Precision Farming Market
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Precision Farming Market Size, Share & Analysis By Offering (Hardware, Software, Services), By Technology (Guidance Technology, Remote Sensing Technology, Variable Rate Technology), By Application (Yield Monitoring, Crop Scouting, Field Mapping, Weather Tracking and Forecasting, Inventory Management, Farm Labor Management, Financial Management, Others), By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa), and Growth Forecast To 2032
Report ID: RV150510 | Published: Feb 2024 | Historical Period: 2018-2022 | Pages: 185 | Price: $3260| Industry: Service and Software
Precision Farming Market Overview 2024:
The precision farming market size was USD 10 billion in 2023 and is expected to register a rapid revenue CAGR of 12.1% during the forecast period. Key factors such as rising demand for good quality food to cater to increasing global population, growing need for sustainable farming solutions, and limited availability of arable land are expected to drive global market growth during the forecast period.
Precision farming, also known as precision agriculture, is a modern farming practice that uses advanced and high-tech tools to improve crop yield and overall field management. It is one of the most trending modern farming management concepts based on observing, analyzing, and responding to inter and intra-field crop variability.
Precision farming is steadily gaining traction to increase crop yield and production, reduce labor time., manage fertilizers and irrigation systems, use water more efficiently, and reduce overall environmental impact. It uses satellites, sensors, and drones to gather data about crop health, soil and moisture content. Farmers are steadily realizing the importance of sustainable farming and are investing in various precision farming tools and technologies.
However, precision farming can turn out to be costly as it is associated with advanced technologies including hardware, software, and training. This can limit its adoption for small-scale or recourse-constrained farmers.
Graphical Overview:
Key Takeaways:
Technological Advancements in Farming Technologies:
Integration of advanced technologies such as GPS, GIS, sensors, drones, and AI have enhanced the capabilities of precision farming systems, leading to more adoption of precision farming in many parts of the globe. Other factors such as increasing awareness about sustainable farming, and rising availability of government subsidies, incentives, and support programs to encourage the adoption of precision farming technologies are expected to drive global market growth going ahead.
Lack of Skilled Labor and Hesitance to Adopt Newer Technologies Among Farmers:
Advanced precision farming tools and technologies require a certain level of technical expertise and understanding of data analysis. However, many farm workers are not aware of its effective utilization and many can be resistant to changing traditional farming practices. This can lead to low adoption of advanced precision farming technology to a certain extent. In addition, many remote areas are devoid of strong internet connectivity and adequate infrastructure. This can also hamper overall market growth to a certain extent during the forecast period.
Market Opportunities:
The precision farming market offers a wide range of opportunities for existing players and new entrants to innovate and collaborate with organizations to address the evolving needs and challenges of modern agriculture. Players can capitalize on opportunities to develop and integrate various technologies for creating seamless, end-to-end solutions to optimize agricultural operations. In addition, they can also focus on providing customized agronomic solutions and expand their product base in emerging economies and smallholder farming communities.
Type Outlook:
Based on type, the global market is segmented into hardware, software, and services. The hardware segment is expected to register rapid revenue CAGR over the forecast period owing to rapid integration of advanced technologies such as GPS, sensors, AI, and drones in farming tools, rising demand for advanced hardware for enhancing crop yield and collecting data, and increasing investments in developing advanced machinery.
Application Outlook:
The global market is segmented into yield monitoring, crop scouting, field mapping, weather tracking and forecasting, inventory management, farm labor management, financial management, and others. Among these, the yield monitoring segment is expected to account for a significantly larger revenue share during the forecast period. This growth can be attributed to rising need for high-quality food and crop yield, increasing investments to adopt advanced devices to enhance crop yield, and availability of advanced yield monitoring devices to create yield maps, analyze yield variability in the fields, and recognize factors affecting the performance.
Regional Outlook:
North America is expected to account for largest revenue share in the global during the forecast period owing to rapid advancements in farming technologies, growing need for sustainable farming tools and technologies, and presence of leading companies. Other factors such as increasing investments in R&D activities, growing awareness about importance of precision farming and favorable government support are expected to drive global market growth between 2024 and 2032.
Report Coverage:
| Report Details | Outcome |
| Base Year for Estimation | 2023 |
| Historical Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Segments Covered | Offerings, Technology, Application, and Region |
| By Offerings | Hardware, Software, Services |
| By Technology | Guidance Technology, Remote Sensing Technology, Variable Rate Technology |
| By Application | Yield Monitoring, Crop Scouting, Field Mapping, Weather Tracking and Forecasting, Inventory Management, Farm Labor Management, Financial Management, Others |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Country Scope | United States, Canada, Germany, France, UK, Italy, Russia, China, Japan, South Korea, Southeast Asia, India, Mexico, Brazil, Saudi Arabia, UAE, Turkey |
| Qualitative Info | •Value Chain Analysis •Pricing Analysis •Regional Outlook •Market Trends •Market Share Analysis •Competition Analysis •Technological Advancements |
| Key Players | Ag Leader Technology; AgJunction, Inc.; CropMetrics LLC; Trimble, Inc.; AGCO Corporation; Raven Industries Inc.; Deere and Company; Topcon Corporation; AgEagle Aerial Systems Inc. (Agribotix LLC); DICKEY-john Corporation; Farmers Edge Inc.; Grownetics, Inc.; Proagrica (SST Development Group, Inc.); The Climate Corporation. |
| Customization Scope | 10 Hours of Free Customization and Expert Consultation |
Competitive Landscape:
The global Precision farming market is extremely competitive, comprising several regional and global level key players. Leading key players are focused on adopting various strategic alliances like mergers and acquisitions, partnerships, joint ventures, collaborations, and product launches to maintain their global position and enhance their product offerings. They are also focused on innovation, and scalability, adapting to evolving technology trends and consumer needs.
Some Leading Market Companies Listed in the Report:
- Ag Leader Technology
- AgJunction, Inc.
- CropMetrics LLC
- Trimble, Inc.
- AGCO Corporation
- Raven Industries Inc.
- Deere and Company
- Topcon Corporation
- AgEagle Aerial Systems Inc.
- DICKEY-john Corporation
- Farmers Edge Inc.
- Grownetics, Inc.
- Proagrica
- The Climate Corporation
Precision Farming Industry Recent Developments:
- In January 2024, Precision Planting announced the launch of their newest product CornerStone which is integrated with advanced precision farming technology
- In October 2023, Zuari FarmHub, a leading agritech company based in India partnered with CropX Technologies to drive precision farming techniques in India. The collaboration aims to revolutionize farming practices with the introduction of real-time monitoring technology and empower farmers to boost their crop yield.
The global precision farming market has been segmented based on offerings, technology, application, and regions:
By Offerings:
- Hardware
- Software
- Services
By Technology:
- Guidance Technology
- Remote Sensing Technology
- Variable Rate Technology
By Application:
- Yield Monitoring
- Crop Scouting
- Field Mapping
- Weather Tracking and Forecasting
- Inventory Management
- Farm Labor Management
- Financial Management
- Others
By Region:
- North America
- United States
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Nordic Countries
- Asia Pacific
- China
- Japan
- South Korea
- Southeast Asia
- India
- Australia
- Rest of Asia
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
- Rest of MEA
Frequently Asked Questions!
- Ag Leader Technology
- AgJunction, Inc.
- CropMetrics LLC
- Trimble, Inc.
- AGCO Corporation
- Raven Industries Inc.
- Deere and Company
- Topcon Corporation
- AgEagle Aerial Systems Inc.
- DICKEY-john Corporation
- Farmers Edge Inc.
- Grownetics, Inc.
- Proagrica
- The Climate Corporation
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