The Global Precision Farming Market is likely to showcase a CAGR of around 11% during the forecast period (2021-2027). A comprehensive overview of the global precision farming market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the precision farming market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the global market at regional and country levels.

Market Overview

The precision farming market demand is increasing at a significant rate over the years and is expected to witness influential growth during the forecasted period as well. Factors that are positively accentuating its market size include the need to mitigate greenhouse gases to minimize climate change, rapid adoption of advanced technologies in precision farming to reduce labor costs and increasing implementation of smart devices in agriculture.

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Global Precision Farming Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By technology, the market is primarily divided into:

·        Guidance

·        Remote Sensing

·        Variable Rate Application

Among these, the variable rate application segment is anticipated to witness a substantial growth rate during the forecast period. The market growth is due to the early adoption of this technology by farmers. Variable rate application includes variable rate pesticides, variable rate fertilizers, and variable rate crops. The application of variable rate application in precision agriculture focuses not only on fertilizer application but also on many other areas.

By application, the market is primarily classified into:

·        Yield Monitoring

·        Weather Tracking

·        Field Mapping

·        Crop Scouting

·        Others

Among these, the yield monitoring segment held a commendable share of the global precision farming market in 2020 and is expected to witness robust growth during the forecast period. Growth in this segment can be attributed to the benefits of climate change mitigation initiatives that enable farmers to effectively manage climate-related disasters and improve food security and agricultural decision-making. Yield monitoring includes off-farm field monitoring and on-farm yield monitoring.

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Global Precision Farming Market Geographical Segmentation Includes:

·        North America (US, Canada, Rest of North America)

·        Europe (Germany, France, Spain, UK, Rest of Europe)

·        Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)

·        Rest of the World

North America is expected to grow at a strong CAGR. The progress of modernization of agribusiness in the region is a major factor behind the growth of the regional precision farming market. Population growth is putting pressure on the agricultural industry to increase productivity thus increasing the adoption of advanced technology like precision farming.

The major players targeting the market include:

·        Deere & Company

·        Trimble Inc.

·        AGCO Corporation

·        AgJunction Inc.

·        Raven Industries Inc.

·        Teejet Technologies

·        AG Leader Technology

·        AgEagle Aerial Systems Inc.

·        Granular Inc.

·        CropX Inc.

Competitive Landscape

The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global precision farming market. The major players have been analyzed by using research methodologies for getting insight views on market competition.

Key questions resolved through this analytical market research report include:

·        What are the latest trends, new patterns, and technological advancements in the global precision farming market?

·        Which factors are influencing the global precision farming market over the forecast period?

·        What are the global challenges, threats, and risks in the global precision farming market?

·        Which factors are propelling and restraining the global precision farming market?

·        What are the demanding global regions of the global precision farming market?

·        What will be the market size in the upcoming years?

·        What are the crucial market acquisition strategies and policies applied by the companies?

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