Precision Agriculture Market Growing at 13.4% CAGR Reach USD 23.05 Billion By 2030
Based on the report revealed by Allied Market Analysis, Precision Agriculture Market Rising at 13.4% CAGR Attain USD 23.05 Billion By 2030 . The report gives an intensive evaluation of fixing market dynamics, main segments, worth chain, aggressive situation, and regional panorama. This analysis presents priceless in a position steerage to main gamers, buyers, shareholders, and startups in devising methods for sustainable development and gaining a aggressive edge available in the market.
Driving Elements Precision Agriculture Market
Rise in adoption of smartphones in agriculture, surge in development fee of inhabitants, and enhance in adoption of rising applied sciences drive the expansion of the worldwide precision agriculture market. Nevertheless, lack of information about precision agriculture merchandise and big funding required for precision agriculture tools restrain the market to some extent. Alternatively, enhance in authorities initiative within the precision agriculture expertise and rise in investments in applied sciences similar to driverless tractors, steerage methods, and GPS sensing methods developments current new alternatives within the coming years.
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The precision agriculture market dimension was valued at $6,457 million in 2020, and is projected to achieve $23,056 million by 2030, rising at a CAGR of 13.4% from 2020 to 2030.
Market Segmentation of Precision Agriculture Market
The precision agriculture market is segmented on the premise of part, software, expertise, and area. By part, it’s categorized into {hardware}, software program and repair. Relying on software, it’s categorized into yield monitoring, area mapping, crop scouting, climate monitoring & forecasting, irrigation administration, stock administration, farm labor administration, and others. By expertise, it’s categorized into steerage expertise, distant sensing expertise, and variable-rate expertise. On the premise of area, it’s studied throughout North America, Europe, Asia-Pacific, and LAMEA.
Based mostly on area, North America held the very best market share by way of income 2020, accounting for practically two-fifths of the worldwide precision agriculture market. That is attributed as a result of growing inclination of the farmer’s in direction of the usage of digital expertise for yield administration. Furthermore, Asia-Pacific area is predicted to witness the quickest CAGR of 15.7% throughout the forecast interval, owing to robust financial development together with the continued improvement within the agriculture sector.
Key Gamers in Precision Agriculture Market
Main gamers of the worldwide platform as a service market analyzed within the analysis embrace AWS, Alibaba Cloud, Microsoft, Salesforce, IBM, Oracle, Google, Zoho Company, SAP, and Mendix.
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Key Business Developments in Precision Agriculture Market
● April 2024: John Deere launched a brand new autonomous tractor with superior GPS and AI expertise, permitting for exact planting, harvesting, and area monitoring. The tractor is predicted to revolutionize precision farming in North America by decreasing labor prices and enhancing operational effectivity.
● February 2024: Trimble launched a brand new cloud-based platform that integrates farm administration software program with real-time knowledge analytics, permitting farmers in Europe and North America to optimize useful resource utilization and observe crop well being. This improvement is predicted to enhance decision-making and cut back environmental impression in farming operations.
● November 2023: Kubota partnered with Topcon Company to develop a sophisticated precision farming system for the Asia-Pacific market, specializing in automated equipment and real-time monitoring to reinforce crop yields. This collaboration addresses the rising demand for good agriculture options within the area.
● August 2023: AGCO Company acquired Farmobile, a data-driven agriculture platform specializing in real-time crop well being monitoring and predictive analytics. This acquisition is predicted to strengthen AGCO’s presence in Latin America and Europe, offering farmers with higher instruments for precision farming.
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Covid-19 Situation
● As a result of outbreak of the COVID-19 pandemic, the market has witnessed a slight decline in {hardware} income in 2020. That is attributed to implementation of lockdown by governments in majority of the nations and the shutdown of the cities to stop the transmission of virus.
● However, the worldwide scenario is predicted to return on regular observe from mid-2021.
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