Published Date: 12-May-22
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According to a new report, published by KBV research, The Global Precision Farming Market size is expected to reach $11.1 billion by 2027, rising at a market growth of 7.0% CAGR during the forecast period.
The Guidance Technology segment acquired the maximum revenue share in the Global Precision Farming Market by Technology in 2020, thereby, achieving a market value of $6.0 billion by 2027. This increase can be ascribed to an increase in the usage of global positioning and geospatial information systems for tracking activity in the crop field in industrialized countries like the United States and Canada in order to produce more money. As the number of industrialized row crop farms grows, it's more important than ever to map production plans, automate sowing procedures, monitor soil variability, and make sure the right inputs are used (fertilizers, pesticides).
The Software segment is showcasing a CAGR of 7.5% during (2021 - 2027). Precision farming software is divided into two categories: web-based and cloud-based. Cloud computing is based on the utilization of shared networks, servers, and storage devices, which eliminates the high expenses of maintaining hardware and software infrastructure. Crop rotation, soil management, optimal planting periods, and harvesting times are all guided by predictive analytics software
The Weather Tracking & Forecasting segment has shown a growth rate of 7.7% during (2021 - 2027). This is because weather forecasters can deliver more precise weather readings and forecasts because of the use of sensors. In addition, the use of machine learning techniques and advanced data analytics services has also improved the accuracy and reliability of weather forecasts.
North America is the leading region in the Global Precision Farming Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $4.6 billion by 2027. The Europe market is estimated to grow at a CAGR of 6.8% during (2021 - 2027). Additionally, The Asia Pacific market would witness a CAGR of 7.9% during (2021 - 2027).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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