Precision Farming Market to Surpass a Value of USD 16.01 Billion by 2028, at a CAGR of 12.80% from 2022-2028 owing to Global Push for Precision Agricultural Practices
SkyQuest's latest research report on the precision farming market covers key details about the industry's performance, present trends, important market drivers, restraints, risks, and opportunities, in addition to a comprehensive market overview. Business strategists, investors, consultants, researchers, and entrepreneurs should all read the report to gain the most authentic market insights. The report's findings are the product of an in-depth investigation using SWOT analysis, value chain analysis, Porter's Five Forces analysis, and other tools.
Westford, USA, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The most important factors impacting the precision farming market's growth are the growing adoption of IoT devices and cutting-edge technology in precision agriculture to save labor expenses. IoT in agriculture, significant cost savings from precision farming, a changing climate and the need to meet rising food demand, and governments' growing support for precision farming. Better education and training for farmers, readily available knowledge, financial resources, and the high demand for organic food are other factors that encourage the adoption of sustainable farming techniques.
According to SkyQuest's worldwide market analysis, India is expected to have more than 1650 agritech startups by 2025. In addition, this industry has been at the forefront of a technological transformation, particularly in drones, IoT devices, data analytics, AI, and satellite images.
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Browse in-depth TOC on the "Precision Farming Market"
Pages - 241
Tables - 124
Figures - 67
Precision farming improves the practice of farming when it comes to cultivating crops and keeping livestock. The main aspect of modern farming is the utilization of information technology, including GPS guidance, control systems, autonomous sensors, drones, vehicles, variable rate technologies, robots, GPS-based soil sampling, telematics, and software.
Prominent Players in Precision Farming Market
Deere & Company
Raven Industries Inc.
AG Leader Technology
Bayer CropScience AG
Case IH Agriculture
Automation & Control Systems Segment to Witness Significant Growth due to Increasing Adoption by Major Farming Countries
With the largest revenue share of 49.13% in 2021, the automation & control systems segment dominated the precision farming market. Access points, sensing apparatuses, and automation and control systems come under the hardware category. Farmers can benefit significantly from hardware such as sensing equipment, drones, and automation and control systems. Additionally, VRT technology helps farmers properly distribute seeds and pesticides across the field by identifying the required areas of the crop.
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Asian agriculture is the primary emphasis of the market vendors under study as service providers in numerous Asian countries enhance application approaches. As a result, smallholder farmers in the area now have easier access to smart tractors, UAVs, ground leveling services, satellite imaging, pesticide application, irrigation services, and portable decision diagnostics and decision assistance without the need to invest heavily in costly infrastructure.
Yield Monitoring Segment to Capture Higher Revenue Share Thanks to Its Real-Time Information Feature
Given that it aids farmers in making decisions about their fields, the yield monitoring category had the greatest revenue share of 43% in 2022 and is predicted to continue its dominance over the projected period. On-farm yield monitoring and off-farm yield monitoring are further divided into this sector. Farmers can build a historical, geographical database and get real-time information on the harvest due to on-farm yield monitoring. Due to its fair landlord negotiations, evidence of environmental compliance, and track records for food safety, this sector is anticipated to hold the most significant share of the precision farming industry.
North America generated a sizeable share in precision farming market owing to the region's early adoption of technologies. In addition, the region's market has a high revenue due to factors including expanding government efforts that boost the implementation of modern agriculture technologies and established infrastructure. The local market's high revenue has been attributed to increased government efforts to promote the adoption of modern agriculture technologies and improved infrastructure.
Leading companies have created novel policies and product lines to differentiate themselves from rivals and gain an advantage over them. The latest research report on the precision farming industry is an excellent guide for market participants looking to understand the main market dynamics and formulate a successful strategy.
Key Developments in Precision Farming Market
IG International, a leading Indian fresh produce company, has partnered with precision agriculture company Fyllo. As a result, a partnership between IG International and Fyllo, a leading provider of fresh vegetables in India, has been launched. Fyllo's technology combines artificial intelligence, machine learning, and the Internet of Things to increase horticulture's sustainability and profitability. As a result of the collaboration, IG's fruit crops will be more productive and cost-effective to grow, ensuring the farm's profitability.
Precision Planting launched a new Panorama software to assist farmers in using the data from the company's 20|20 monitors as they opened their 30th annual Winter Conference. In the spring of 2023, Panorama will undergo beta testing across North America. Subsequent release dates will be revealed later that year. When it is released, Panorama will be accessible through a browser and on Apple and Android smartphones.
For CLAAS tractors, combines, and forage harvesters, Trimble and CLAAS have created a next-generation precision farming system as part of a strategic partnership. The new CLAAS CEMIS 1200 "smart" display, GPS PILOT steering system, and SAT 900 GNSS receiver are all components of the precision farming system. The CEMIS display uses Trimble's brand-new embedded modular software architecture for steering and positioning and ISOBUS technology for a secure connection to manage and watch over field-use implements.
The world's first interactive AI-powered software, developed by Verge, allows farmers to efficiently plan, simulate, and validate the movement of equipment in the field. Yamaha Motor Ventures, Yamaha Motor Co.'s strategic business development and investment arm, announced a $7.5 million Series A funding round for Verge. Verge Ag is creating a digital twin of the farm to help farmers evaluate the interdependence between land and equipment while planning field activities.
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Key Questions Answered in Precision Farming Market
What are the major global trends having a significant influence on the market?
Which segment registered the highest revenue share over the forecast period?
Which are the highest contributing forces for the precision farming market?
Who are the most dominant players present in the global market?
Which key strategies and policies are highly reliable to take the lead in the market?
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