Increase in adoption of smart phones, rise in use of cloud technology, and booming population across the world drive the growth of the global precision agriculture market.
— The major factors driving the growth of precision farming market includes increasing farm mechanization in developing countries, rising labor cost owing to shortage of skilled labor, increasing strain on the global food supply owing to increasing population, substantial cost savings associated with smart farming techniques, and government initiatives to adopt modern agricultural techniques.
The global precision agriculture market is expected to hit $7.8 billion by 2022, registering a CAGR of 14.9% from 2016 to 2022.
The global precision agriculture market is analyzed across technology, component, and geography. Based on technology, the GPS segment contributed to the highest share in 2016 and is expected to lead the trail by 2022. The GIS segment, on the other hand, would register the fastest CAGR of 15.7% from 2016 to 2022.
Based on region, North America generated the highest share in 2016 and is anticipated to dominate by 2022. At the same time, the region across Asia-Pacific would register the fastest CAGR throughout the forecast period. The other two regions covered in the study include Europe and LAMEA.
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Based on component, the hardware segment accounted for the major share in 2016 and is projected to rule the roost by the end of 2022. Simultaneously, the software segment would grow at the fastest CAGR of 15% during the forecast period.
Profiling Key Players: Navigation Limited, Deere & Company, Monsanto Company, and AGCO Corporation.
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