Precision Farming Market

Precision Farming Market- By delivery model, application, and service provider

Market Synopsys

Global Precision Farming market is valued at USD 8709.18 Million in 2022 and is projected to reach a value of USD 21410.06 Million by 2030 at a CAGR of 11.90% over the forecast period. The increasing food demand globally, crop yield and extended profitability, and crop health monitoring are the major factors driving the growth of the Precision Farming market during the forecast period. Likewise, the initiatives provided by the government in many countries are helping farmers to use technical and optimized agricultural tools in order to improve their production level. Growth in farm automation in developing countries and increasing strain on the global food supply due to the increase in population are the important factors that drive the growth of the Precision Farming market in the upcoming years. Growth in the investments in technology such as GPS sensing systems, guidance systems, driverless tractors, and encouragement of the government for using Precision Farming techniques are fueling the growth of the Precision Farming market during the forecast period. Moreover, Precision Farming has the ability to modify the agricultural sector by making traditional farming active, predictable, and more efficient which is increasing the demand for the Precision Farming market in the years to come. The changing weather due to global warming has raised the adoption level of advanced farming technology for increasing productivity which is expected to enhance the growth of the Precision Farming market in the upcoming years.

Market Segmentation:

The Precision Farming market is segmented on the basis of delivery model, application, and service provider. On the basis of the delivery model, the market is segmented as Local/Web-based and Cloud-based. By application, the market is segmented as Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking and Forecasting, Inventory Management, Farm Labor Management, Financial Management, and others. On the basis of service provider, the market is segmented as System Integrators, Assisted Professional Services Providers, Managed Services Providers, Connectivity Services Providers, Maintenance, software, upgradation, and Support Services, Providers

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The cloud-based delivery model is expected to grow at the highest rate during the forecast period

The precision market for the cloud-based delivery model is projected to acquire the largest market share during the forecast period. The cloud-based model provides large data storage along with reduced energy consumption which is driving the growth of the cloud-based sector in the Precision Farming market. Moreover, cloud-based Precision Farming facilitates cost-saving technology with efficient performance in the agricultural sector which is the important factor fueling the growth of the cloud-based segment in the precision market in upcoming years.

The weather tracking and forecasting segment grows at the highest CAGR during the forecast period

Increasing demand for climate information services as the farmers can deal with climate change and variability to enhance decision making ability in agriculture which is the major factor driving the growth of the Precision Farming market for weather tracking and forecasting sector during the forecast period. Better food production with the reduction in wastage is the other major factor for the growth of the adoption of Precision Farming in the years to come.

North America region to acquire the largest market share in the Precision Farming market during the forecast period

The early adoption of Precision Farming in the countries such as the United States and Canada in the Americas is the main reason for the growth of the North American region in the Precision Farming industry during the forecast period. Growth in the implementation of advanced technology in the various agricultural fields reduces the labor cost which is fueling the growth of the Precision Farming market in the upcoming years. Farmers in the North American region are increasingly using sophisticated agricultural equipment and systems such as displays, cameras, and applications for farm management which contributes to the growth of the Precision Farming market during the forecast period.

The Asia Pacific region is projected to experience substantial development in the Precision Farming market during the forecast period. In developing countries like China, Indonesia, and India various government programs were arranged in order to promote the use of state-of-the-art Precision Farming technology to improve productivity in the upcoming years. Moreover, an appropriate administrative structure often authorizes farmers to learn about the exact use and maintenance of Precision Farming machines which is fueling the growth of the region during the forecast period.