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Forecast: Precision Agriculture Market Projected to Reach $27.81 Billion by 2031

02-12-2024 02:24 PM CET | Industry, Real Estate & Construction

Press release from: Meticulous Research®

/ PR Agency: Meticulous Research
Meticulous Research® Unveils Forecast: Precision Agriculture Market to Surpass $27.81 Billion by 2031

[City, Date]: Meticulous Research®, a renowned global leader in market research, has announced the release of its latest comprehensive report titled "Precision Agriculture Market by Offering (Hardware, Software, Services), Technology (Variable Rate, Guidance, Remote Sensing, Others), Application (Field Mapping, Seeding & Spraying, Crop Monitoring, Others), & Geography - Global Forecast to 2031."

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According to the findings of this meticulously crafted report, the precision agriculture market is poised to achieve unprecedented growth, surging to an estimated value of $27.81 billion by the year 2031. This remarkable projection reflects a compound annual growth rate (CAGR) of 12.9% during the forecast period from 2024 to 2031.

Driving this exponential growth trajectory are a multitude of factors, including escalating government initiatives worldwide aimed at modernizing agricultural practices through the integration of cutting-edge technologies. Additionally, the market is buoyed by the escalating demand for precision agriculture solutions, particularly in light of the challenges posed by climate variability.

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However, amidst this promising outlook, challenges persist, notably the lack of connectivity and infrastructure in rural areas, which pose obstacles to market expansion.

Moreover, the report identifies an array of growth opportunities stemming from technological advancements in the farming sector and the persistent shortage of agricultural laborers. Nonetheless, the lack of awareness among farmers regarding precision agriculture technologies remains a significant hurdle impeding market growth.

Furthermore, the burgeoning trend of employing drones for variable rate applications, alongside the integration of artificial intelligence (AI) and big data analytics into precision agriculture solutions, underscores the evolving landscape of this dynamic market.

Delving deeper into the market segmentation, the report outlines the dominance of the hardware segment, which is expected to maintain its lead throughout the forecast period. This dominance is attributed to factors such as increased utilization of sensing and monitoring devices for real-time crop yield insights, as well as burgeoning partnerships aimed at bolstering the adoption of robotic platforms.

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Additionally, the report sheds light on the prevailing trends within the precision agriculture market, including the rising prominence of guidance technology and variable rate technology. Notably, the variable rate technology segment is anticipated to exhibit the highest CAGR, driven by its efficacy in optimizing inputs such as chemicals and fertilizers.

Expanding on geographical insights, Asia-Pacific emerges as a pivotal region driving market growth, fueled by the escalating adoption of precision agriculture solutions to address labor scarcity and enhance agricultural services.

In summary, Meticulous Research®'s latest report offers invaluable insights into the burgeoning precision agriculture market, providing stakeholders with actionable intelligence to navigate the evolving landscape and capitalize on emerging opportunities.

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About Meticulous Research®:
Meticulous Research® is a leading global market research company committed to delivering accurate, reliable, and actionable insights to empower businesses worldwide. With a team of dedicated analysts and a commitment to excellence, Meticulous Research® stands at the forefront of innovation in market intelligence.

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