Ocean View, DE -- (SBWIRE) -- 06/17/2020 -- Global precision farming market share, over the recent years, has been witnessing meteoric rise owing to the laudable initiatives undertaken by regional governments to combat declining agricultural productivity. The farming sector has perpetually been marred with several challenges including a marked increase in the cost of production, restricted employment opportunities, fragmented land holdings, degrading and diminishing natural resources, etc. Moreover, the rapid pace of urbanization and the burgeoning population has further aggravated and contributed toward further deterioration of the farming sector which already is in shambles.

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Company profiled in precision farming market report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- AGCO Corporation
- CropMetrics LLC
- Delaval Corporation
- Farmers Edge Inc.
- Monsanto Company
- Precision Planting Inc.
- Raven Industries

The proliferation of precision farming has been made possible by the existence of smart hardware devices which interconnect with each other to serve the common goal of data collection and analysis. Based on component, the hardware segment is expected to account for a majority of precision farming market share by holding over 70% share by 2025.

The advent of precision farming includes several hardware devices such as sensors, drones, GPS systems, and smartphones which collectively monitor the crop conditions and thus help farmers in taking timely measures for yielding high productivity.

The managed services in precision farming market is estimated to grow at a rate of more than 27% over the forecast term. The growth can be credited to the rising implementation of IoT and cloud computing in precision farming. Smart decision systems such as the "agriculture decision support systems" are increasingly getting hosted on cloud platforms, helping farmers to readily take advantage of the IoT based precise data with the help of internet connected devices such as tablets and smartphones.

The increasing awareness about how the precision farming solutions are helping to improve the agricultural yield is expected to drive the Asia Pacific precision farming market share. In addition, favorable government measures to promote sustainable agriculture practices will influence the regional growth. The government foresees to educate the farmers and provide timely updates on climate change so that farmers can dynamically alter the farming practices to obtain agricultural productivity.

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Moreover, the region has been witnessing surging adoption of drones and UAVs to gather crop related data leading toward market growth. As per reliable sources, the Asia Pacific precision farming market may grow at more than 20% CAGR by 2025.

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