Precision Agriculture Market Share, Size to Benefit Strongly
01 Sep 2021
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Pune, India, Sept. 01, 2021 (GLOBE NEWSWIRE) -- The growing adoption of innovative precision farming technology by farmers is expected to drive the global market during the forecast period, states Fortune Business Insights, in a report, titled “Precision Agriculture Market Size, Share & Industry Analysis, By Component (Hardware, Software, Services), By Technology (Remote Sensing, GPS/GNSS Systems, Variable Rate Technology (VRT), Guidance Software, Geomapping), By Application (Crop Management, Financial management, Weather Forecasting, Person and Inventory Management, Irrigation Management)and Regional Forecast, 2021-2028” the growing demand for organic food is predicted to foster the growth of the market.
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This Precision Agriculture Market report provides explanations for:
Market Driver:
Growing Use of Advanced Analytics in Farming to Facilitate Growth
The growing need for optimum crop production for better crop yields can be a vital factor propelling the growth of the market. The growing emphasis on crop monitoring by farmers is predicted to spur opportunities for the Precision Agriculture Market during the forecast period. The growing implementation of the Internet of things (IoT) technology, and advanced analytics to boost farming capabilities is expected to propel healthy growth of the market in the foreseeable future. Changing weather conditions due to global warming has impelled farmers to adopt advanced farming technologies, which, in turn, is predicted to accelerate the growth of the market. The growing government initiatives to promote advanced farming technology for farmers and agro-businesses in developing countries is expected to enable speedy expansion of the market. Furthermore, the growing partnerships among major industry players are expected to encourage the growth of the market. For instance, in December 2019, CropMetrics, ap precision agriculture company announced that it has signed a partnership with The Climate Corporation to enhance data connectivity for farm water management.
However, the high initial cost associated with precision farming technology is expected to dampen the growth of the market during the forecast period. Also, the lack of awareness regarding the new technologies among farmers is expected to restrict market growth.
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Regional Analysis:
High Adoption of Modern Farming to Aid Expansion in Asia Pacific
Geographically, the global precision agriculture market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the global precision agriculture market owing to the increasing adoption of modern farming technologies and rapidly increasing population. The awareness about the quality of the food along with constantly evolving infrastructure are factors expected to back development in the region. In addition, the rising government initiatives regarding precision farming and advanced farming technologies is expected to provide massive opportunities to key players in the region. The market in Latin America and Middle East & Africa is projected to witness a high growth rate during the forecast period owing to the growing demand for food.
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Key Development:
January 2019: Precision Planting LLC introduced a mobile-device application 20|20 Connect app to help farmers in agriculture by providing diagnostic screens from their mobile devices.
The Report Lists the Main Companies in the Precision Agriculture Market:
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