Press Release Description
Precision Agriculture Market to Thrive Amidst Booming Sustainable Practices & Scarce Resources
The Latin America Precision Agriculture market is projected to grow at a CAGR of around 13% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The expansion of the market is influenced by various factors, like the need for optimal cultivation methods amidst a mounting population & scarce resources for food production. The agricultural lands in the region are extensive, yet they face challenges such as water scarcity, soil erosion, and climatic fluctuations that require sustainable farming practices. With the constantly advancing demand for food, techniques that can enhance productivity & improve the quality of the products are essential. As a result, the need for precision agriculture has been escalating, especially with the integration of smartphones in the region. Smartphones have become a valuable tool in agriculture, enabling farmers to gather data, monitor crops, and gain access to knowledge, thereby enhancing decision-making & boosting yields.
Environmental concerns have prompted the development of sustainable farming practices, including conservation agriculture, precision farming, and organic farming. In turn, market growth is influenced by various factors, such as the need for optimal crop production, the rapid growth of the population, and the need for sustainable farming methods. In light of the surging population, the demand for food has risen, necessitating that agriculture meets this demand while ensuring access to wholesome & nutritious sustenance. Therefore, there is an urgent need for farming methods that can boost productivity & improve the quality of food produced.
Furthermore, the increasing adoption of smartphones in the region has driven market growth as smartphones have become universal & have transformed our way of life, employment, and communication. Additionally, the growing environmental concerns have prompted farmers to focus on sustainable methodologies, as a result, they are seeking ways to reduce their environmental footprint while maintaining or expanding their yields.
Consequently, enhancing the market growth in the forthcoming period due to several factors, including the escalating demand for optimal crop production amid limited resources, the growing population in the region, and mounting environmental concerns, further states the research report, “Latin America Precision Agriculture Market Analysis, 2023.”
Hardware Dominates the Market Due to Soaring Smart Equipment Adoption
Based on Offerings, the market is bifurcated into Hardware, Software, and Services. Among them, Hardware has overpowered the Latin America Precision Agriculture market for the past few years & is expected to dominate in the coming years owing to the rising adoption of smart equipment in agriculture. Precision Farming is a highly intricate practice that mandates the usage of an array of specialized contrivances, including sensors, GPS receivers, unmanned aerial vehicles, and other tools, specifically engineered for data aggregation & analysis. These hardware constituents are of paramount importance to agriculturists as they enable them to collect precise& accurate information about their harvests, soil conditions, meteorological patterns, and other variables that significantly influence agricultural productivity. Moreover, the governmental entities & private corporations in the outskirts have invested considerably in improving farming technologies, thereby propelling the demand for the market in the foreseeable future.
Brazil to Capture Substantial Share Amidst Government Support
Geographically, Brazil captured potential market share in the historical years & is presumed to dominate during the forecast period. The multifarious topography of Brazil & the resolute backing of the Brazilian government towards contemporary agricultural practices have thrust the nation to the forefront of the precision agriculture sector. Alongside these factors, the Brazilian leadership has instigated an all-inclusive array of policies & programs, which include the National Program for Precision Agriculture (PNAP) and the Brazilian Agricultural Research Corporation (EMBRAPA). These have been instrumental in driving the growth of the market, enabling Brazil to maintain its paramount standing in the industry.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players including Deere & Company, Trimble Inc., BASF SE, AGCO Corporation, Bayer, Ag Smart Inc., Topcon Corporation, Cropmetrics LLC, Raven Industries LLC, Leica Geosystem, Monsanto Company, and others are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various countries?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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