ICT companies are extensively adopting technologies such as cloud computing and artificial intelligence to ensure seamless operations as teams continue working from home. Focus on fast automation, use of real-time operation within various end-use sectors such as automotive, food & beverage and others will provide stimulus to the growth.
The report offers actionable and valuable market insights of Yield Monitoring. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Yield Monitoring Market across various industries and regions.
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The precision farming market is anticipated to attain a valuation of US$ 6 Bn in 2022 and is expected to rise at a 13% CAGR over the assessment period ranging from 2022-2032. In 2032, the worldwide precision farming market is expected to be worth US$ 20.36 Bn.
| Market Size (2022) | US$ 6 Bn |
| Value CAGR (2022-2032) | 13% CAGR |
| Market Size (2032) | US$ 20.36 Bn |
The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Yield Monitoring market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Yield Monitoring
This newly published and insightful report sheds light on Market Insights of Yield Monitoring, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Yield Monitoring Market.
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Key Segments Covered in Precision Farming Industry Survey
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Application
- Precision Farming for Yield Monitoring
- Precision Farming for Field Mapping
- Precision Farming for Crop Scouting
- Precision Farming for Weather Tracking & Forecasting
- Precision Farming for Irrigation Management
- Precision Farming for Inventory Management
- Precision Farming for Farm Labor Management
- Precision Farming for Other Applications
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Technology
- Precision Farming Guidance System
- Remote Sensing Precision Farming
- Variable-Rate Technology Precision Farming
-
Offering
- Precision Farming Hardware
- Precision Farming Software
- Precision Farming Services
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Competitive Landscape
Leading players are active in awareness campaigns that address the pressing issue of soil degradation and educate farmers on the benefits of precision farming. Industrialized farms use automated machinery to assure a consistent level of output yield. Farmers are investing in farm digitization to improve security.
- In January 2022, John Deere & Co. introduced its line of autonomous tractors at the Consumer Electronics Show organized in the first week of the month, as a part and parcel of its endeavor to expand its footprint in the precision agriculture domain
- In April 2021, Trimble Inc. forged a collaborative agreement with HORSCH- one of the leading manufacturers of agricultural technology globally- to establish a future for autonomous machines and workflows in the agricultural industry. The companies are currently implementing a high level of automation and driver support with steering systems, which allows a driver to perform additional in-cab tasks during active field work.
Key Takeaways of Precision Farming Market Study
- North America will lead global sales with a majority market share and a stellar 11% CAGR during the forecast period. Industrialized farmers in countries such as the US, Canada are increasingly adopting precision farming technologies for enhanced production yield.
- Hardware offerings such as variability detectors account for over 70% of total market revenues. Farmers are showing preference for new machines over cloud enabled advanced software.
- Precision farming services such as weather forecasts, and soil assessment that increases product yield offers the most remunerative growth opportunities with a stupendous 16% CAGR through 2029. Service goods growth will quadruple in total market value during the projection period.
- Guidance systems that facilitate farm vigilance such as security, maintenance, and preventive care account for a majority share of over 41% of the total market revenues.
- Variable rate technology is exhibiting the highest growth potential with more than 16% CAGR from 2019 to 2029. Disproportionate soil fertility impels demand from this segment.
- Yield Monitoring will gain over 3X growth during the forecast period. The prevalence of preventive maintenance among industrialized farmers is a central driver of demand for yield monitoring applications.
“Precision farming will witness mass-adoption in the coming decade. The lack of abundant resources, coupled with unpredictable weather patterns are propelling the demand for precision farming products. Market players are prioritizing footprint expansions, and development of innovative products to gain a competitive edge.”-Says the Fact.MR Analyst
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More Valuable Insights on Yield Monitoring Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Yield Monitoring, Sales and Demand of Yield Monitoring, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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