This research report on the Latin America precision farming market size is expected to reach USD 1.81 billion in 2024 and reach USD 3.54 billion by 2029, growing at a CAGR of 14.4% from 2024 to 2029.
Precision farming is one of the advanced farming techniques. It involves measuring, observing, and responding to the variability in crops, farming fields, and weather. The objective of precision farming is to aid the farmers to make precise decisions and to increase output to input ratio through optimal use of resources.
It reduces human efforts on the field through the use of automated and semi-automated agricultural devices which can be controlled from a distance with the help of remote sensing and satellite guiding technology. With the use of installed sensors in the field, temperature, soil humidity, and soil nutrient levels can be analyzed and take appropriate actions.
The increasing use of cloud-based technology, the growing adoption rate of modern farming techniques to enhance productivity, and growing food demand are the major factors driving the precision agriculture market. The increasing need to increase food production in the available agricultural land and government initiatives to increase the usage of modern technologies in agriculture are propelling the market growth. However, the requirement of high initial investment and lack of proper awareness among the farmers are hindering the market growth.
Automation and control systems dominate the market in this segment as they heavily reduce human effort and aid in the increase of productivity. Cloud-based software is the fastest-growing segment due to its vast database and high demand.
The guidance system is the largest market segment as it precision agriculture is highly relied on using GPS and GIS systems.
Irrigation management holds the largest market share in the precision farming market due to the increasing scarcity of water and the increasing adoption of micro-irrigation control systems in agriculture. However, yield monitoring is expected to be the fastest-growing segment due to the growing food demand with a rapidly growing population.
Rest of South America. Brazil leads the precision farming market due to the growing economic conditions and increasing government initiatives to increase agricultural productivity.
Some of the major players in Precision Farming market are Raven Industries, Deere & Company, AGCO Corporation, Trimble Navigation Ltd, Monsanto Company, Dupont, Agjunction, Inc, Precision Planting, Inc, SST Development Group, and Dickey-John Corporation.
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