Precision Farming Market 2021: SWOT Analysis Of Key Driving Factors For Growing CAGR Value

A recent report published by Precision Business Insights on Precision Farming Market provides in-depth analysis of segments and sub-segments in the global as well as regional.

The global precision farming market estimated to be valued US$ XX Mn in 2019 and projected to grow at significant CAGR over 2021-2026. The report provides in-depth analysis of the impact of COVID-19 on the market, along with revised market numbers due to the effects of the coronavirus. The precision farming market report covers market drivers, trends, growth rate, major players, strategies and market size.

Precision agriculture is another name for precision farming. It is a farming or agricultural management perception based on the elements to estimate inter and intra-field inconsistency in crops by monitoring, evaluating, and responding to it. It's mostly utilized in industrialized nations to describe a decision support system for whole-farm management. It's used in conjunction with the objective to achieve the best possible returns on inputs while conserving resources. Precision farming encompasses both hardware and software solutions, such as control systems, automated systems, farm management software and sensing and monitoring devices. Hardware and Software operate together in precision farming; a foolproof precision farming tool/system will include several hardware and software solutions that are smoothly incorporated and function together.

The spread of the Internet of Things (IoT) and the application of advanced analytics by farmers are both contributing to the rise in the market. Advanced analytics is a branch of data science that use a variety of tools and techniques to forecast data and guarantee that the crop and soil are properly cared for. Farmers can better plan their operations as a result of this information. Better training and education for farmers, widely accessible knowledge, economic ability, and a high demand for local products are all factors that help farmers to embrace viable precision farming technology. Moreover, the lack of knowledge about Precision Farming among farmers, as well as the high price of technology installation, are expected to limit the market's growth. In addition, the Precision Farming Market's expansion is hampered by the shortage of technology-based equipment and experienced labor in emerging nations. Nonetheless, over the predicted period, increasing use of technology, VRT (variable Rate Technology) for crop production, and the growing demand for weather forecasting due to global warming are likely to offer enormous possibilities for the Precision Farming Market.

The Global Precision Farming Market is segmented based on Offering, Application, and Geography. The Precision Farming Market based on Offering is categorized into software, hardware and services. The Precision Farming Market in terms of Application is classified into Crop Scouting, Yield Monitoring, Weather Tracking & Forecasting, Farm Labor Management, Field Mapping, Financial Management, Variable Rate Application, Inventory Management, and Others.

The Precision Farming industry is likely to be dominated by North America. Increased implementation of progressive farming systems and apparatus also including sensors, display devices, and farm management software is fueling the global of the Precision Farming market in the province. Countries such as the United States and Canada in the region are user of Precision Farming technologies.

The major players covered in the global precision farming market are Ag Leader Technology, AgJunction, Inc., CropMetrics LLC, Trimble, Inc., AGCO Corporation , Raven Industries, Inc., Deere & Company, Precision Planting , Decisive Farming, Gamaya.

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