Precision Farming Market By Offerings (Hardware, Software, Services) By Technology (Remote Sensing, Guidance System, Variable Rate Technology) By Application (Yield Monitoring, Crop Scouting, Field Mapping, Controller, Weather Tracking & Forecasting).
GLOBAL PRECISION FARMING MARKET was valued at USD 3.69 Billion in the year 2017. The Global Precision Farming Market is further estimated to grow at a CAGR of 13.63% from 2018 to reach USD 7.95 Billion by the year 2023.
The North America region holds the highest market share in 2017 and the Asia Pacific region is considered as the fastest growing market in the forecasted period due to growing demand of Precision Farming and developing agriculture sector in the region. At a country level, the U.S. and Canada in North America and China, India, and Japan in Asia-Pacific holds the notable market share and is projected to grow strongly in the coming.
Deere & Company (U.S.), AJ Junction, Inc. (U.S.) AGCO Corporation (U.S.), Raven Industries (U.S.) and Trimble, Inc. (U.S.) are some of the key players in the Global Precision Farming market. Better global reach at an operational level is the main reason the key players are holding substantial market share.
Rising research and development expenses to satisfy the changing demands of end users, new product launches and organic growth strategies were few techniques adopted by various manufacturers in last 5 years.
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Advancing agricultural techniques
Various Government initiative for the agriculture sector
Growing awareness of precision farming
High initial investments
Growing usage of a smartphone in farming
Lack of technology acceptance
Lack of standardization
The segmentation is done on the basis of offerings, by technology, by application, and by region. On the basis of offerings, the global Precision Farming market is sub-segmented as hardware, software & services of which the service segment is expected to hold the highest market share during the forecast.
The segmentation done on the basis of technology includes remote sensing, guidance system and variable rate technology of which Variable Rate Technology segment is expected to hold the highest market share due to high demand and various benefits. On the basis of Application the market is segmented as yield monitoring, crop scouting, field mapping, weather tracking & forecasting, inventory management, farm labor management and irrigation management of which yield monitoring application type holds the highest market share and is expected to grow at the highest CAGR during the forecasted period due to rise in consumption.
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Key Benefits for Stakeholders
Precision Farming Manufacturers, Distributors and Retailers
Research and Consulting Organization
Technology Standards Organizations, Forums, Alliances and Associations
Regulatory bodies, policy actors, and consumers.
Automation & Control System
Sensing and Monitoring Devices
Variable Rate Technology
Weather tracking & forecasting
Farm labor management
Key Market Players
Deere & Company
Ag Leader Technology
Ag Leader Technology
SST Development Group, Inc.
Farmers Edge Inc.
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