Global Precision Farming Market Size study & Forecast, by Offering (Hardware, Software, Services), by Technology (Guidance Technology, Remote Sensing Technology, Variable Rate Technology), by Application (Yield Monitoring, Crop Scouting, Field Mapping, Va

Global Precision Farming Market Size study & Forecast, 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, Others) and Regional Analysis, 2023-2030

Global Precision Farming Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% during the forecast period 2023-2030. Precision farming is an approach to farm management that uses information technology, satellite imagery, and other advanced tools to optimize various aspects of agricultural practices. The goal of precision farming is to enhance the efficiency, productivity, and sustainability of agricultural production while minimizing waste and environmental impact. It involves collecting and analyzing data to make informed decisions on crop management, resource allocation, and overall farm operations. The key factors driving the market growth are the rising adoption of IoT devices in agricultural applications, integration of precision farming technologies into existing farm machinery, and rapid adoption of advanced technologies in precision farming to reduce costs that are anticipated to create a lucrative demand for the market during the forecast period 2023-2030.

Additionally, supportive government initiatives such as policies, subsidies, and incentives for adopting precision farming practices are driving market growth. For instance, in May 2022, The Canadian government pledged a financial investment of USD 441,917.5 towards the development of an integrated system designed for precision fruit tree farming. This funding initiative not only aims to support the creation of such a system still also seeks sustainable solutions to address the emerging challenges faced by Canada's apple industry. Moreover, the growing adoption of data analytics in the agriculture sector, and the rising use of AI-based solutions in precision farming are anticipated to create lucrative opportunities for the market over the projected year. However, the high costs of precision farming equipment and small size of landholdings and the limited availability of skilled workforce stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Precision Farming Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to government support and initiatives, the trend toward larger farm sizes, growing awareness and concern about environmental sustainability, the availability of advanced infrastructure, and ongoing advancements in technologies such as GPS, sensors, drones, and data analytics have significantly enhanced the capabilities of precision farming systems. Whereas, the Asia Pacific is expected to grow with the fastest growth rate over the forecast period, owing to factors such as the growing awareness among farmers about the benefits of precision farming, increasing internet penetration, and supportive cohesive government initiatives.

Major market player included in this report are:
Deere & Company
Trimble Inc.
AGCO Corporation
AgJunction LLC
Raven Industries, Inc.
AG Leader Technology
Teejet Technologies
AgEagle Aerial Systems Inc
Descartes Labs, Inc.
Hexagon AB

Recent Developments in the Market:
 In July 2023, Deere & Company successfully acquired Smart Apply, Inc. (US), a leading precision spraying equipment company. This strategic acquisition is designed to enhance the focus on high-value crop customers and dealers, while simultaneously expanding the array of solutions offered to support growers in addressing key challenges related to labor, input costs, and regulatory compliance.

Global Precision Farming Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered – Offering, Technology, Application, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

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

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Deere & Company
Trimble Inc.
AGCO Corporation
AgJunction LLC
Raven Industries, Inc.
AG Leader Technology
Teejet Technologies
AgEagle Aerial Systems Inc
Descartes Labs, Inc.
Hexagon AB

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