Precision Farming Market Size, Share and Scope Analysis to 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Precision Farming Market- (By Offering (Hardware, Software, Services), By Technology (Guidance Technology, Remote Sensing Technology, Variable Rate Technology), By Application (Yield Monitoring, Crop Scouting, Field Mapping, Variable Rate Application, Weather Tracking and Forecasting, Inventory Management, Farm Labor Management, Financial Management, Others (Demand Forecasting, Customer Management, Payables and Receivables))), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Precision Farming Market is valued at US$ 8.42 Bn in 2022, and it is expected to reach US$ 19.12 Bn by 2031, with a CAGR of 9.7% during a forecast period of 2023-2031.

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Precision agriculture is a kind of farming that uses information technology to detect, evaluate, and control internal variability to maximize crop yields while decreasing labour requirements. By collecting and analyzing real data on soil, crops, and weather, precision agriculture helps farmers determine the precise amount of nutrients their crops require for peak performance. Farmers are turning to precision farming solutions to reduce the time spent manually farming and money spent on supplies. Precision farming utilizes sensors and monitoring equipment to aid farmers in making more informed decisions regarding when to harvest, how to keep inventory under control, how to maintain healthy soil, and how to use water efficiently. As a result, the need for precision farming is expected to increase.

Introducing new technology and sustained Economic growth indicate the precision farming market's future growth. The expansion of the precision agriculture market can be attributed to the number of factors, including the increasing demand for accurate crop monitoring, the widespread acceptance of IoT technology, and the increased use of sophisticated analytics by farmers. Businesses in the market are ramping up their operations by inventing cutting-edge technologies or expanding into developing nations, ultimately increasing competition and boosting market growth.

Prominent Players in the Precision Farming Market:
• Trimble Inc. (US)
• Deere & Company (US)
• AGCO Corporation (US).
• AgJunction LLC (US)
• Raven Industries, Inc. (US)
• AG Leader Technology (U.S.)
• Teejet Technologies (US)
• Topcon (US)
• Taranis (Israel)
• AgEagle Aerial Systems Inc (US)
• Ec2ce (Spain)
• Descartes Labs
• Inc. (US), Granular Inc. (US)
• Hexagon AB (Brazil)
• Climate LLC (US)
• CropX Inc. (Israel)
• Agribotix,
• Bayer CropScience AG,
• Case IH Agriculture,
• ClearAg Operations,
• Conservis Corporation,
• DICKEY-john Corporation
• Farmers Edge Inc.
• Grownetics, Inc.
• Others
Market Dynamics:

Drivers-
Growing demand for precision farming can be attributed to the increased ability to integrate with farm machines. Sensors, global positioning systems and data analytics have all advanced rapidly, allowing farmers to easily integrate them with their tractors, drones, and harvesters. This synchronization improves data-collecting efficiency, speeds up operations, and allows data-driven decision-making. In addition, the capacity for automation and remote monitoring allows for higher operational efficiency and lower labour expenses, fueling the expansion of the precision farming industry.

Challenges:
The prime challenge is the high entry price of associated equipment and a lack of awareness, hindering the development of the precision agricultural business because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the precision farming market. However, the widespread implementation of precision farming technologies is severely hampered by rural areas' lack of connectivity and infrastructure. There are numerous places in the world where dependable and fast internet is either absent or severely limited, including many rural and remote locations where farming is common. The ability to seamlessly integrate and transmit critical data in real-time is hindered by the current state of connectivity, which is essential for precision agriculture, hampering the overall growth of the precision farming market over the coming years.

Regional Trends:
The North American precision farming market is anticipated to register a maximum market share in revenue. It is projected to grow at a high CAGR in the near future because of the rapidly growing human population and the widespread use of innovative farming techniques. The high revenue of the regional market can also be attributed to the growing public's understanding of the importance of investing in the region's infrastructure and the quality of its food.

Besides, Europe had a considerable share in the market due to its developed economy, and government programs have opened up expansive chances for major regional businesses to use cutting-edge farming technologies, boosting regional development. Moreover, the existance of key market players and the growing cooperation between major players for market penetration in the area enables an opportunity to grow the global precision farming market.

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Recent Developments:
• In May 2023, The AGCO Corporation and Bosch BASF Smart Farming announced their collaboration to bring Smart Spraying technology to Fendt Rogator sprayers. In addition, the two businesses agreed to work together to create new, ground-breaking capabilities.

• In March 2023, Deere & Company bought the US precision spraying equipment manufacturer Smart Apply, Inc. To better serve high-value crop clients and dealers and to provide growers with more options for addressing their top three challenges-labour costs, input costs, and government regulations-is the stated goal of this transaction.

Segmentation of Precision Farming Market-
By Offering -
• Hardware
• Software
• Services

By Technology -
• Guidance Technology
• Remote Sensing Technology
• Variable Rate Technology

By Application -
• Yield Monitoring
• Crop Scouting
• Field Mapping
• Variable Rate Application
• Weather Tracking and Forecasting
• Inventory Management
• Farm Labor Management
• Financial Management
• Others (Demand Forecasting, Customer Management, Payables and Receivables)

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.