Increasing farm mechanization in developing countries boost Global Precision Farming Market
Market overview:
The Global Precision Farming Market was at 7 billion US dollars in 2020, which is supposed to reach a value of 12.8 billion US dollars by 2025 at a CAGR of 12.7% during the envisioned period of 2020 to 2025.

The precision farming has the potential to transform the agricultural sector that can make the traditional farming activity much more efficient and predictable.

Market Drivers and Restrains:
Factors such as rising labor cost owing to shortage of skilled labor, increasing farm mechanization in developing countries, rising strain on the global food supply chain owing to increasing population are majorly driving the growth of the global precision farming market. Furthermore, substantial savings associated with smart farming techniques and increasing of initiatives from the government to adopt modern agricultural techniques are some of the major growth promoting factors of precision farming market across the world.
However, limited technical knowledge and skills of farmers are a fewcritical restraints effecting the growth of the market.

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Report is segmented as:
The Precision Farming market is segmented by application, technology and offering. By application, the Precision Farming market is segmented into yield monitoring, crop scouting, field mapping, variable rate application, weather tracking & forecasting, inventory management, farm labor management and financial management.

By technology, the market is segmented into remote sensing technology, guidance technology, variable rate technology.

By offering, the Precision Farming market is segmented into hardware, software and services.

Geographical Segmentation:
North America region holds the major share of the Precision Farming market due to the factor that the Americans are the early adopters of precision farming techniques as well as rising adoption of various advanced technologies in various agricultural applications in this area. The Asia Pacific holds the second largest share of the Precision Farming market owing to the increase in initiatives by the government to adopt new modern technologies.

Impact of COVID-19 on Precision Farming Market
Due to coronavirus pandemic, all the industries are facing a lot of financial crisis due to the halt of their businesses because of the lockdown imposed by the government authorities. Also, the companies in the Precision Farming are also facing financial crisis due to the COVID-19 pandemic where some companies have terminated their employees to manage financial problems. As per the analysis, the Precision Farming market is expected to bounce back in the upcoming two to three years.

Key market players:
Major players of Precision Farming market are Trimble (US), AGCO corporation (US), Deere & Company (US), Raven Industries (US), AG leader (US), Taranis (Israel), The climate corporation (US), Prospera Technologies (Israel), CropX technologies (Israel), Granular (US).

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Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.
The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.

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