Precision Agriculture Market Poised for Steady Growth in the Future -2030

Rise in adoption of smartphones in agriculture, surge in growth rate of population, and increase in adoption of emerging technologies drive the growth of the global precision agriculture market. However, lack of awareness about precision agriculture products and huge investment required for precision agriculture equipment restrain the market to some extent.

On the other hand, increase in government initiative in the precision agriculture technology and rise in investments in technologies such as driverless tractors, guidance systems, and GPS sensing systems advancements present new opportunities in the coming years.

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.

Download Sample Report (Get Full Insights in PDF – 265 Pages) at: https://www.alliedmarketresearch.com/request-sample/1422

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.

Based on component, 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.

Covid-19 scenario

  • Due to the outbreak of the COVID-19 pandemic, the market has witnessed a slight decline in hardware revenue in 2020. This is attributed to implementation of lockdown by governments in majority of the countries and the shutdown of the cities to prevent the transmission of virus.
  • Nevertheless, the global situation is expected to come on normal track from mid-2021.

For Purchase Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/1422

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, researchers, and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients’ requirements is complemented with analyst support and customization requests.

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll-Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter

Leave a comment

Your email address will not be published. Required fields are marked *