Precision agriculture is an intelligent farming practice for agriculture management that uses information technology to ensure that soil and plants get everything they require for optimum health and productivity. The main objective of precision agriculture is to ensure sustainability, profitability, and protection of the environment. The agricultural sector has made tremendous changes over the years, especially in optimizing farming practices to yield maximum revenue from the produce. Moreover, advancements in technologies and high adoption from the growers are most likely to drive the market growth. The rising number of applications for telematics in farming is projected to boost the growth of the precision agriculture market.
Major Key Players for Precision Agriculture Market:
AgJunction Inc. (Canada),Raven Industries Inc. (U.S),CNH Industrial N.V. (U.K),Deere & Company (U.S),Trimble, Inc. (U.S),Iteris Inc. (U.S),Topcon Corporation (Japan),PrecisionHawk (U.S),SenseFly (Cheseaux-sur-Lausanne),DICKEY-john (Auburn),SST Development Group, Inc. (U.S),Agribotix LLC (U.S), and other major players.
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The latest research on the Precision Agriculture market provides a comprehensive overview of the market for the years 2024-2032. It gives a comprehensive picture of the global Precision Agriculture industry, considering all significant industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter's five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Precision Agriculture market. Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. The report is designed to help readers find information and make decisions that will help them grow their businesses. The study is written with a specific goal in mind: to give business insights and consultancy to help customers make smart business decisions and achieve long-term success in their particular market areas.
Precision Agriculture Market Segmentation:
By Component
- Hardware
- Software
- Services
By Application
- Crop Management
- Weather Forecasting
- Irrigation Management
- Field Mapping
- Yield Monitoring
- Others
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Market Dynamics And Factors In Precision Agriculture Market:
Key Market Drivers:
The growing smartphone adoption has led to the development of software that are compatible on smartphone. Key manufacturers have introduced advanced applications that are compatible with any smartphone. Such applications enable farmers to monitor the field from the desired location and the data is stored in the cloud as a backup with the help of smartphone integration. Smartphones fulfil the basic requirements of the farmer as they support connectivity using USB, Bluetooth, and Wi-Fi. Thus, the rise in smartphone adoption has created lucrative opportunities for the precision agriculture market globally.
Key Market Restraints:
The high prices that are associated with precision farming equipment limit the growth as the small-scale and low-income group farmers switch to other less-priced sources for farm practices. The technologies and equipment used in precision farming such as smart sensors, drones, VRT, GPS, guidance tools, GNSS, and receivers, are highly efficient but expensive. Besides, to set up and operate precision farming, trained and skilled personnel are highly required. Thus, in developing nations such as China, India, and Brazil, with limited resources for agricultural practices, many large-scale and small-scale growers choose traditional farming rather than executing new technology-based farming due to the high investment costs, which further inhibits the market growth of precision agriculture.
Geographic Segment Covered in the Report:
- North America (U.S., Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
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