Agriculture & Forestry Industry Market News

Precision farming market forecast to 2023 published by leading research firm

Agriculture Market Research

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 Make an Inquiry about this news 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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Drivers:

            Advancing agricultural techniques

            Various Government initiative for the agriculture sector

            Growing awareness of precision farming

Restraints:

            High initial investments

Opportunities:

            Growing usage of a smartphone in farming

Challenges:

            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

End-use industries

Regulatory bodies, policy actors, and consumers.

By Offerings

Hardware

            Automation & Control System

            Sensing and Monitoring Devices

Software

            Cloud-Based

            Local/Web Based

Services

By Technology

Remote Sensing

Guidance System

Variable Rate Technology

By Application

Yield monitoring

Crop scouting

Field mapping

Weather tracking & forecasting

Inventory management

Farm labor management

Irrigation management

By Region

North America

Europe

Asia-Pacific

RoW

Key Market Players

Deere & Company

AGCO Corporation

AgSmarts Inc.

Monsanto Company

Ag Leader Technology

Ag Leader Technology

Agribotix LLC

Raven Industries

Trimble, Inc.

AgJunction, Inc.

SST Development Group, Inc.

Farmers Edge Inc.

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News From

Genesis Market InsightsGenesis Market Insights
Category: Market Research Publishers and RetailersCompany about: Genesis Market Insights (GMI), is a subsidiary of Genesis Management & Market Research Pvt.Ltd. (GMMR) having a strong experience both in primary and secondary market research serving small to large scale enterprises across the globe. Established in 1993, GMMR has become a recommended brand for Market Research for various international and MNC Corporations with its strong data foundation. With its exhaustive research capabilities, strong analytics services and in-house data validation tools, ...
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