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Precision Farming Solutions - Introduction

  • Precision farming is an approach toward farm management that employs information technology to increase productivity of crops and soil. Increasing global warming and changing weather patterns fuel the adoption of advanced farming technologies in the farming industry
  • In the current technological world, farmers need to adopt advanced farming technologies that are expected to help maximize yields and productivity. Integration of software farming applications and hardware devices, such as sensors, GPS and GIS system and automation and control system, plays a major role in the farming industry
precision farming solutions market size and forecast

Global Precision Farming Solutions Market: Dynamics

Global Precision Farming Solutions Market: Key Drivers

  • Increase in adoption of GPS, GIS, variable rate and new technologies, and utilization of technology-based agricultural equipment in the precision farming industry is a key factor fuelling the demand for precision farming solutions
  • Adoption of IoT devices in precision farming to provide real-time information about temperature and water content in the soil is expected to boost the precision farming solution market
  • Integration of smartphones; hardware devices; such as sensors, GPS receivers, etc.; and farming applications in the farming industry is estimated to boost the demand for precision farming solutions during the forecast period
  • Limited technical knowledge about precision farming among farmers is expected to hinder the precision farming solution market
  • Rising labour cost due to unskilled labour is also a key factor restraining the precision farming solutions market
  • New product launches and expansion of technology in the precision farming industry offer various opportunities for the precision farming solutions market
  • Availability of large-sized farms offer significant opportunities for precision farming solutions in various regions
precision farming solutions market dynamics

Impact of COVID-19 on the Global Precision Farming Solutions Market

  • Increasing cases of COVID-19 across the globe is resulting in economic slowdown. This pandemic has created disruptions in supply chain management in the precision farming industry, which have led to a shortage of equipment
  • Companies are searching for new ways to connect with farmers in the precision farming industry by using advance agricultural management technologies in order to boost the demand for precision farming solutions during COVID-19
  • Increasing adoption of wireless platforms for yield monitoring and crop monitoring have further raised the demand for precision farming solutions during the COVID-19 situation

North America to Hold Major Share of Global Precision Farming Solutions Market

  • In terms of region, the global precision farming solutions market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
  • North America is expected to be a prominent market for precision farming solutions during the forecast period. Rise in adoption of advanced technology in the farming industry to enhance productivity from existing farms fuels the precision farming solution market in the region.
  • Increase in demand for advanced farming system due the presence of large farms in Asia-Pacific boosts the adoption of precision farming solutions in APAC region.
  • Rapid adoption of precision farming machinery in Middle East & Africa fuels the adoption of precision farming solutions in the region
precision farming solutions market outlook by region

Global Precision Farming Solutions Market: Competition Landscape

  • Several players have a strong presence in the precision farming solutions market owing to rapid technological advancements
  • In January 2020, AGCO Corporation, a key player in the precision farming solutions market, launched the new Fendt Momentum planter in North America for row crop farmers. This planter is easy to use and established new standards for seed plating accuracy and provides new technologies to farmers, which helps to overcome the planting conditions.
  • In March 2020, AgJunction Inc partnered with GeoSurf Corporation (GeoSurf) and Anhui Zhongke Intelligent Sense to provide precision agriculture solutions for rice and onion transplanters in Asia Pacific

Key Players Operating in the Global Precision Farming Solutions Market Include:

  • AgJunction, Inc.
  • AGCO Corporation
  • Ag Leader Technology
  • Agsmart Pty Ltd.
  • CropX Technologies
  • Descartes Labs, Inc
  • Deere & Company
  • Hexagon AB
  • Monsanto Company
  • Raven Industries Inc.
  • Topcon Positioning Systems Inc.
  • The Climate Corporation
  • Trimble Navigation Limited
  • Tetra Laval Holdings B.V.
  • TeeJet Technologies
  • Yara International ASA

Global Precision Farming Solutions Market: Research Scope

Global Precision Farming Solutions Market, by Component

  • Hardware
  • Software
  • Services

Global Precision Farming Solutions Market, by Application

  • Yield Monitoring
  • Variable Rate Application
  • Field Mapping
  • Weather Monitoring
  • Soil Monitoring
  • Crop Scouting
  • Irrigation Management
  • Inventory Management
  • Others

Global Precision Farming Solutions Market, by Technology

  • Guidance Technology
    • GPS/GNSS-Based Guidance Technology
    • GIS-based Guidance Technology
  • Remote Sensing Technology
    • Handheld or Ground-based Sensing
    • Satellite or Aerial Sensing
  • Variable-Rate Technology (VRT)
    • Map-based VRT
    • Sensor-based VRT

Global Precision Farming Solutions Market, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Precision Farming Solutions Market