According to Goldstein Research, digital revolution in the agricultural sector along with government financial incentives to farms is enhancing the precision agriculture. Global Precision Agriculture Market Outlook comprises of applications like yield monitoring (on-farm & off-farm), field mapping, crop scouting, weather tracking & forecasting, irrigation management, inventory management and farm labor management. Precision farming has witnessed the unprecedented growth across the globe i.e. 70-80% of new farm equipment sold today contains a precision farming component. According to our analysts “Precision agriculture market size is set to reach USD 11.23 billion by 2024, at a CAGR of 13.1% over the forecast years.” Global Precision Agriculture market is increasing due to rising prevalence of yield monitoring systems for mechanical harvesters and sensors that detect disease and tree stress at early stages of development.
Market Segmentation
On the basis of our in-depth analysis, global precision agriculture market can be segmented as follows:
• Based on Technology
o Integrated electronic communications (Telematics)
o GIS (Geographic Information Science)
o Automated steering systems
 Assisted steering systems
 Automated steering systems
 Intelligent guidance systems
o VRT (Variable Rate Technology)
o GPS (Global Positioning System)
o Remote Sensing
• Based on Component
o Hardware
 Sensors (soil, water & climate)
 Drones
 Automated Steering System
 Radar
 GPS (Global Positioning System)
o Service
 Installation and Integrations Service
 Maintenance Service
 Consulting Service
o Software
 GIS (Geographic Information Science)
 Crop Management Software
 Weather Tracking
 Inventory
 People & Financial Management
• Based on Application
o Yield monitoring
 On-farm
 Off-farm
o Field mapping
o Crop scouting
o Weather tracking & forecasting
o Irrigation management
o Inventory management
o Farm labor management
• On the basis of region
o North America (US, Canada) {Market Share (%), Market Size (USD Billion, Adoption Rate (%)}
o Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
o Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
o Latin America (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
o Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
o Rest of the World {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}


“Global Precision Agriculture Market Outlook 2024” contains detailed overview of the global precision agriculture market. On the basis of our in-depth analysis, market can be segmented in terms of market segmentation by technology, by component and by application.
Further, for the in-depth analysis, Global Precision Agriculture Market Report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes competitive outlook of some of the major players profiling of companies such as Bosch, Intel, Cisco, Intel, Agribotix LLC, Deere & Company, SST Development Group, Farmers Edge, Inc and Granular, Inc., etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents the global precision agriculture market trends along with market forecast that will help industry consultants, technology providers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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