Precision Agriculture Market 2024-2028: Size and Requirement for high initial investment; growth driven by the Product, Some of key Companies Positioned Strategically
The precision agriculture market size by Product (Hardware and Software and services) and Geography (North America, Europe, APAC, South America, and Middle East and Africa), is forecast to increase by USD 6094.8 million. The market is expected to grow at a CAGR of 13.63% between 2024 and 2028.
- In the dynamic precision agriculture market, vendors are persistently innovating and enhancing their offerings to cater to farmers' evolving needs. This technological evolution involves the adoption of sophisticated software and hardware components. While these advancements bring significant benefits, they also necessitate farmers to remain abreast of the latest technologies and products. Financial constraints pose a challenge for some farmers to keep up with these updates. Consequently, precision agriculture is ideally suited for farmers with extensive agricultural holdings and the financial capacity to absorb these technological transitions. Despite the potential cost-effectiveness of individual tools, the integration of the system into the fields entails additional expenses for farmers.
- Precision agriculture, a data-driven farming approach, is experiencing significant growth due to increasing demand for higher crop yields and reduced resource usage. This market encompasses technologies such as satellite imagery analysis, drones, and sensor networks, enabling farmers to make informed decisions based on real-time data. The global precision agriculture market is projected to reach USD22.5 billion by 2025, driven by advancements in IoT, AI, and machine learning.
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Some of the Key Companies:
- AAA Taranis Visual Ltd.
- Abaco Spa
- Ag Leader Technology
- AGCO Corp.
- Agribotix
- Carl Zeiss AG
- CNH Industrial NV
- CropX Technologies Ltd.
- Deere and Co.
- DICKEY john
- Farmers Edge Inc.
- Hexagon AB
- Iteris Inc.
- Kubota Corp.
- TeeJet Technologies
- The Toro Co.
- Topcon Corp.
- Trimble Inc.
- Yara International ASA
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