Precision Farming Market Segmented By Various Components - Precision Farming Hardware (Automation & Control Systems and Precision Farming Sensing and Monitoring Devices) | Farm Management Software (FMS) | Services (Installation and Integrations)
The global precision farming market was valued at US$ 6 Billion in 2020 and the estimated net worth for the year 2031 is predicted to be US$ 18 Billion. These findings are from a recently revised market survey on precision farming by Persistence Market Research. The report also suggests that the precision farming market is expected to progress at an impressive CAGR of 11.6% over the next ten years.
The world has substantially transformed in the last couple of decades, and almost all aspects of life are dependent on technology to function at their optimal potential. Global warming has completely changed the environment and climate across the globe, which has made it essential for farmers to adopt advanced farming techniques such as precision farming. Precision farming enables farmers to optimize crop production with limited resources and enhance crop yield.
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Rising food demand from the growing global population, efficient and profitable crop yield, changing climatic and atmospheric patterns, and increasing proliferation of technology are some of the major factors fueling demand for precision farming technology.
Prime precision farming industry players are focusing on integrating hardware and software for precision farming with smartphones due to their wide scope of application.
Key Takeaways from Market Study
“Adoption of precision farming in India and China is expected to significantly increase over the decade, and these nations will provide a very lucrative market for key players of the industry as well as new players due to the untapped potential that they possess,” says a Persistence Market Research analyst.
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Competitive Landscape
The global market for precision farming has been identified as a fairly fragmented space due to the presence of a high number of participants.
Some of the key market players included in the report are
These have been identified as key e precision farming technology providers. These market participants are engaged in market expansion activities and are adopting organic and inorganic growth strategies to maximize their revenue potential across multiple geographies.
More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a revised market research report on the global precision farming market that contains industry analysis of 2016–2020 and opportunity assessment for 2021–2031.
The report provides an in-depth analysis of the market through different segments, namely, application, component, and region. The report also provides supply and demand trends along with an overview of the parent market.
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Key Segments of Precision Farming Market Industry Research
By Component:
By Application:
By Region:
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Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services.
Jun 14, 2023
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