Precision Farming Market is worth USD 8.5 Billion in 2022 and is estimated to grow at a CAGR of 12.5% in the forecasted period. The forecasted revenue hints at a growth of around 19.39 billion USD by 2029.
Precision Farming Market Overview
The Precision Farming Market landscape is marked by a dynamic and ever-evolving environment. Various industries, from technology to healthcare, are experiencing rapid changes driven by innovation and global events. With the ongoing digital transformation, companies are investing heavily in technology and data-driven solutions to stay competitive. Sustainability and environmental concerns are gaining prominence, influencing consumer preferences and driving companies to adopt eco-friendly practices. The COVID-19 pandemic continues to have a profound impact on businesses, shaping remote work trends, supply chain disruptions, and healthcare advancements. Additionally, geopolitical tensions and trade dynamics are adding an element of uncertainty to international markets. In this multifaceted context, businesses are constantly adapting to seize opportunities and navigate challenges, making agility and resilience critical for sustained success.
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Report Scope:
In a groundbreaking report, the Precision Farming Market has been valued at USD 8.5 billion in the year 2022, with an anticipated compound annual growth rate (CAGR) of 12.5% during the forecasted period. The market is poised for substantial expansion, foreseeing a staggering revenue increase to around USD 19.39 billion by 2029.
Research Methodology:
The findings of this report are derived from a rigorous and comprehensive research methodology. Employing a combination of data collection, remote sensing, Global Positioning Systems (GPS), and Geographic Information Systems (GIS), the study enables farmers to respond adeptly to in-field variability, ushering in a new era of precision agriculture.
Drivers and Restraints:
Precision Farming has witnessed a significant market share surge, particularly in the era of increasing digitization. Also referred to as site-specific crop management, precision farming harnesses the power of machine learning and artificial intelligence (AI) to minimize on-farm field waste, enhance crop quality, and contribute to sustainable food production.
Segmentation:
The report delves into the various facets of precision farming, exploring technologies such as Remote Sensing and Machinery Telematics. These technologies play a pivotal role in providing farmers with essential data on crop health, vegetation indices, soil moisture, and other relevant parameters. The segmentation further extends to encompass insights into crop yield, crop production, and crop nutrients, with the ability to generate real-time results.
by Application
Yield Monitoring
Crop Scouting
Variable Rate Application
Field Mapping
Weather Tracking
by Component
Hardware
Software
Services
by Technology
Global Positioning System
Geographic Information System
Remote Sensing
Variable Rate Technology
Telematics
by Deployment On-premises
Cloud-based
Regional Insights:
Precision farming not only drives sustainability but also contributes to minimizing water usage, reducing greenhouse gas emissions, and preventing soil erosion. The impact of these technologies extends globally, offering regional insights into how precision farming practices are revolutionizing agriculture on a broader scale.
Precision Farming Market Key Players
1. Salesforce.com
2. SAP AG
3. Oracle Corporation
4. Microsoft Corporation
5. Adobe Systems Inc
6. Amdocs
7. Convergys Corporation
8. Huawei Technologies Co. Ltd
9. Infor Global Solutions, Inc
10.SAS Institute Inc
11.SYNNEX Corporation
12.The Sage Group Plc
13.Verint Systems Inc
14.IBM Corporation
15.SugarCRM
16.NICE Ltd
17.IMS Health
18.NetSuite Inc
19.ZOHO Corporation
20.Infusionsoft
21.Copper CRM, Inc.
22.Insightly Inc.
23.Creatio
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Key questions answered in the Precision Farming Market are:
• What is Precision Farming?
• What was the Precision Farming market size in 2022?
• What are the different segments of the Precision Farming Market?
• What growth strategies are the players considering to increase their presence in Precision Farming?
• What are the upcoming industry applications and trends for the Precision Farming Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the Precision Farming Market?
• What major challenges could the Precision Farming Market face in the future?
• What segments are covered in the Precision Farming Market?
• Who are the leading companies and what are their portfolios in Precision Farming Market?
• What segments are covered in the Precision Farming Market?
• Who are the key players in the Precision Farming market?
A detailed Market Overview
Market Share, Size & Forecast by Revenue | 2023−2029
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
Market Segmentation – A detailed analysis by segments and sub-segments
Regional Insights
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Key Offerings:
• Past Market Size and Competitive Landscape (2023 to 2029)
• Past Pricing and price curve by region (2018 to 2022)
• Market Size, Share, Size & Forecast by different segment | 2023−2029
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by segment with their sub-segments and Region
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
•Competitive landscape – Market Leaders, Market Followers, Regional player
• Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of Business by Region
• Lucrative business opportunities with SWOT analysis
• Recommendations
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