Overview and Scope
Precision farming refers to a model of farm management that focuses on the process of observing, quantifying, and reacting to numerous intra-and inter-field variable inputs for contemporary agriculture. It is used to increase food production while utilising fewer resources and paying less for labour.
Sizing and Forecast
The precision farming market size has grown rapidly in recent years. It will grow from $7.72 billion in 2023 to $8.93 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to increasing population, environmental concerns, government support, farm consolidation.
The precision farming market size is expected to see rapid growth in the next few years. It will grow to $15.42 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to climate change adaptation, focus on sustainability. Major trends in the forecast period include big data and analytics, digital farming platforms, drone technology, robotics and automation, smart sensors and iot devices, precision livestock farming, collaboration and partnerships.
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Segmentation & Regional Insights
The precision farming market covered in this report is segmented –
1) By Offering: Hardware, Software, Services
2) By Technology: Guidance Technology, Remote Sensing Technology, Variable Rate Application
3) By Application: Yield Monitoring, Field Mapping, Crop Scouting, Weather Tracking & Forecasting, Irrigation Management, Inventory Management, Farm Labor Management, Other Applications
North America was the largest region in the precision farming market in 2023. The regions covered in the precision farming market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing demand for food is expected to propel the growth of the precision farming market going forward. Food refers to the substance comprising all essential nutrients such as protein, carbohydrates, fat, and others used in the body of an organism to sustain growth. Precision farming is the advanced method of agriculture that observes, measures, and analyzes the needs of individual fields and crops through the use of technology, thereby producing a much higher yield. For instance, in August 2022, according to a report published by the Committee for the Common Organisation of Agricultural, a European-based commission agricultural committee, the world wheat production in the year 2019/20 was 760.7 million tonnes which were projected to reach 778 million tonnes in 2022/23. Therefore, increasing demand for food and its production will drive the growth of the precision farming market.
Key Industry Players
Major companies operating in the precision farming market report are Deere and Company, Trimble Inc, AGCO Corporation, AgJunction Inc, Raven Industries Inc, AG Leader Technology, Teejet Technologies Private Limited, Topcon Positioning Systems, DICKEY-john Corporation, CropMetrics LLC, CropX Technologies Ltd, Agribotix LLC, AgEagle Aerial Systems Inc, Granular Inc, Hexagon Agriculture, Iteris Inc., AgSmarts Inc, Intelligent Agricultural Solutions LLC, Grownetics Inc, Cargill Incorporated, Precision Planting LLC, Farmers Edge Inc., The Climate Corporation, Taranis-Visual Ltd., Descartes Labs, Mavrx Inc., TerrAvion Inc., Gamaya Inc., Aerobotics, Teralytic, Arable Labs, Fieldin Inc., Agworld Pty Ltd., CropIn Technology Solutions Pvt. Ltd., AgriTask, Conservis Corporation, Farmobile LLC
The precision farming market report table of contents includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
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- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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