Precision Farming Market is expected to reach a value of USD 7.30 billion by 2023, at a CAGR of 12.61% over the forecast period (2018 - 2023)| Dominant Vendors - AGCO CORPORATION, AG JUNCTION INC., JOHN DEERE, RAVEN INDUSTRIES INC., amongst others

Market Analysis:

United States Held the Largest Share in the Market
As per estimates of the US Department of Agriculture, nearly 2.06 million farms in the United States used 911 million acre land with a production value of USD 355.9 billion in 2016. It is estimated that only 20% of the total acreage in the United States and 58% of the producers implement precision agricultural technologies.

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The farming community is coming under severe pressure to meet the growing demand for food. The demand can be met by either increasing agricultural land, or by making optimal use of the available agricultural land. Over the past two decades, PF (precision farming) has successfully made the transition from being an academic research topic to a highly beneficial practice in the field of agriculture. Around 70-80% of the new equipment purchases have been deemed to contain some form of PF tools. PF practices can be better analyzed as a cyclical approach rather than a sequential one. By the end of 2030, PF is touted to become the most influential trend in agriculture, eclipsing other advancements. The adoption was found to be high, in areas where labor costs are high and land costs are relatively inexpensive. The skewed nature of adoption can be attributed to the presence of several exogenous factors, such as the availability of financial aid and initial effectiveness.

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Market Segments:
Precision Farming Market is segmented by:
1. Technology: Guidance System (GPS, GNSS, GIS), Remote Sensing, Variable-rate Technology
2. Hardware Component: Automation and System Control, Sensors and Monitoring Devices
3. Farm Management Software: Crop Management, Financial Management, Farm Inventory, Weather Tracking and Forecasting, Personnel Management
4. Application: Yield Monitoring, Variable Rate Application, Field Mapping, Soil Monitoring, Crop Scouting
5. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• October 2017 - AGCO entered an agreement with Lely group, to acquire its forage division. Lely’s industry leading competence in hay and forage technology is poised to strengthen AGCO’s full-line product offerings.
• May 2017 - The Climate Corporation, a subsidiary of Monsanto Company, announced the integration of imagery from innovative aerial imagery partners: CeresImaging, TerrAvion, and Agribotix, that will deliver valuable, high-resolution imagery to farmers.

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This release was published on openPR.