USD 6.89 Billion
Report ID: SQMIG45F2042 | Region: Global | Published Date: November, 2022 | Pages: 241 | Tables: 124 | Figures: 67
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.
Global Market Size
USD 6.89 Billion
Automation & Control Systems
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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.
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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.
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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.
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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.
|Market size value in 2021||USD 6.89 Billion|
|Market size value in 2028||USD 16.01 Billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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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.
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