USD 6.89 Billion
Global Precision Farming Market Size, Share, Growth Analysis, By Offering(Automation & Control Systems, Guidance System), By Software(On-farm, Off-farm), By Services(Managed Services, Connectivity Services), By Application(Yield Monitoring, Field Mapping) - Industry Forecast 2022-2028
Report ID: SQMIG45F2042 | Region: Global | Published Date: November, 2022 | Pages: 241 | Tables: 124 | Figures: 67
Global Precision Farming Market Insights
The Global Precision Farming Market was valued at USD 6.89 Billion in 2021, and it is expected to reach a value of USD 16.01 Billion by 2028, at a CAGR of 12.80% over the forecast period (2022-2028).
Precision farming largely relies on special equipment like sensors, antennas, and access points, as well as automation and control systems. It also includes maintenance and managed services. Bioengineering, robotics and automation, imagery and sensors, and big data are a few of the technologies used in the process. The growing number of agricultural telematics applications is expected to support Precision Farming Market growth. Tracking devices that use the Global Navigation Satellite System (GNSS) to show the location of the equipment for management purposes are examples of telematics services. Major agricultural equipment manufacturers are implementing telematics services for their equipment to improve farm efficiency, lowering agricultural operating costs, and increase profitability. Improved management can also aid in the reduction of environmental impact.
Precision farming is helping farmers to reduce labour costs and also save time this is, in turn, resulting in better and more efficient output. With the help of sensors and monitoring devices, farmers are now able to make better decisions regarding harvesting time, soil and water management, and control of inventory.
Market snapshot
Global Market Size
Largest Segment
Automation & Control Systems
Fastest Growth
Guidance System
Growth Rate
12.80% CAGR
Global Precision Farming Market , 2021-2028 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
Global Precision Farming Market Size By Offering , 2021-2028 ($ Bn)
Global Precision Farming Market Size By Offering , 2021-2028 (%)
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Global Precision Farming Market Segmental Analysis
The Global precision farming market is segmented based on Offering, Software, Services, Application, and Region. Based on Offering it is categorized into Automation & Control Systems, Guidance systems, Remote Sensing, VRT, Wireless Modules, Sensing Devices. Based on Software it is categorized into On-farm, Off-farm. Based on Services it is categorized into Managed Services, Connectivity Services, Maintenance, and Support Services. Based on Application it is categorized into Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking & Forecasting, Irrigation Management, Inventory Management, and Farm Labour Management. Based on the region it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Offerings
The Automation & Control Systems segment had the highest revenue share of 49.13% in 2021 and is predicted to maintain its dominance throughout the forecast period. Automation and control systems, sensing devices and antennas, and access points have all been subdivided into the hardware category. Hardware components such as automation and control systems, sensing devices, and drones are extremely useful to farmers. For example, the GIS guidance system is particularly useful for growers since it can view agricultural workflows and the environment. Furthermore, VRT technology assists farmers in determining which regions of the crop require more pesticides and seeds and then distributing them evenly across the field.
Analysis by Application
The yield monitoring category accounted for 44.55% of revenue in 2021 and is likely to maintain its dominance during the forecast period as it assists farmers in making decisions about their crops. The component is further divided into two parts: on-farm yield monitoring and off-farm yield monitoring. On-farm yield monitoring allows farmers to collect real-time data during harvest and build a historical-geographical database.
Global Precision Farming Market By Offering , 2021(%)
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Global Precision Farming Market Regional Insights
In 2021, Asia-Pacific dominated the global precision farming market, and this trend is expected to continue throughout the forecast period. This is attributed to an increase in farmers' willingness to use digital technology for yield management. North America is expected to grow the fastest during the forecast period, owing to strong economic growth and ongoing agricultural development, which drives organizations to invest heavily in the precision agriculture market to sustain growth and improve productivity. Furthermore, factors such as a significant shift toward digital transformation, an increase in cloud deployment, technological advancement in farming operations, and ongoing modernization of the agriculture business drive heavy investment in the Precision Farming Market in emerging economies. Furthermore, enterprises in Asia-Pacific are focused on enhancing their operations and increasing their overall efficiency to stay competitive in the market, which is expected to provide lucrative opportunities during the forecast period.
Global Precision Farming Market By Geography, 2021 - 2028
- Largest
- Fastest
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Global Precision Farming Market Dynamics
Driver
- Precision farming is a method of farming in which the internet of things (IoT) software, artificial intelligence, big data, and other technologies are used to efficiently utilize farm inputs to reduce costs and increase output. Precision agriculture necessitates specialized personnel, which is in short supply, thus precision farmers revere and prefer software that can be productive in the face of present obstacles. This circumstance is one of the most important drivers driving the Precision Farming Market forward.
- During the COVID-19 pandemic, the Precision Farming Market for precision agriculture, which includes agriculture sensors, farming software, and drones, experienced growth and sensed the requirement. Many Agri-tech companies developed innovative models for simplifying farming practices by focusing more on wireless platforms to enable real-time decision making in yield monitoring, crop health monitoring, field mapping, irrigation scheduling, and harvesting management, among other things, to protect farmers from adverse price fluctuations of their produce.
Restraint
- The security and privacy of the video content shared across various platforms can present major concerns for companies. Furthermore, organizations are concerned about copyright and Digital Rights Management (DRM) due to the risk of misappropriation, information leakage, and data breaches. In 2020, the healthcare, finance, manufacturing, information, and public sectors experienced the highest number of data breaches. To overcome such constraints, organizations must restructure their precision farming strategy before using these solutions. In the lack of policies and procedures for the correct handling of video content, the adoption of Precision Farming solutions may be slow. Furthermore, suppliers must provide interoperable and simple-to-use enterprise-grade video communication solutions with built-in security features.
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Global Precision Farming Market Competitive Landscape
The COVID-19 pandemic has forced Precision Farming Market participants to revaluate their company strategy and operations. Government-imposed lockdowns in the wake of the COVID-19 outbreak have hampered manufacturing and slowed customer demand for such high-capital devices. However, the usage of farm management software tools and remote sensing may lead to increased adoption after COVID-19. The cost involved in precision farming is too high which could affect the demand in the forecasted year.
Top Player's Company Profiles
- Deere & Company (US)
- Trimble Inc. (US)
- Raven Industries Inc. (US)
- AgJunction Inc. (US)
- and AGCO Corporation (US)
- Farmeron Inc. (US)
- Airinov (France)
- Microdrones GmbH (Germany)
- OnFarm Systems (US)
- PrecisionHawk (US)
Recent Developments
- In May 2022, With the completion of the KZValve acquisition, IDEX Corporation adds Precision Farming Solutions for Agriculture and Industrial Applications.
- In January 2022, Appareo Systems, LLC, a leader in software engineering, hardware development, and electronic manufacturing, has been acquired by AGCO, Agriculture Company, a global manufacturer and marketer of agricultural machinery and precision agriculture technologies.
Global Precision Farming Key Market Trends
- Labour costs, climate change, and growing food demand are ushering in an era of machine modernization across the global agricultural landscape. In the face of labour issues, there was always a dire need for greater efficiency in agronomy. The number of people working as farmers, ranchers, and other agricultural professionals is expected to drop 6% by 2029, according to the Bureau of Labour Statistics. Thus, these falling labour statistics are likely to accelerate the adoption of technology in the farming ecology.
- The growing number of agricultural telematics applications is expected to support Precision Farming Market growth. Tracking devices that use the Global Navigation Satellite System (GNSS) to show the location of the equipment for management purposes are examples of telematics services. Major agricultural equipment manufacturers are implementing telematics services for their equipment to improve farm efficiency, lowering agricultural operating costs, and increase profitability. Improved management can also aid in the reduction of environmental impact.
Global Precision Farming Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the use of AI-based applications and tools assists farmers in controlled and accurate farming by providing necessary information or guidance regarding fertilizer use, water management, crop rotation, pest control, and crop type to be grown according to the soil, nutrition management, and optimum planting. In farms, artificial intelligence-based tools are used to control pests. They use satellite imagery and compare it to historical data using AI algorithms to determine whether or not an insect has landed on the farm and what type of insect it is. AI is also used in weather forecasting to assist farmers in deciding what crop to grow and monitoring soil quality and nutrition levels. Precision farming techniques based on AI assist farmers.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 6.89 Billion |
| Market size value in 2028 | USD 16.01 Billion |
| Growth Rate | 12.80% |
| Base year | 2021 |
| Forecast period | 2022-2028 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Precision Farming Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Precision Farming Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Precision Farming Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Precision Farming Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Precision Farming Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Precision Farming Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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