WASHINGTON, Jan. 30, 2023 (GLOBE NEWSWIRE) -- Vantage Market Research analyses that the Precision Farming Market which was $ 7,783.10 Million in 2021, would rocket up to $ 15,444.94 Million by 2028, and is expected to undergo a CAGR of 12.10% during the forecast period 2022 to 2028.
Precision Farming Market is the title of a new report from Vantage Market Research. Key growth strategies, drivers, opportunities, key segments, Porter's Five Forces analysis, and competitive environment are all dissected in detail in the research. The persuasive precision farming market research report is generated with a nice blend of industry insight, talent solutions, practical solutions, and the use of technology to advance user experience. Competitive analysis is one of the major aspects of the market research report and by understanding this, many points are covered here including strategic profiling of key players in the market, analyze of their core competencies, and drawing a competitive landscape for the market. When it comes to estimating general market conditions, the growth prospects in the market, possible restrictions, significant industry trends, market size, market share, sales volume, and future trends, the finest precision farming market report comes into the picture.
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Market Overview
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.
Top Players in the Global 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.)
For Additional Information on Precision Farming Market Players and Detail List, Download a Report PDF Brochure
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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Recent Developments:
- 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.
- 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.
Regional Analysis:
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.
Browse market data Tables and Figures spread through 134 Pages and in-depth TOC on Precision Farming Market Forecast Report (2022-2028).
Global Precision Farming Market Segmentation
By Delivery model
- Local/Web Based
- Cloud Based
By Application
- Yield Monitoring
- Field Mapping
- Crop Scouting
- Weather Tracking and Forecasting
- Inventory Management
- Farm Labor Management
- Financial Management
- Others
By Service Provider
- System Integrators
- Managed Services Providers
- Assisted Professional Services Providers
- Connectivity Services Providers
- Maintenance
- Software Upgradation
- Support Services Providers
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 7,783.10 Million |
| Revenue Forecast by 2028 | USD 15,444.94 Million |
| CAGR | 12.10% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Deere & Company, Trimble Inc., Raven Industries Inc., AgJunction Inc., AGCO Corporation, Farmeron Inc., Airinov, Microdrones GmbH, OnFarm Systems, PrecisionHawk |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
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