Precision Farming Market projected to reach USD 12.97 Billion by 2026 : Top Keyplayers Includes Deere & Company, Trimble, Agco, Agjunction, Raven Industries, AG Leader Technology, SST Development Group, Teejet Technologies, Topcon Positioning Systems, and

Global Precision Farming Market Analysis

According to Verified Market Research, the global precision farming market was valued at USD 4.98 Billion in 2018 and is projected to reach USD 12.97 Billion by 2026, growing at a CAGR of 12.71% from 2019 to 2026.

What is Precision Farming?

Precision farming is also known as site-specific crop management. t is an innovative way to farm management which uses specialized equipment, solutions, and allied services to produce more crops at a reasonable cost and gives farmers the ability to use crop input such as pesticides, tillage and irrigation water and fertilizers, for improving the productivity, quality, profitability of the crops. Precision farming uses GPS, geographical information system, and remote sensing for effective output of crops.

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Global Precision Farming Market Outlook

In the report, the market outlook section mainly encompasses the fundamental dynamics of the market which include drivers, restraints, opportunities, and challenges faced by the industry. Drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.

Increasing adoption of automation & control devices and sensing & monitoring devices is the major factor contributing towards the growth of the precision farming market. Due to reducing cost of major hardware components, the cost of precision farming technology will reduce in the upcoming years. In addition to the above factors, increasing demand for quality food and rising population are the major factors propelling the market growth during the forecast period.

However, low adoption of technology among farmers, absence of standardization and limitation on the exchange of data is likely to hamper the market growth over the forecast period. Moreover, lack of farmers independent consulting and advisory services due to the absence of validated agronomic models for Variable Rate Technology (VRT) to make decisions on investments are the major factors hampering the growth of the precision farming market.

Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements which interests the client. The “Global Precision Farming Market” is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.

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Global Precision Farming Market Competitive Landscape

The “Global Precision Farming Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as Deere & Company, Trimble, Agco, Agjunction, Raven Industries, AG Leader Technology, SST Development Group, Teejet Technologies, Topcon Positioning Systems, and Dickey-John Corporation. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

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This release was published on openPR.