Precision Farming Market Size, Share, Growth Analysis, By Offering (Hardware, Software), By Technology (Guidance Technology, Variable Rate Technology), By Application (Yield Monitoring, Field Mapping, Crop Scouting, Variable Rate Application), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45F2042 | Region: Global | Published Date: June, 2024
Pages: 241 |Tables: 98 |Figures: 76

Precision Farming Market Insights

Global Precision Farming Market size was valued at USD 8.85 billion in 2022 and is poised to grow from USD 9.80 billion in 2023 to USD 22.09 billion by 2031, growing at a CAGR of 10.7% during the forecast period (2024-2031). 

Precision farming, also known as precision agriculture, is a modern farming technique that utilizes technology to optimize crop yields, reduce waste, and enhance sustainability. It involves the use of advanced tools such as GPS, sensors, drones, and data analytics to monitor and manage crop production processes with precision. The main goal of precision agriculture on a global scale is to satisfy the market demand for the most productive and sustainable farming models. Not only has there been an increase in the world population, but also arable land is shrinking and thus there is more pressure on the agricultural sector to increase productivity without damaging nature. One of the biggest benefits of precision farming is the fact that it addresses those challenges through the process of helping farmers to make data-based decisions, optimizing resource usage and increasing the general performance of the farm. Several factors are found to as a cause of the increasing market of precision farming. It should be noted that the most significant challenge in this regard include: the emergence and progressive use of digital farming technologies, the growing demand for food production stimulated by population growth, and the need to respond to palpable effects of climate change, such as crop yield reduction. Moreover, the government programmes aimed at promoting eco-friendly agriculture and the emergence of innovative IoT and AI technologies are some of the factors behind the rise of the market. 

Even though precision farming has great prospect, still, it is confronted with certain difficulties. High initial investment required for technology acquisition, particularly of small-scale farmers, can be a barrier or entry as well. However, the misgivings about data protection and security as well as the awareness and technical know-how gap among some farmers and areas are some of the concerns that market growth faces. 

The problem of precision farming is the contact between different technologies and platforms. Integrating heterogeneous systems and handling interoperation between the hardware and software components can prove complex. Moreover, diversity in environmental factors, together with the need for customized solutions for various kinds of crops and areas, keep presenting a dilemma for precision farming to be adopted on a wide scale. Despite the challenges, the precision farming market presents significant opportunities for growth and innovation. Advancements in machine learning and AI algorithms offer the potential to further optimize farming operations and improve decision-making processes. Moreover, the increasing availability of satellite imagery and remote sensing data opens new possibilities for precision agriculture applications, such as real-time monitoring and predictive analytics.

US Precision Farming Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 8.85 billion

Largest Segment

Hardware

Fastest Growth

Software

Growth Rate

10.7% CAGR

Global Precision Farming Market ($ Bn)
Country Share for North America Region (%)

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Precision Farming Market Segmental Analysis

Global precision farming market is segmented by offering, technology, application, and region. Based on offering, the market is segmented into hardware (automation and control systems {displays, guidance and steering systems, GPS/GNSS devices, drones/UAVs, irrigation controllers, handheld mobile devices/handheld computers, flow and application control devices, others}, sensing and monitoring devices {yield monitors, soil sensors [moisture sensors, temperature sensors, nutrient sensors], water sensors, climate sensors}, software (local/web-based software, cloud-based software), service (system integration and consulting services, managed services {farm operation services, data services, analytics services}, connectivity services, assisted professional services {supply chain management services, climate information services, others}, maintenance and support services). Based on technology, the market is segmented into guidance technology (GPS/GNSS-based guidance technology, GIS-based guidance technology), remote sensing technology (handheld or ground-based sensing, satellite or aerial sensing), variable rate technology (map-based, sensor-based). Based on application, the market is segmented into yield monitoring (on-farm yield monitoring, off-farm yield monitoring), crop scouting (pre-seeding crop scouting, post-seeding crop scouting, crop monitoring), field mapping (boundary mapping, drainage mapping), variable rate application (precision irrigation, precision seeding, precision fertilization {nitrogen VRA, phosphorous VRA, lime VRA}, Others), weather tracking and forecasting, inventory management, farm labor management, financial management, others (demand forecasting, customer management, payables and receivables). Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. 

Analysis by Offering 

In the global Precision Farming market show that the hardware segment stands tall as the largest and most crucial component driving the industry forward. With a commanding share of the market, hardware offerings encompass a diverse array of technologies ranging from GPS systems and drones to sensors and automated machinery. These hardware solutions serve as the backbone of precision agriculture, empowering farmers with real-time data and actionable insights to optimize crop yields, reduce resource wastage, and enhance overall operational efficiency. In an era marked by escalating demands for sustainable food production amid evolving environmental challenges, the hardware segment's dominance is underscored by its indispensable role in revolutionizing traditional farming practices. Moreover, with advancements in sensor technology, robotics, and AI, the hardware segment is poised to witness exponential growth, projected to surge at an impressive CAGR of over 12% in the forecast period. 

The software segment emerges as the fastest-growing frontier within the precision farming market. As modern agriculture becomes increasingly data-driven, software solutions are pivotal in transforming raw data into actionable insights, thereby enabling farmers to make informed decisions with unparalleled precision. From sophisticated analytics platforms to intuitive farm management software, this segment caters to the evolving needs of farmers by offering solutions for crop monitoring, predictive analytics, and inventory management, among others. Propelled by the convergence of cloud computing, IoT, and machine learning, the software segment is witnessing unprecedented growth, expected to outpace other segments with a staggering CAGR exceeding 15%. This surge reflects not only the escalating adoption of digital technologies in agriculture but also the inherent value that software solutions bring in streamlining farm operations and maximizing productivity in an increasingly complex agricultural landscape. 

Analysis by Technology 

Guidance Technology, the largest segment in the market, is revolutionizing agriculture by offering unparalleled precision and efficiency. By harnessing cutting-edge GPS and GIS technologies, Guidance Systems empower farmers to optimize their field operations with utmost accuracy. These systems ensure precise positioning of agricultural machinery, enabling farmers to reduce overlaps, minimize input wastage, and maximize crop yields. With an impressive market share bolstered by its proven track record in enhancing operational efficiency and resource utilization, Guidance Technology continues to be the cornerstone of modern precision farming practices, commanding the attention of farmers worldwide. 

Meanwhile, Variable Rate Technology (VRT) emerges as the fastest-growing segment within the precision farming market. With agriculture increasingly embracing data-driven decision-making, VRT allows farmers to tailor inputs such as seed, fertilizer, and pesticides according to the specific needs of different areas within a field. This targeted approach not only optimizes resource allocation but also mitigates environmental impact, fostering sustainable agricultural practices. As farmers seek to maximize productivity while minimizing costs and ecological footprint, the adoption of VRT is experiencing exponential growth. Its ability to deliver precise, site-specific solutions resonates with the evolving needs of modern agriculture, making Variable Rate Technology the beacon of innovation and efficiency in the precision farming landscape.

Global Precision Farming Market By Offering

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Precision Farming Market Regional Insights

North America stands tall as the dominating region in this landscape, driven by advanced agricultural practices, robust technological infrastructure, and substantial investments in precision farming solutions. The market share belonging to North America exceeds 40% predominantly due to the rapid development of an advanced precision agriculture infrastructure that provides GPS-based equipment, drones and sensors used for the realization of agricultural objectives and monitoring purposes. However, the case of the North American region has become an example of how the government support schemes and subsidies along with economic incentives works in favor of the advances of precision farming and, hence, the innovations and progress of the whole industry. 

Asia-Pacific region emerges as the fastest-growing market for precision farming. Witnessing a CAGR of over 15%, Asia-Pacific is experiencing a surge in demand fueled by burgeoning population growth, shrinking arable land, and the imperative to enhance agricultural productivity sustainably. Countries, such as China, India and Australia, with their rich agricultural sector, are among the fastest growing regions where precision farming relies extensively on modern technologies, such as enhancing resource utilization, reducing environmental impact as well as improving food security. Moreover, whilst supportive policies, the increased adoption of mechanization, and investments in agricultural research and development are at a strong level, the promise of a new center for precision farming innovation in the area cannot be ignored. The precision agriculture remains on a cutting edge of global farming space. North America firmly stays in front whereas the dynamics in the Asia-Pacific region becomes very interesting, promising in growth opportunities.

Global Precision Farming Market By Region
  • Largest
  • Fastest

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Precision Farming Market Dynamics

Precision Farming Market Driver

Integration of precision farming technologies with existing farm machinery:

  • Integration with farm machinery with a pivotal driver powering wide-spread usage of precision agriculture is a milestone driver in the sector. The incredible development of precision farming technologies has made by the implementation of existing equipment, including tractors, drones, and balers, possible. It facilitates thorough data gathering, improves operational efficiency, and enhances transforming collected data into valuable information for informed decision-making. Technologically advanced sensors and systems allow for precision farming machines to collect information about soil conditions, crop condition, and weather data at the exact moment from the ground. Due to the development of GPS technology, the machinery can guide the navigation precisely and only perform operations on planned paths, resulting in perfect coverage and less overlap. VRT (Variable Rate Technology) makes it possible for farmers to apply fertilizer and other agricultural input at variable rates based on the exact requirements of a certain field. Such practice, therefore, underscores the notion of resource optimization and increased production. Furthermore, the robotization and distance monitoring capacities help in achieving an augmented level of operation efficiency and labor costs are reduced. Using data analysis, farmers now have the chance to improve their crop and farm management practices, resulting in more efficient water, fertilizer, and pest control methods and therefore improving crop productivity and efficiency.  

Restraints 

Lesser reliability of internet connectivity and infrastructure for precision farming:

  • Precision farming technologies is highly related to the rural connectivity and infrastructure, which in turn limited the full implementation of this technology. For example, in a large part of the agricultural areas, specifically in the rural and remote areas where many people engage in farming activities, there is a large number of regions where there is no reliable or high-speed internet connection. Those data gaps make it hard to realize the smooth dataflow and real time transfer of these details needed in precision agriculture. A farmer can face certain problem in trying to attain data from sensors, drones and other monitoring gadgets which may not be stable in the field without a steady internet connection. Sending this information over to those centralized systems or cloud-based platforms and doing the analysis and making the decisions can be difficult. The lack of supportive infrastructure may also stand for the inability to install cutting-edge precision farming practices which are based on continuous connectivity and data exchange. 

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Precision Farming Market Competitive Landscape

The precision agriculture market is characterized by a dynamic and competitive landscape, with several key players vying for market share and innovation supremacy. Companies maintain significant market presence, leveraging their extensive experience and robust product portfolios. Moreover, emerging startups and technology firms like Farmers Edge, AgJunction, and PrecisionHawk are rapidly gaining traction with their innovative solutions in areas such as precision planting, crop monitoring, and data analytics.  Furthermore, the two big data and software companies IBM and Microsoft are starting to take place in this sector by providing the advanced platform for analytics and cloud solutions that are customized for agriculture. With this competitive environment, technology keeps developing and gives a push for precision agriculture adoption among farmers worldwide as companies daily come up with solutions to meet the changing farmer needs and address sustainability challenges.

Precision Farming Market Top Player's Company Profiles

  • Deere & Company (US) 
  • Trimble Inc. (US) 
  • AGCO Corporation (US) 
  • AgJunction LLC (US) 
  • Raven Industries, Inc. (US) 
  • AG Leader Technology (US) 
  • Teejet Technologies (US) 
  • Topcon (US) 
  • Taranis (Israel) 
  • AgEagle Aerial Systems Inc (US) 
  • ec2ce (Spain) 
  • Microdrones GmbH (Germany) 
  • PrecisionHawk (US) 
  • The Climate Corporation (US) 
  • SST Software (US) 
  • AgriSight, Inc. (France) 
  • Agribotix LLC (US) 
  • Granular, Inc. (US) 
  • Iteris, Inc. (US) 
  • Gamaya SA (Switzerland) 
  • Hexagon AB (Sweden) 
  • ABACO S.P.A. (Italy) 
  • Precision Hawk (US) 
  • Descartes Labs, Inc. (US) 
  • Cropx Inc. (Israel) 
  • Farmers Edge Inc. (Canada) 
  • Grownetics (US) 
  • Cropin Technology Solutions Private Limited (India) 
  • Gamaya (Switzerland) 
  • Kubota Corporation (Japan) 
  • CNH Industrial N.V. (UK) 
  • Dickey-john Corporation (US) 
  • Telus (Canada) 
  • The Yield Technology Solutions PTY Ltd. (Australia)

Precision Farming Market Recent Developments

  • In March 2024, FMC India introduced its groundbreaking precision agriculture platform, Arc Farm Intelligence, in India. This innovative solution is designed to promote more intelligent agricultural practices among farmers, advisors, and channel partners, fostering enhanced efficiency and productivity throughout the industry. 
  • In March 2024, Satyukt focuses on transforming farming practices around the world with its advanced solutions which are tailored for the agricultural sector. It offers digitalization of agriculture by using satellite derived data along with the advanced technologies which include cloud computing, mobile tech, big data, machine learning and artificial intelligence. 
  • In April 2024, MagrowTec announced a strategic partnership with Certis Belchim which provides proper protection solutions. MagrowTec’s technology delivers proven precision spraying solutions that provide the best compromise between minimizing spray drift and achieving optimal coverage. This advances from productivity, sustainability and environmental stewardship and ensures that important crop protection products are considerably applied on targeted crops or weeds simultaneously limiting their impact on the environment.

Precision Farming Key Market Trends

  • Adoption of IoT and Remote Monitoring: Another notable trend in the precision agriculture market is the widespread adoption of Internet of Things (IoT) devices and remote monitoring systems. IoT sensor devices are being mounted on agricultural fields and they supply information in real-time about soil moisture, temperature, humidity, and crop growth status. Such sensors are transmitting data to centralized platforms that are accessible to farmers from their mobile phones or through web interfaces. Remote monitoring systems help farmers to check field conditions, follow the development of crops, and receive alerts when problems may occur such as water stress, lack of nutrients, or pest outbreaks. Such shift in the farming systems is enabling farmers to manage their farm more efficiently, optimize inputs, and gain high yields with low input costs and limited ecological footprint.

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 robust Secondary Desk research. 

According to our global Precision Farming Market analysis, The Precision Agriculture market is experiencing robust growth driven by increasing adoption of advanced technologies in farming practices worldwide. With a growing global population and the need to enhance agricultural productivity while minimizing environmental impact, precision agriculture solutions have emerged as a critical tool for farmers. Key factors fueling market growth include the integration of technologies such as GPS, sensors, drones, and data analytics to optimize crop management, irrigation, and livestock monitoring. Additionally, supportive government policies promoting sustainable agriculture practices and the rising demand for food security further propel market expansion. Moreover, advancements in artificial intelligence and machine learning algorithms are revolutionizing the industry by providing actionable insights for farmers to make informed decisions and maximize yields. As a result, the precision agriculture market is poised for significant growth in the coming years, presenting lucrative opportunities for industry players and investors alike.

Report Metric Details
Market size value in 2022 USD 8.85 billion
Market size value in 2031 USD 22.09 billion
Growth Rate 10.7%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Offering
    • Hardware (Automation and Control Systems {Displays, Guidance and steering systems, GPS/GNSS devices, Drones/UAVs, Irrigation controllers, Handheld mobile devices/handheld computers, Flow and application control devices, Others}, Sensing And Monitoring Devices {Yield monitors, Soil sensors [Moisture sensors, Temperature sensors, Nutrient sensors], Water sensors, Climate sensors}), Software (Local/Web-based Software, Cloud-based Software), Service (System Integration and Consulting Services, Managed Services {Farm Operation Services, Data Services, Analytics Services}, Connectivity Services, Assisted Professional Services {Supply Chain Management Services, Climate Information Services, Others}, Maintenance And Support Services)
  • Technology
    • Guidance Technology (GPS/GNSS-Based Guidance Technology, GIS-Based Guidance Technology), Remote Sensing Technology (Handheld or Ground-based Sensing, Satellite or Aerial Sensing), Variable Rate Technology (Map-based, Sensor-based)
  • Application
    • Yield Monitoring (On-farm Yield Monitoring, Off-farm Yield Monitoring), Crop Scouting (Pre-seeding Crop Scouting, Post-seeding Crop Scouting, Crop Monitoring), Field Mapping (Boundary Mapping, Drainage Mapping), Variable Rate Application (Precision Irrigation, Precision Seeding, Precision Fertilization {Nitrogen VRA, Phosphorous VRA, Lime VRA}, Others), Weather Tracking and Forecasting, Inventory Management, Farm Labor Management, Financial Management, Others (Demand Forecasting, Customer Management, Payables and Receivables)
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
  • Deere & Company (US) 
  • Trimble Inc. (US) 
  • AGCO Corporation (US) 
  • AgJunction LLC (US) 
  • Raven Industries, Inc. (US) 
  • AG Leader Technology (US) 
  • Teejet Technologies (US) 
  • Topcon (US) 
  • Taranis (Israel) 
  • AgEagle Aerial Systems Inc (US) 
  • ec2ce (Spain) 
  • Microdrones GmbH (Germany) 
  • PrecisionHawk (US) 
  • The Climate Corporation (US) 
  • SST Software (US) 
  • AgriSight, Inc. (France) 
  • Agribotix LLC (US) 
  • Granular, Inc. (US) 
  • Iteris, Inc. (US) 
  • Gamaya SA (Switzerland) 
  • Hexagon AB (Sweden) 
  • ABACO S.P.A. (Italy) 
  • Precision Hawk (US) 
  • Descartes Labs, Inc. (US) 
  • Cropx Inc. (Israel) 
  • Farmers Edge Inc. (Canada) 
  • Grownetics (US) 
  • Cropin Technology Solutions Private Limited (India) 
  • Gamaya (Switzerland) 
  • Kubota Corporation (Japan) 
  • CNH Industrial N.V. (UK) 
  • Dickey-john Corporation (US) 
  • Telus (Canada) 
  • The Yield Technology Solutions PTY Ltd. (Australia)
Customization scope

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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 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
  • 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 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
  • 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
  • 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(%)

Methodology

For the 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 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 Precision Farming Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the 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.

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FAQs

Global Precision Farming Market size was valued at USD 8.85 billion in 2022 and is poised to grow from USD 9.80 billion in 2023 to USD 22.09 billion by 2031, growing at a CAGR of 10.7% during the forecast period (2024-2031). 

The precision agriculture market is characterized by a dynamic and competitive landscape, with several key players vying for market share and innovation supremacy. Companies maintain significant market presence, leveraging their extensive experience and robust product portfolios. Moreover, emerging startups and technology firms like Farmers Edge, AgJunction, and PrecisionHawk are rapidly gaining traction with their innovative solutions in areas such as precision planting, crop monitoring, and data analytics.  Furthermore, the two big data and software companies IBM and Microsoft are starting to take place in this sector by providing the advanced platform for analytics and cloud solutions that are customized for agriculture. With this competitive environment, technology keeps developing and gives a push for precision agriculture adoption among farmers worldwide as companies daily come up with solutions to meet the changing farmer needs and address sustainability challenges. 'Deere & Company (US) ', 'Trimble Inc. (US) ', 'AGCO Corporation (US) ', 'AgJunction LLC (US) ', 'Raven Industries, Inc. (US) ', 'AG Leader Technology (US) ', 'Teejet Technologies (US) ', 'Topcon (US) ', 'Taranis (Israel) ', 'AgEagle Aerial Systems Inc (US) ', 'ec2ce (Spain) ', 'Microdrones GmbH (Germany) ', 'PrecisionHawk (US) ', 'The Climate Corporation (US) ', 'SST Software (US) ', 'AgriSight, Inc. (France) ', 'Agribotix LLC (US) ', 'Granular, Inc. (US) ', 'Iteris, Inc. (US) ', 'Gamaya SA (Switzerland) ', 'Hexagon AB (Sweden) ', 'ABACO S.P.A. (Italy) ', 'Precision Hawk (US) ', 'Descartes Labs, Inc. (US) ', 'Cropx Inc. (Israel) ', 'Farmers Edge Inc. (Canada) ', 'Grownetics (US) ', 'Cropin Technology Solutions Private Limited (India) ', 'Gamaya (Switzerland) ', 'Kubota Corporation (Japan) ', 'CNH Industrial N.V. (UK) ', 'Dickey-john Corporation (US) ', 'Telus (Canada) ', 'The Yield Technology Solutions PTY Ltd. (Australia)'

Integration with farm machinery with a pivotal driver powering wide-spread usage of precision agriculture is a milestone driver in the sector. The incredible development of precision farming technologies has made by the implementation of existing equipment, including tractors, drones, and balers, possible. It facilitates thorough data gathering, improves operational efficiency, and enhances transforming collected data into valuable information for informed decision-making. Technologically advanced sensors and systems allow for precision farming machines to collect information about soil conditions, crop condition, and weather data at the exact moment from the ground. Due to the development of GPS technology, the machinery can guide the navigation precisely and only perform operations on planned paths, resulting in perfect coverage and less overlap. VRT (Variable Rate Technology) makes it possible for farmers to apply fertilizer and other agricultural input at variable rates based on the exact requirements of a certain field. Such practice, therefore, underscores the notion of resource optimization and increased production. Furthermore, the robotization and distance monitoring capacities help in achieving an augmented level of operation efficiency and labor costs are reduced. Using data analysis, farmers now have the chance to improve their crop and farm management practices, resulting in more efficient water, fertilizer, and pest control methods and therefore improving crop productivity and efficiency.  

Adoption of IoT and Remote Monitoring: Another notable trend in the precision agriculture market is the widespread adoption of Internet of Things (IoT) devices and remote monitoring systems. IoT sensor devices are being mounted on agricultural fields and they supply information in real-time about soil moisture, temperature, humidity, and crop growth status. Such sensors are transmitting data to centralized platforms that are accessible to farmers from their mobile phones or through web interfaces. Remote monitoring systems help farmers to check field conditions, follow the development of crops, and receive alerts when problems may occur such as water stress, lack of nutrients, or pest outbreaks. Such shift in the farming systems is enabling farmers to manage their farm more efficiently, optimize inputs, and gain high yields with low input costs and limited ecological footprint.

North America stands tall as the dominating region in this landscape, driven by advanced agricultural practices, robust technological infrastructure, and substantial investments in precision farming solutions. The market share belonging to North America exceeds 40% predominantly due to the rapid development of an advanced precision agriculture infrastructure that provides GPS-based equipment, drones and sensors used for the realization of agricultural objectives and monitoring purposes. However, the case of the North American region has become an example of how the government support schemes and subsidies along with economic incentives works in favor of the advances of precision farming and, hence, the innovations and progress of the whole industry. 

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