Precision Agriculture Market Growth
Rapid adoption of hardware in developing countries ensures the effective functioning of smart agriculture which drives the precision agriculture market growth.
PORTLAND, PORTLAND, OR, UNITED STATES, May 5, 2023 /EINPresswire.com/ — According to the report published by Allied Market Research, the global precision agriculture market is expected to hit $7.8 billion by 2022, registering a CAGR of 14.9% from 2016 to 2022. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
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Covid-19 scenario-
• The outbreak of the pandemic led to distorted agricultural activities across the world, which in turn gave way to decreased demand for advanced farming techniques, thereby impacting the global precision agriculture market negatively.
• However, as the restrictions have loosened off in most countries and mass rollout of vaccination has been initiated by several government bodies, the market is expected to recoup soon.
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The increase in adoption of smartphones, the rise in the use of cloud technology, and the booming population across the world drive the growth of the global precision agriculture market. On the other hand, a lack of awareness about precision agriculture products and the huge investment required for precision agriculture equipment impede growth to some extent. However, high-end advancements in technology are expected to create lucrative opportunities in the industry.
The global precision agriculture market is analyzed across technology, component, and geography. Based on technology, the GPS segment contributed to the highest share in 2016 and is expected to lead the trail by 2022. The GIS segment, on the other hand, would register the fastest CAGR of 15.7% from 2016 to 2022.
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Based on components, the hardware segment accounted for the major share in 2016 and is projected to rule the roost by the end of 2022. Simultaneously, the software segment would grow at the fastest CAGR of 15% during the forecast period.
Based on region, North America generated the highest share in 2016 and is anticipated to dominate by 2022. At the same time, the region across Asia-Pacific would register the fastest CAGR throughout the forecast period. The other two regions covered in the study include Europe and LAMEA.
The key market players analyzed in the global precision agriculture market report include Trimble Navigation Limited, Deere & Company, Monsanto Company, and AGCO Corporation. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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Key Benefits for Stakeholders:
• The study provides an in-depth analysis of the precision agriculture market along with the current trends and future estimations to elucidate the imminent investment pockets.
• Information about key drivers, restraints, and opportunities &their impact analysis on the precision agriculture market size is provided.
• Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the precision agriculture market.
• The quantitative analysis of the market from 2020 to 2030 is provided to determine the precision agriculture market potential.
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