The Latin America, Middle East and Africa Precision Farming Market would witness market growth of 9.3% CAGR during the forecast period (2021-2027).
The smartphone is one of the most widely used technological innovations in history, and with the proliferation of user-friendly agricultural apps, cell phones are growing into effective and portable tools for farmers. The majority of smartphone apps are inexpensive and provide useful farming information like weather and climatic conditions. These apps are effective in assisting farmers in making informed decisions. Smartphones can be used in conjunction with a number of hardware devices like sensors, high-resolution cameras, and GPS receivers, to accomplish tasks including sample collection, aerial photography, and record-keeping.
One of the major industry trends is the growing need for climate information services, which helps farmers manage climate change and unpredictability by allowing them to make better agricultural decisions. In addition, the increased demand for cloud platforms for climate services is driving the precision farming market. Some of the technologies utilized in irrigation management include weather-based controllers, rain sensors, temperature sensors, network components, water meters, and sensor-based controllers. The expanding use of precision instruments for irrigation management applications is driven by the rising demand for water conservation and food production, and the reduction of resource waste.
With the rising adoption of smartphones and the internet, farmers are gradually adopting the latest technologies in different countries of the regional market. The expansion of the Internet of Things (IoT) and the application of advanced analytics by farmers are driving the precision farming business in the region forward. In addition, advanced analytics is a subset of data science, which uses a variety of data forecasting tools and procedures to ensure that crops and soils are well-fed. This has the effect of assisting farmers in organizing their activities.
Farmers are more focused on sustainable agriculture practices such as natural resource conservation as a result of rising environmental concerns. As a result, there is a greater requirement to enhance crop nutrition and protection. Technological improvements, such as vertical farms with intelligent design, have opened up a slew of new prospects for increasing yields and reducing waste.
The Brazil market dominated the LAMEA Precision Farming Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $169.9 million by 2027. The Argentina market is experiencing a CAGR of 9.9% during (2021 - 2027). Additionally, The UAE market would witness a CAGR of 9% during (2021 - 2027).
Based on Technology, the market is segmented into Guidance Technology, Remote Sensing Technology, Variable Rate Technology. Based on Offering, the market is segmented into Hardware (Automation & Control Systems and Sensing & Monitoring Devices), Software (Local/Web-based and Cloud-based), and Services. Based on Application, the market is segmented into Yield Monitoring, Field Mapping, Weather Tracking & Forecasting, Variable Rate Application, Crop Scouting, Inventory Management, Farm Labour Management, Financial Management and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Precision Farming Market is Predict to reach $11.1 Billion by 2027, at a CAGR of 7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Trimble, Inc., CNH Industrial N.V., AgEagle Aerial Systems, Inc., Topcon Corporation (Topcon Positioning Systems, Inc.), Hexagon AB (Hexagon Agriculture), CropX, Inc., CropIn Technology Solutions Private Limited, Telus International, Inc., Deere & Company, and AGCO Corporation.
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