projected to register a CAGR of XX.X% over the forecast period. This growth can be attributed to the increasing adoption of modern and advanced agriculture techniques in countries such as China, India, Japan, etc. in this region.

Global Precision Farming Market Segmentation:

Segmentation on the basis of component:

• Hardware
  • Automation and Control System
  • Sensing and Monitoring Devices
• Software
  • Local/web-based
  • Cloud-based
• Services
  • System Integration and Consulting
  • Managed Services
  • Connectivity Services
  • Assisted Professional Services
  • Maintenance and Support Services

 Segmentation on the basis of application:

• Yield Monitoring
• Field Mapping
• Crop Scouting
• Weather Tracking and Forecasting
• Inventory Management
• Farm Labor Management
• Others

Segmentation on the basis of region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa