According to the report published by Allied Market Research, the precision agricultural market is growing with 13.4% CAGR range USD 23.05 billion by 2030. The report offers an extensive analysis of changing market dynamics, important segments, value chain, competitive scenario and regional landscape. This research offers valuable competent guidance for leading players, investors, shareholders and startups in the preparation of strategies for sustainable growth and gaining a competitive advantage in the market.
Driving factors precision agricultural market
Increase in acceptance of smartphones in agriculture, an increase in the growth rate of the population and an increase in acceptance of emerging technologies stimulates the growth of the worldwide market for precision agriculture. Lack of consciousness about precision -agriculture products and enormous investments that are needed for precision agricultural equipment to a certain extent limit the market. On the other hand, an increase in the government initiative in precision agricultural technology and the increase in investments in technologies such as tractors without director, guidance systems and progress of GPS detection systems, will offer new opportunities in the coming years.
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The market for precision agricultural market was rated at $ 6,457 million in 2020 and is expected to reach $ 23,056 million by 2030, growing with a CAGR of 13.4% from 2020 to 2030.
Market segmentation of the market for precision -agriculture
The market for precision agriculture is segmented on the basis of component, application, technology and region. It is categorized per component in hardware, software and service. Depending on the application, it is categorized in revenue monitoring, field mapping, crop exploration, display and predicting, irrigation management, stock management, agricultural management and others. Technology has categorized in guidance technology, teledet technology and technology with variable rate. Based on the region, it is being studied in North America, Europe, Asia-Pacific and Lamea.
Based on the region, North America had the highest market share in terms of turnover 2020, good for almost two-time from the worldwide market for precision agricultural market. This is attributed because of the increasing tendency of the farmer to use digital technology for revenue management. Moreover, the Asia-Pacific region is expected to see the fastest CAGR of 15.7% during the prediction period, due to strong economic growth together with the continuous development in the agricultural sector.
Important players on the market for precision -agriculture
Leading players of the worldwide platform As a service market analyzed in the study include AWS, Alibaba Cloud, Microsoft, Salesforce, IBM, Oracle, Google, Zoho Corporation, SAP and Mendix.
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Important industrial developments in the market for precision -agriculture
● April 2024: John Deere launched a new autonomous tractor with advanced GPS and AI technology, making accurate plants, harvest and field monitoring possible. The tractor is expected to cause a revolution in precision agriculture in North -America by reducing labor costs and improving operational efficiency.
● February 2024: Trimble introduced a new cloud-based platform that integrates software for agricultural management with real-time data analyzes, so that farmers in Europe and North America can optimize the use of resources and follow the health of crops. This development is expected to improve decision -making and reduce the impact on the environment in agricultural activities.
● November 2023: Kubota collaborated with Topcon Corporation to develop an advanced precision agricultural system for the Asia-Pacific market, aimed at automated machines and real-time monitoring to improve the crop yields. This cooperation focuses on the increasing demand for smart agricultural solutions in the region.
● August 2023: AGCO Corporation has taken over Farmobile, a data -driven agricultural platform that specializes in real -time crop health monitoring and predictive analyzes. This acquisition is expected to strengthen the presence of AGCO in Latin -America and Europe, giving farmers better aids for precision agriculture.
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Covid-19 Scenario
● Due to the outbreak of the COVID-19 Pandemie, the market witnessed a slight decrease in hardware income in 2020. This is attributed to the implementation of locking by governments in most countries and the closure of the cities to prevent the transfer of virus.
● Nevertheless, the worldwide situation of mid -2021 will be on normal trail.
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