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The Precision Farming market is expected to reach approximately USD 9.49 billion by 2023 | CAGR of 13.32% insights shared in detailed report

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Precision Farming Market was worth USD 3.08 billion in 2014 and is expected to reach approximately USD 9.49 billion by 2023, while registering itself at a compound annual growth rate CAGR of 13.32% during the forecast period by Planet Market Reports

Precision Farming Market | …d Trend Analysis

The Precision Farming Market was worth USD 3.08 billion in 2014 and is expected to reach approximately USD 9.49 billion by 2023, while registering itself at a compound annual growth rate CAGR of 13.32% during the forecast period. The worldwide food and agriculture environment encounters various difficulties today because of the rapid urbanization and increasing population.

The decrease in the aggregate efficiency, reducing and corrupting natural resources, divided and declining land property, stagnating the resources of agriculture, and constrained business opportunities in agriculture as well as other divisions, are the central factors that are affecting the agriculture development and improvement. This enables the farmers and farming OEMs to implement advanced technologies to build the agriculture efficiency.

Precision farming technology can possibly boost the harvest yield and diminish the expense of production by changing the custom agriculture techniques with the propelled IT based farming strategy fueled by the abilities of the artificial intelligence and Big Data analysis. It detects differences that are site particular inside the field and change the administration activity, rather than overseeing whole field in view of average normal conditions.

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Component Outlook and Trend Analysis 

Hardware is the leading the precision agriculture market due to increasing adoption of precision farming devices, for example, drones, sensors, cameras, mobile devices and UAVs. These devices are embedded on various kinds of farming equipment, for example, harvesters and tractors.

As the technology is quickly advancing, further improvements are anticipated to bring about the advent of new devices with better area and information handling abilities. The hardware comprises of automated steering system, sensors, mobile device, UAVs and camera, GPS and GNSS, drone and others.

The developing demand for sensor is ascribed to the low cost, increasing functionality, and improvement in the design and features.

Technology Outlook and Trend Analysis 

The high precision positioning systems drove the precision farming market in 2016 because of the essential application of GPS and GNSS frameworks in precision farming solutions. These advances fill in as a reason for the working of precision farm systems and devices to decide and process location-based information.

In addition, expanding adoption of the technology for giving auto-direction to harvesters and tractors to productively keep up separate for neighboring passes and to enhance machine control is additionally driving the precision agriculture market development.

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Application Outlook and Trend Analysis 

Yield monitoring is assessed to represent significant share in the digital farming market inferable from increasing usage of precision farming solutions by makers for ideal arranging and management of harvest. These solutions empower producers to design enter necessities to accomplish ideal yield.

Moreover, the demand for data on real time basis amid the harvesting and necessity of recorded spatial database is increasing the interest for the yield monitoring technology. The interest for climate checking is assessed to increase amid the estimate time frame.

Regional Outlook and Trend Analysis 

North America is the pioneer in the precision farming market inferable from the increased adoption of the propelled communication and information in the farming segment. The existence of steady government schemes and well-established infrastructure additionally boosts the demand.

Moreover, expanding government endeavors and activities to drive the adoption of innovation in the district additionally cultivate the precision agriculture market development.

Competitive Insights

The leading players in the market are Agribotix LLC, Dickey-John Corporation, Farmers Edge Inc, BouMatic LLC, AgSmarts Inc, GEA Group, AgSense LLC, AGCO, Delaval Corporation, CropX Inc, CropMetrics LLC and John Deere. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.

The Precision Farming Market is Segmented as following - 

By Component 

Hardware

Automated Steering System
Drones
UAVs and Camera
Mobile Device
Global Positioning System GPS 
Global Navigation Satellite System GNSS 

Software
Services

Consulting and Training
Maintenance and Updates
Managed Services, Integration

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By Technology 

High Precision Positioning System
Geomapping
Remote Sensing
Integrated Electronic Communication
Variable Rate Technology VRT 

By Application 

Weather Monitoring
Yield Monitoring
Field Monitoring
Irrigation Management
Waste Management
Financial Management

By Region

North America

U.S.
Canada
Mexico

Europe
Germany
UK
France
Russia
Italy
Rest of Europe

Asia-Pacific

China
Japan
South Korea
India
Southeast Asia
Rest of Asia-Pacific

South America

Brazil
Argentina
Columbia
South Africa
Rest of South America

Middle East and Africa

Saudi Arabia
UAE
Egypt
Nigeria
South Africa
Rest of MEA

Some of the key questions answere… the report are:

What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?

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